Havas (HAV.PA): The pain from Spain – Q1 organic revenues miss at +3.3%

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 […]

Reed Elsevier (REL LN/REN AE): Q1 IMS – more of same and still range bound

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 […]

Agency Q1 revenue preview & valuation perspective

Publicis (PUB FR): Q1 revenues OK, but trajectory softening into Q2

    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 […]

DMGT Plc (DMGT LN): Window of opportunity. Use it or lose it

  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 […]