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Advertising agencies are still a good investment vehicle to profit from the economic recovery. WPP has developed a first class range of services, with the emphasis on non-media (activities other than advertising in the traditional mass media) and expansion in the emerging countries, making the group No.1 in the BRIC countries, as well as outstanding expertise in digital advertising and market research.
With the publication of encouraging quarterly figures (generally in line with expectations), the world Number One in communications services benefited from a distinctly more favourable comparison base. The British group has raised its outlook for 2010. WPP is now banking on a 100bp rise of its operating margin to 12.7%, accompanied by >2% organic growth. Like the other agencies (Havas, Publicis, Onmicom), WPP should be able to report a further strong improvement in Q2. PLUS code unchanged.
With the publication of strong 2009 figures (generally in line with expectations) , the world number one in communication services proved reassuring, even if its prospects for 2010 remain subdued, notably in the 1st half. Furthermore, WPP is banking on a 100bp rise of its operating margin to 12.7% in 2010 and 13.2% in 2011. The group is continuing its cost-cutting efforts (12% reduction of staff in 2009). Sensitive to an economic upturn, WPP is active in a “late cycle” business which is still only at the beginning of its recovery phase. PLUS code unchanged.
Active on a rapidly changing advertising market, WPP has developed a first class range of services, with the emphasis on non-media activities (activities other than advertising in traditional mass media) and expansion in the emerging countries, making the group No. 1 in China, India and Brazil. Cyclical by nature, WPP is benefiting from the economic recovery in the US thanks to its presence on that market. PLUS code confirmed.
With the publication of slightly better than expected figures, the world No. 1 in communication services confirmed that it has now progressed beyond the low point for the year (Q2). WPP has also maintained its operating margin forecasts. To achieve its aims, the Group has made major cost-cutting efforts (reduction of the headcount by 10% since the start of 2009). WPP is sensitive to macroeconomic recovery; we believe it is well placed to benefit fully from this upturn, especially in the emerging countries. PLUS code confirmed.
The world leader in communication services has published half-yearly results which, as expected, were not fantastic. The trend of advertising revenue deteriorated further in Q2 and bottomed out in June. The group, which had some difficulty in controlling its operational costs, finally adopted measures which are expected to bear fruit in the 2nd half of 2010. Because it is responsive to the economic recovery, we believe that WPP is in a good position to fully benefit from the upturn. The valuation of this share is moderate. PLUS code confirmed.
Active on a rapidly changing advertising market, WPP has developed a first class range of services, with the emphasis on non-media activities (activities other than advertising in the traditional mass media) and expansion in the emerging countries, making the group No. 1 in China, India and Brazil. Cyclical by nature, WPP will benefit from the economic recovery thanks to its presence on the US market. We are introducing this share with a PLUS code.
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