Q1 organic revenue growth of +8.1% was ahead of our +7.5% forecast; albeit below the +12.0% advance in Q4 2012, but in part reflecting a -3ppts less favourable prior year comparative. By region, The Americas were the high point, increasing organic revenues by a class beating +20.2%, and this even before the $2.5bn GM account […]
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Q1 organic revenue growth of 4.0% was shy of our +4.4% forecast, albeit broadly in line with Q4’s +4.5% and WPP’s full year expectations of +4%. By region, the most noticeable change was from N. America where u/l growth of only +1.4% lagged its peers (>+3.5%) and our estimate of +4.4%. W. Europe however at +2.5% was better than […]
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Long overdue results out today which awaited the refinancing. Still looks like a bad mix of high risk and possibly no reward (at least for equity holders – Avoid  Johnston Press            (JPR-LN) Share price                               5.4p Growth rating F                     +4.8% Revenue CAGR FY1-3           -1.4% Target CAGR FY3                 +3.4% Target price                             1.0p Upside                                      -81% Recommendation:              AVOID […]
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With its sizeable exposure to France and Iberia, Q1 Revenues from Havas were never going to be that impressive, so the +3.3% organic revenue growth reported this afternoon should not have come as too much of a surprise. It was however shy of our +3.8% estimate, albeit net new business wins of €605m (>+50% YoY) were comfortably ahead of our […]
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Reed’s Q1 IMS statement this morning was more of the same, which for    those looking for excitement and change will have been a damp squib.    Beyond the date, the release was bereft of numbers while the    commentary essentially reiterated the trends in trading seen last    year and expected to be maintained […]
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Publicis Q1 revenues and organic growth of +4.1% was a same beat on our +3.1% estimate, although was behind Omnicom’s recently reported +5.2% and the warning tucked away in Publicis’s outlook section that it expects a lower rate of organic growth in Q2 will probably see a negative reaction on the shares this […]
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DMGT has become an increasingly interesting investment proposition, but the opportunity may not persist for too long. On one side, there is a strengthening cyclical and structural play in both B2B and B2C. Obscuring this however is a short term negative technical position with the shares as they approach the 6 June, when the shares […]
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