DB Media & Online #what's appening: Publicis-Trustpilot/H1 result, P7/new TV channel, ITV/credit rating, BNJ/H1 preview

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DB Media & Online #what's appening: Publicis-Trustpilot/H1 result, P7/new TV channel, ITV/credit rating, BNJ/H1 preview

Deutsche Bank

Research

Europe Industry Date

Media and Online DB Media & Online 16 July 2026

#what's appening

Publicis-Trustpilot/H1 result, P7/new TV

Gareth Davies channel, ITV/credit rating, BNJ/H1 preview

Research Analyst

+44-20-754-11560

European Media & Online today

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

following in more detail or require models, please get in touch with Gareth, Nizla, Research Analyst

+44-20-754-12403 Steve or Annabel. Our contact details are listed in the right-hand margin.

Publicis (Steve Liechti): 1H - good LFL momentum continues Steve Liechti

1H figures show continued LFL net revenue momentum (modest beat to our +44-20-7541-1549

forecast/consensus) with margin/profit more in line. Positive comment on new biz

wins and narrowing FY LFL net revenue guidance upwards to more in line with Annabel Hames

consensus. Hold – we like consistent PUB growth delivery vs peers and Research Analyst

+44-20-754-11574

positioning, though within a tough agency sector (macro pressure/structural

change); FY26E P/E is c. 11x vs peers trading on 5x to 7.5x (BBG consensus). PT Silvia Cuneo

EUR90 (unchanged). Research Analyst

+44-20-754-73770

▪ Outlook – narrowing guidance range upwards to +4.5% to +5% (+4-5%

before with +4% ‘rock solid’) given new biz wins (incl. 1H26) despite Tarun Mittal

tougher 2H comps. PUB margin guidance unchanged with a slight Research Associate

improvement from FY25 (18.2%) while maintaining a high level of Shrishti Shubham

investment. New biz in 1H secures c. 200bps of growth on a FY basis. Research Associate

Free cashflow target EUR2.2bn vs EUR2.1bn before.