1H26E: Further growth improvement in focus - bullish

研报英文原文证据摘录

1H26E: Further growth improvement in focus - bullish

EMEA - Media Coverage Cluster

Investment rating Company BofA Ticker Bloomberg symbol Analyst

UNDERPERFORM

Evolution EVGGF EVO SS Adrien de Saint Hilaire

Evolution EVVTY EVVTY US Adrien de Saint Hilaire

ITV ITVPF ITV LN Adrien de Saint Hilaire

Omnicom OMC OMC US Adrien de Saint Hilaire

Rightmove RTMVF RMV LN David Amira, CFA

Vend Marketplaces SBBTF VEND NO David Amira, CFA

WPP WPPGF WPP LN Adrien de Saint Hilaire

WPP WPP WPP US Adrien de Saint Hilaire

iQmethod SM Measures Definitions

Business Performance Numerator Denominator

Return On Capital Employed NOPAT = (EBIT + Interest Income) × (1 − Tax Rate) + Goodwill Amortization Total Assets − Current Liabilities + ST Debt + Accumulated Goodwill

Amortization

Return On Equity Net Income Shareholders’ Equity

Operating Margin Operating Profit Sales

Earnings Growth Expected 5 Year CAGR From Latest Actual N/A

Free Cash Flow Cash Flow From Operations − Total Capex N/A

Quality of Earnings Numerator Denominator

Cash Realization Ratio Cash Flow From Operations Net Income

Asset Replacement Ratio Capex Depreciation

Tax Rate Tax Charge Pre-Tax Income

Net Debt-To-Equity Ratio Net Debt = Total Debt − Cash & Equivalents Total Equity

Interest Cover EBIT Interest Expense

Valuation Toolkit Numerator Denominator

Price / Earnings Ratio Current Share Price Diluted Earnings Per Share (Basis As Specified)

Price / Book Value Current Share Price Shareholders’ Equity / Current Basic Shares

Dividend Yield Annualised Declared Cash Dividend Current Share Price

Free Cash Flow Yield Cash Flow From Operations − Total Capex Market Cap = Current Share Price × Current Basic Shares

Enterprise Value / Sales EV = Current Share Price × Current Shares + Minority Equity + Net Debt + Sales

Other LT Liabilities