WPP, JCDecaux, Eutelsat Among Exane’s Media Top Picks for 2015Blanche Gatt
WPP, JCDecaux, Wolters Kluwer, Eutelsat top picks in media for their smart use of cash, improving returns, valuations, Exane says in note.
- Exane says avoid Reed Elsevier, RTL; says valuations are high relative profit growth potential
- Raises TF1 to outperform from neutral on low valuation, potential; says co. would benefit from any boost to consumer spending; shrs up 6% today
- Says media still offers "fundamental appeal" with solid EPS growth, "healthy returns"
- Sector beat market in 2014, after recovering in 2H from difficult 1H; now trades at 20% premium to mkt
- Still sees ~3.5% growth in global ad spend in 2015
- In small caps, Rightmove, Criteo still "exciting" growth investments; Daily Mail is "cheap"
- NOTE Jan 6: SXMP Rises in 2014 for 3rd Year; Reed Elsevier Leads Gainers
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