Summary
BUY M& C SAATCHI Numis names advertising agency M& C Saatchi as a buy after the firm today reported what Numis calls a "strong set of preliminary results". It says that Saatchi, like other agencies, experienced a "challenging final quarter" of 2008 in some are as, but it is "encouraged" by the group's success in its Paris and German offices, with revenues up 68% and 25% respectively. Numis believes the firm can replicate this success when it opens offices in Geneva and Sao Paulo. It believes that although trading conditions this year will remain difficult, this has been priced in. Numis names an 82p target price.
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Portfolio [Edition 2]
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