Publicis Groupe SA

PUB: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€659.00	Fyqmnj	Qgfbgmxm

Sapient and Epsilon Continue to Drive Growth for Publicis; Upped FVE to EUR 77; Shares Fairly Valued

Ali Mogharabi

Feb 2, 2023

Publicis reported another strong quarter, and its 2023 outlook for organic growth and operating margin was also above our expectations. Publicis’ results indicate that while an economic downturn could reduce ad spending, advertisers’ continuing focus on digital transformation and first-party data management will likely lift demand for ad services. We think peers like WPP, Omnicom, and IPG will also benefit from this trend.

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