(BFM Stock Exchange) – The financial intermediary raised his opinion Tuesday, September 9 at “outperformance” against “neutral” as well as his price of courses at 110 euros. Oddo BHF has strengthened its positive vision on Publicis and believes that the group has many advantages allowing it to outperform its peers until 2027.

The summer season of results was not to the advantage of Publicis. However, the advertising group had delivered a good publication in mid-July in all respects. The growth in comparable data was established at 5.9% in the second quarter, much above expectations (4.5%) and especially its competitors.

But he learned at his expense that investors could focus on apparently unwilling details. Some estimated that the increase in the growth objective was too timid. Others have pointed out elements communicated by the company during the conference, including those concerning the prospects for Sapient, the digital transformation subsidiary and Digital Consulting by Publicis.

The group paid cash these disappointments with an action which had dropped by 6.7%on July 17, despite an apparently immaculate copy and the increase in its growth forecast in 2025.

The advertising group said rely on growth in comparable data “close” to 5% against 4 to 5% previously. The group also intends to advance its “slightly” margin compared to the 18% recorded in 2024.

For Oddo BHF, Publicis should easily fill its roadmap for the current year. The design office estimates that the group is off to register an even “very solid year in 2025”, but also in 2026, which led him to take up this Tuesday, September 9, his advice to “outperformance” against “neutral” before, and its lens of courses at 110 euros, against 100 euros. This grants an increase of increase of 32.8% on the basis of the courses in the previous day (82.82 euros).

This brand supported by confidence comes to give a boost to the Publicis action which earns another 2.4% around 2:40 p.m., the fourth higher increase in CAC 40. To support its investment thesis on Publicis, the design office compiled the 10 key questions which are regularly asked by investors in the French group.

Exceeding expectations in 2025

In a short term horizon, Oddo BHF estimates that Publicis could exceed consensus expectations in 2025 both on organic growth ( +5.4% estimated against +5% previously and +5.1% expected by consensus) and on the margin (18.3% estimated against 18.15%).

For the design office, the growth of Publicis in 2025 but also in 2026 should be supported by its recent commercial successes. In the first half, Publicis won several emblematic contracts, including the media budget in the United States and Canada in Coca-Cola or the Média Budget March, estimated at 1.7 billion dollars. These two contracts were won over the nose and to the WPP beard, which held them previously.

“If the third quarter could come out a little more soft, given an always difficult European context, we believe that the fourth quarter should be a little better,” said the financial intermediary. “A possible improvement in the trend at Sapient will be key for a significantly better performance than guidance,” he adds.

In terms of operational margin 2025, the group is called upon to surprise positively, with an exceeding of expectations to the key, thanks to a mastery of technological costs while commercial costs should slow down on the second half.

An “attractive” valuation

Regarding the merger between its rivals Omnicom and Intepublic, Oddo BHF believes that the group will benefit “indirectly” from this rapprochement, citing positive effects on prices and less competition on talents.

“The Intepublic / Omnicom merger should reduce options for advertisers and therefore allow the remaining players to gradually value their offer,” explains the design office.

To the question “Publicis will he succeed in managing the risk of AI?”, He answers by positive and considers that the group will manage the risk constituted by AI and preserve its model. However, this will go through the continuation of its investments and the maintenance of a technologically very competitive offer.

In the long term, the financial intermediary expects the growth of the group to be similar to that of world GDP, that is around 2% per year, with a risk, difficult to model, of overexposition in the United States, which represents 62% of the net income of Publicis.

“The enhancement of the title is now more attractive and the fundamentals of Publicis remain very solid and have even been consolidated in recent months. The current course (down 14.4% for 3 months) is, in our opinion, an opportunity to position itself on a quality value and which will continue its market gains in the second half of 2025 but also in 2026 (or even beyond), in a context of consolidation of the agency market”, Details Oddo BHF.