Havas is the world’s sixth-largest listed advertising agency. While Havas’ growth may be a little weaker than that of some competitors at around 2.5% between 2024 and 2027, mainly because of its European exposure, it has strong margin expansion potential, driving solid earnings growth (Net result CAGR of 9% out to 2027). We expect the group continue its M&A policy, and a transformative deal is possible in the future. We are initiating coverage of the stock on Outperform with a target price of € ...
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