Aegis (AGS-LN): Q1 beat on Revs + good momentum for 2012, but already in the price

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 […]

WPP (WPP-LN): Q1 – positive spin and NNB, but organic revs of +4% only in line -HOLD

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 […]

Johnston Press (JPR-LN): FY11 results and refinancing – still a poor risk/return, at least for equity

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 […]

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 […]