DB Media & Online #what's appening: M&C Saatchi/AGM update, WPP/Account win, Wolters/AI, M6/FIFA

研报英文原文证据摘录

DB Media & Online #what's appening: M&C Saatchi/AGM update, WPP/Account win, Wolters/AI, M6/FIFA

Deutsche Bank

Research

Europe Industry Date

France 11 June 2026

Netherlands DB Media & Online

United Kingdom Periodical

#what's appening

Media and Online

M&C Saatchi/AGM update, WPP/

Account win, Wolters/AI, M6/FIFA

Silvia Cuneo

Newsflow, overnight research, valuation comps - if you'd like to discuss any of the

Research Analyst

following in more detail or require models, please get in touch with Gareth, Nizla, +44-20-754-73770

Steve or Annabel. Our contact details are listed in the right-hand margin.

Nizla Naizer

M&C Saatchi (Steve Liechti): AGM update - trading as expectations +44-20-754-12403

AGM update is number light as usual, but suggests revenue is in line with SAA

Gareth Davies

expectations, supporting consensus FY outlook with higher margin business

growth offsetting a tough market. Comments are net positive in our view given

+44-20-754-11560

ongoing macro challenges. BUY – SAA looks attractive on a low valuation, with

a strong B/S, ongoing operational transformation, focus on cost efficiencies and Steve Liechti

its mid-term growth strategy. PT 190p (unchanged). Research Analyst

+44-20-7541-1549

LFL revenue as expectations, supporting consensus FY outlook. SAA suggests Annabel Hames

geopolitical and macro conditions remain volatile but notes good progress within Research Analyst

the business. Importantly, in our view given uncertain markets, SAA reiterates +44-20-754-11574

targets given at FY figures in April, for net revenue and adj OP margin growth this Tarun Mittal

year supported by momentum in high-margin specialisms. Research Associate

Forecasts unchanged. We forecast FY26E LFL net revenue growth at +2% (2H Shrishti Shubham