LABIA Frédéric , Equity Analysis at Amundi
Choose your country :
Choose your country ?
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