(CercleFinance.com) – Oddo provides an update on Publicis in the current very uncertain economic context. ‘While part of the consensus has opted for a downward revision of its expectations, we choose to maintain our 2022 and 2023 expectations’ indicates the analyst.
Oddo reiterates its expectations which are slightly above guidance (organic margin and FCF). “We are opting to maintain our organic growth estimates for 2022 (+5.3% against around +5% for the guidance).
“The valuation of Publicis is again particularly low. Since Snap’s ‘warning’, the stock is trading on the basis of a PE 2022e of 8.7x. It is always difficult to locate the right entry point, but the 10x barrier seems to us to be an interesting signal,’ adds Oddo.
The analysis office confirms its Outperformance opinion on the stock with an unchanged price target of 72 E.
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