Publicis : What is the outlook for Q4 and 2019?
>A reasonable valuation but market is structurally sluggish - We are reviewing the Publicis stock a few weeks after the publication of its Q3 gross margin (organic growth of 1.3%). The favourable commercial momentum continues apace in Q4 with some small account gains (GSK and JM Smucker) but, more significantly, no major losses. On the back of a very good H1 (several large wins: Daimler, Carrefour, Campbell etc.), organic growth should improve in Q4 (+2.7% est.). The ...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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