Frédéric LABIA, Equity Analysis at Amundi
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Weaker ad trends in the US and Europe despite a solid macro backdrop have reignited structural concerns, causing agencies and TV stocks to underperform over recent months.
In our view, near-term headwinds are driven more by cyclical factors, namely pressure from CPG marketers, than by structural factors. However, although growth may reaccelerate, we will not consider this to be a full catch-up, as an element of recent underperformance clearly relates to the emergence of lower media intensity business models. Agencies in particular will now have to deal with indirect disruption, that of their clients