GS Europe Media and Internet Daily: Hightouch offers to buy LiveRamp’s identity business from Publicis//Auto1 provides long term

Research evidence excerpt

GS Europe Media and Internet Daily: Hightouch offers to buy LiveRamp’s identity business from Publicis//Auto1 provides long term

Goldman Sachs GS Europe Media and Internet Daily

Communacopia + Technology Conference | 8-11 September 2026 | San Francisco

This four day event will feature CEOs and other senior leaders from across the Tech,

Internet, Media and Telecom landscape. A formal invitation is awaited from the

conference team.

European Communacopia Conference | 15-16 September 2026 | Goldman Sachs

London Office

This two-day conference will feature fireside chats and panel sessions with C-level

executives and other senior leaders from across the European Internet, Media and

Telecom landscape. There will also be an opportunity for 1x1/group meetings with the

corporates attending. We have already confirmed: Auto1, Autotrader, Dentsu, Informa,

Prosus, Publicis, RELX, Scout24 and many more. For Registration click here

15th German Corporate Conference | 21-23 September 2026 | Infinity Munich Hotel

The conference will bring together the most important companies listed on the German

DAX, MDAX, SDAX and TecDAX to present their corporate strategy, current trends and

challenges. We have already confirmed: Auto1, Delivery Hero SE, Springer Nature,

Stroeer and many more. For Registration click here

Key risks and valuation methodology - Publicis

We are Buy-rated on Publicis with a 12-month target price of €110/share based on

DCF-based pricing using a WACC of 9.9% and a TGR of 2.0%. Key risks to our thesis are:

1) market increasingly assuming that media disintermediation is structural; 2)

Deterioration in global macro is also a key risk for advertising agencies, particularly when

it comes to spend on creative agencies which is more discretionary; 3) Creative revenues