Rankings Software, cloud & internet Publicis
Publicis
84
15070100
A view of the same findings, not a new score. How it works
A strong score: the model found few serious problems, but analysts see limited upside from here.
Biggest deductions
- AI disruption and insourcing−5
- Multiples vs own history−4
- Quality of growth−2
Strengths
- Raised guidance+2
- Pricing power and market position+1
- Buybacks+1
How the score is built
From 100 to 84, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 99.74 EUR
- Median analyst target
- 115.00 EUR
- Upside to median
- +15.3%
- Analysts
- 16
- Target range
- 90.00 – 135.00 EUR
- 52-week change
- +16%
- P/E (trailing)
- 15.5
- Forward P/E
- 12.0
- PEG
- 1.84
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−4 of −30
- −2Quality of growthReported EPS has stood still (6.55 € in 2024, 6.52 € in 2025, 6.42 € TTM) and gross revenue grew only 1.4% TTM; organic growth of 4.5–5% is continually supplemented with acquisitions (0.9 bn € TTM, e.g. 160over90), so part of the growth is bought.
- −1ROICROIC fell to 13.9% TTM from 15.6% in 2025; the balance sheet is dominated by goodwill from Sapient, Epsilon and later acquisitions.
- −1Capital allocation (LiveRamp)LiveRamp is being acquired for cash at $38.50 per share – a 30% premium and an EV of $2.2bn (equity value $2.5bn) – for a data platform to be integrated into Epsilon; another big data bet on top of Epsilon ($4.4bn in 2019).
Price
Today's multiples against the company's own history and its peers. · 1 finding−4 of −35
- −4Multiples vs own historyForward P/E 11.7 vs 9.4–13.5 in 2021–25 (median 11.7), EV/EBITDA 8.4 vs 7.1–10.4 (median 8.9) and P/FCF 9.7 vs 6.7–12.5 (median 8.9) – right in the middle of the range after +21% in a year, in an industry where the market demands an AI discount.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−8 of −35
- −5AI disruption and insourcingNine out of ten agency people see AI as a threat to their core revenue, the share of AI pessimists rose from 20% to 32% in 2026, and 65% of agencies have lost work to clients' own in-house teams in a year. Hourly-based creative production is particularly exposed.
- −2Macro and customersAdvertising budgets follow the economic cycle, and North America accounts for about half of revenue (8.9 of 17.7 bn €); clients are embracing AI but postponing larger transformation projects.
- −1Working capitalCash flow rests on the media float: receivables rose 2.6 bn € and payables 2.5 bn € TTM, and the current ratio is 0.94. The record FCF of 2.69 bn € in 2025 was boosted by working capital; the 2026 target is about 2.2 bn €.
Plus
Only documented strengths. · 3 findings+4 of +15
- +2Raised guidanceOrganic growth target for 2026 raised to 4.5–5% (from 4–5%) and the FCF target to about 2.2 bn € after H1 with 4.7% organic growth (Q2 4.8%, USA 5.5%, Europe 5.0%).
- +1Pricing power and market positionRecord headline margin of 17.5% in H1 2026 and a seventh consecutive year of growth above the industry, while competitors consolidate (Omnicom/IPG).
- +1BuybacksBuybacks (€179m) plus dividend (€903m) TTM amount to about €1.08bn, clearly below FCF of €2.47bn; the share count fell 0.5%.
Caveats
What the score does not capture, or where the data is weak.
Advertising and media agencies do not fit the list; the nearest industry is 'Software, cloud & internet' (the data and technology part: Epsilon, Sapient). Publicis steers by net revenue (excl. pass-through media buying, about 15 bn €) and 'headline' figures: headline operating margin 18.2% in 2025 and headline EPS 7.48 €, while reported EPS is 6.52 € (2025) and 6.42 € TTM; stockanalysis' revenue (17.65 bn €) is gross revenue. Net debt of 3.3 bn € at 30/6 is seasonal (dividend of 0.9 bn € in H1 and working capital); the LiveRamp acquisition (EV 2.2 bn USD, cash) closes only around year-end and is not in the figures. Élisabeth Badinter owns about 7% with double votes – mentioned, not scored. Client concentration, specific account losses and insider trading have not been investigated. Q3 revenue about 15/10.
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