JPM | FTM | Today’s Research | Europe

Research evidence excerpt

JPM | FTM | Today’s Research | Europe

Europe Equity Research

Europe First to Market 30 June 2026

Today’s Morning Meeting | Also Published Today | Key Changes | JPM Events | Upcoming Earnings

Today’s Morning Meeting

European Agencies (Daniel Kerven)

Conversations from Cannes: AI to drive marketing boom; creative renaissance & better business

models

The mood in Cannes was positive - there were no particular concerns around the macro environment or marketing budgets. AI

remained the dominant theme, but the conversation has moved on. The focus is no longer on business plans, it is now

deployed platforms, working products and real client implementations. We remain positive on industry fundamentals, and

positive on share prices given valuations are discounting AI disruption, not AI opportunity. We remain OW PUB (10.6x 2027E

NOPAT), OMC (6.4x) & Havas (9.1x); & Neutral on WPP (9.5x). Cannes was a great opportunity to listen, to learn & to dedicate

some time to think about the agencies. Our latest thoughts are in the note.

European Oil Services (Alejandra Magana)

Revisiting Sector Fundamentals and Valuation; Remain OW Saipem and Technip Energies

In this note, we refresh our forecasts to incorporate QTD announced orders, reassess the forward trajectory for margins and

order intake across our coverage, and update our valuation framework to reflect our revised outlook. The group has delivered a

strong start to 2026, up ~50% YTD on average, supported by robust order announcements, net cash balance sheets across

our coverage, and solid revenue visibility, with 2026E revenues 80-90% covered and 2027E coverage averaging ~60%, above

five-year medians. In our view, the OFS subsector has also benefitted this year given its position as a relative safe haven for