Free Trial

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

COMMUNICATIONS


  • 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.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.