Publicis: Ad Spending, Consulting, and Data Analytics Demand Remain Resilient

Publicis continues to execute on all fronts as it posted strong first-quarter organic growth. Both Publicis and Omnicom's results indicate that advertisers remain committed to spending, even while still surrounded by economic uncertainties. The firm did not adjust its full-year top- and bottom-line outlook but expects revenue to come in at the top half of its growth range guidance. We have not made significant changes to our model and are maintaining our EUR 77 fair value estimate, consistent with where the stock is currently trading.