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Omnicom Q1 Healthy As Management Raises Lower End Of Org Growth Guidance

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  • Q1 results look healthy, in-line to slightly ahead of consensus on revenue at +5.4% YoY and Op Profit +3% YoY. Org growth was strong at +4% (incl. +7% in Ads & Media and +4.3% in the USA, both equiv. to roughly half the business each) while equity should be happy with USD 1.67 EPS vs. average consensus of USD 1.55.
  • Leverage looks higher on the back of the Flywheel acquisition; TD/EBITDA of 2.6x from 2.4x at FY23 and 2.5x at Q123, ND/EBITDA of 1.3x from 0.5x at FY23 and 1x at Q123. FCF of USD 415mn compares to USD 429mn in Q123. Cash and Equivalents broadly flat.
  • FY organic growth guidance has been raised to 4-5% from 3.5%. Management sound very positive on Flywheel, expect results to be accretive from Q4.
  • EUR spreads yet to stream.
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