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Publicis shares pummeled after advertiser cuts outlook

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10/11/2019 | 03:48am EST
Logo of Publicis is seen at VivaTech fair in Paris

PARIS (Reuters) - Shares in Publicis tumbled on Friday to their lowest level in more than seven years after the world's third-biggest advertising company cut its full-year sales target again.

The change in company guidance reflected yet again the hardships that traditional ad groups face, with revenues being squeezed by competition from Facebook and Google as well as tightening budgets by major clients.

Publicis was down 13% in early trading on Friday, also dragging down the shares of British rival WPP. Publicis was at its lowest level since July 2012.

Investment banks Macquarie and Societe Generale both cut their recommendations on Publicis, with SocGen cutting Publicis to "hold" from "buy".

Late on Thursday, Publicis, which competes against bigger rivals WPP and Omnicom, said it now expected sales to fall by about 2.5% on an underlying basis, compared to a previous outlook of "broadly stable net revenue".

Publicis Chief Executive Arthur Sadoun, who succeeded company veteran and current chairman Maurice Levy in 2017, has promised to offset the decline in ad spending by steering the business closer to consultancy groups.

He is also aiming to offer clients technological tools on top of traditional creative marketing campaigns, but the strategy is taking more time than expected to bear fruit.

"There is significant long-term value in Publicis in our view, since we remain confident in the agency model and adaptability, but the company-specific string of revenues misses implies a longer normalisation phase than we had expected," SocGen analysts wrote in a note.

(Reporting by Sudip Kar-Gupta; editing by Jason Neely and Emelia Sithole-Matarise)

By Sudip Kar-Gupta

Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET -0.24% 1316.45 Delayed Quote.26.31%
FACEBOOK 0.83% 199 Delayed Quote.50.58%
MACQUARIE GROUP LIMITED 0.85% 137.81 End-of-day quote.26.98%
OMNICOM GROUP 0.09% 78.3 Delayed Quote.7.58%
PUBLICIS GROUPE 0.69% 39.49 Real-time Quote.-21.81%
SOCIÉTÉ GÉNÉRALE 0.37% 28.375 Real-time Quote.1.62%
WPP GROUP 0.33% 977.8 Delayed Quote.15.14%
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Financials (USD)
Sales 2019 70 463 M
EBIT 2019 24 555 M
Net income 2019 18 276 M
Finance 2019 52 949 M
Yield 2019 -
P/E ratio 2019 31,1x
P/E ratio 2020 21,9x
EV / Sales2019 7,24x
EV / Sales2020 5,74x
Capitalization 563 B
Chart FACEBOOK
Duration : Period :
Facebook Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends FACEBOOK
Short TermMid-TermLong Term
TrendsBullishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 49
Average target price 235,29  $
Last Close Price 197,40  $
Spread / Highest target 36,8%
Spread / Average Target 19,2%
Spread / Lowest Target -39,2%
EPS Revisions
Managers
NameTitle
Mark Elliot Zuckerberg Chairman & Chief Executive Officer
Sheryl Kara Sandberg Chief Operating Officer & Director
David M. Wehner Chief Financial Officer
Michael Todd Schroepfer Chief Technology Officer
Atish Banerjea Chief Information Officer
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1st jan.Capitalization (M$)
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