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Publicis Groupe SA PUB

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Morningstar’s Analysis

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Publicis' Impressive Q3 Numbers Are Indicative of Healthy Overall Ad Spending; Upping FVE to EUR 67

Ali Mogharabi Senior Equity Analyst

Analyst Note

| Ali Mogharabi |

Publicis’ total and organic net revenue growth during the third quarter exceeded FactSet consensus estimates as the firm’s investments in enhancing its digital offerings and data analytics capabilities generated solid returns. The firm’s net revenue also came in above pre-pandemic levels, further indicating a strong and nearly complete recovery of the advertising industry driven mainly by continuing solid growth in digital advertising, in line with our expectations. Management increased its guidance for the year, and we adjusted our 2021 organic net revenue growth assumption higher because of strong third-quarter numbers. However, we are also assuming higher deceleration in 2022 due to tough comps, resulting in a 4.6% increase in our fair value estimate, to EUR 67 from EUR 64.

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Company Profile

Business Description

Founded in 1926 and headquartered in France, Publicis is the world’s third-largest ad holding company based on revenue. Publicis’ services, which include traditional and digital advertising, public relations, and consulting, are provided worldwide, with over 80% of its revenue coming from more developed regions such as North America and Europe.

133, Avenue des Champs-Elysees
Paris, 75008, France
T +33 144437000
Sector Communication Services
Industry Advertising Agencies
Most Recent Earnings Jun 30, 2007
Fiscal Year End Dec 31, 2021
Stock Type
Employees 82,592