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WPP Withstands COVID-19 Blow and Provides Guidance Above Consensus; Maintaining GBX 1,300 FVE

Ali Mogharabi Senior Equity Analyst

Analyst Note

| Ali Mogharabi |

WPP posted first-half results ahead of FactSet consensus estimates as the impact of COVID-19 was slightly less than expected. We are maintaining our GBX 1,300 fair value estimate. While this narrow-moat name is up more than 6% in reaction to its first-half results, it remains attractive, trading at only 0.5 times our fair value estimate.

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Company Profile

Business Description

Headquartered in the U.K., WPP is the world’s largest ad holding company, based on annual revenues. WPP's services, which include traditional and digital advertising, public relations, and consulting, are provided worldwide, with over 70% of its revenue coming from more developed regions such as the North America, U.K., and Western Europe.

18 Upper Ground, Sea Containers
London, SE1 9GL, Jersey
T +44 2072824600
Sector Communication Services
Industry Advertising Agencies
Most Recent Earnings Jun 30, 2008
Fiscal Year End Dec 31, 2020
Stock Type
Employees 101,000