Report
Jerôme Bodin

Publicis : Poor visibility and lacklustre start to the year

>Laboured growth but margin trend still positive - Publicis yesterday held a conference call following its 2018 earnings. The group confirmed a tough start to the year mainly because of the market trend in the US (volumes down notably in the creative segment). We now expect organic growth of 0.9% in 2019 (including -0.5% in Q1) and our margin improvement scenario is unchanged. Visibility thus remains limited and reduces the leverage from all the budget wins in 2018. A...
Underlying
Publicis Groupe SA

Publicis is holding company. Through its subsidiaries, Co. is engaged in marketing, communication and digital transformation. Co. designs a customized package of services to meet each client's particular needs through a holistic and global approach. In addition, Co. provides financial markets with information concerning the relative size of each of the different business sectors for the sole purpose of allowing sector comparisons. Co.'s principal activities comprise four main categories: Digital, Advertising, Specialized Agencies and Marketing Services (SAMS) and Media.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Jerôme Bodin

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