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Publicis -1.6%, Short-End Tighter On Strong Q4 But Slower Outlook

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  • Q4 net revenue in line with consensus with a +2.5% beat in largest market NA offsetting misses in Europe and APAC. 5.7% organic growth beat the +4.4% consensus. DPS of EUR 3.40 ~20c ahead of consensus.
  • FY24 guidance implies organic growth falling back from +6.3% to 4-5%, operating margin stable at 18% and FCF increasing from EUR 1.7bn to EUR 1.8-1.9bn.
  • PUBFP’s shortest spreads have tightened, with their 2025s sitting close to 3bps tighter DoD. Equity is streaming 1% lower.
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