Publicis : Strength of the model and slight slowdown likely in H2
>Neutral recommendation reiterated - Publicis held a conference call yesterday following its Q2 2023 earnings release. The group confirmed organic growth of 3% for H2 2023. The key point is the resilience of the margin, despite a continued rise in recruitment (strong wage moderation linked to offshore). The dollar will act as a drag on the margin in H2 (probably between 20bp and 30bp). The margin is likely to come in a shade below 18%, on our estimates. We have revis...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.
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.
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