(News Bulletin 247) – Credit Suisse reiterates its ‘outperformance’ opinion on Publicis with a price target raised from 87 to 88 euros, in the wake of an organic growth assumption raised to 5% for 2023, after a good start to year for the communication group.
‘Despite the hardening of the macroeconomic situation, the company left its expectations for the second half unchanged’, notes the broker, which reduced its estimated adjusted EPS by 1% to 6.53 euros due to currency effects.
According to its estimates, Publicis is trading on a 2023 P/E of 11.8 times and a 2024 P/E of 11.1 times, with respective FCF yields of 9.3% and 10.1%, compared to a historical multiple of approximately 14 times from 2010 to 2015 and 9.5 times from 2018 to 2020.
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