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Publicis: neutral, Oddo retains 'a message of caution'

(CercleFinance.com) - This Monday an analyst at Oddo BHF confirms his neutral rating on the Publicis share, after a meeting with management, with the broker retaining a message of caution regarding the prospects for organic growth in both H2 and 2019 - especially in the US.


Management said that the group's number one priority is to reduce its debt (average debt of 3.8 billion euros at end-2019, the broker estimates) and that it no longer intends to make any transforming acquisitions) in the medium term. However, niche acquisitions are still a possibility, probably prioritising data and some specific skills (for example, consulting). Finally, the group pointed out that, in the near term, it was not considering any share repurchase plan. On this basis, the group expects to have repaid its debt by 2023, Oddo BHF also notes.

The analyst confirms his target price of 54 euros, which represents upside potential of 22%.



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