MarketScreener analysts always keep a close eye on Omnicom, WPP and Publicis publications, as they remain a barometer of choice for taking the temperature of the global economy.

The results for the former, owner of the famous agencies DDB, BBDO, TBWA and Goodby Silverstein & Partners, among others, were a pleasant surprise: sales rose by 5.4% and operating profit by 38% compared to the same time last year.

Extremely disciplined in its cost management, the Group surprised the market, which was expecting a contraction in activity and profitability in line with the general economic context.

On both counts, it clearly beat the forecasts, notably because wage inflation affected the advertising sector much less than, for example, the finance or technology sectors.

In the long term, this is more a return to normal than a new paradigm for Omnicom. In 2023, its sales will be almost dollar for dollar the same as ten years earlier, and so will its profits.

The major communications conglomerates have largely consolidated the sector, and their main attraction is the stability of their activities rather than their growth.

A veritable cash machine, Omnicom returns all its profits to shareholders - half in dividends, half in share buy-backs. The next decade was unlikely to be much different from the one just ending.

Last autumn, with valuations down to ten times earnings - a floor from which the stock immediately rebounded - the stock represented a great entry opportunity.