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 […]
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