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Publicis' advantage among ad agencies 'not priced in', MS resumes at 'overweight'



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** Morgan Stanley resumes its coverage of French advertiser Publicis PUBP.PA with an "overweight" rating, saying its competitive advantage over peers in the sector has not been priced in

** "We view Publicis' competitive advantage vs peers as sustainable and not priced in," the brokerage says, citing the acquisitions of data and tech units Sapient and Epsilon which have diversified sales away from pure ads

** Publicis is ahead of big ad agencies such as London-listed WPP WPP.L, MS says, attributing the advantage to product differentiation, and adding that relatively low leverage and strong FCF ensures it has "M&A firepower"

** WPP - whose sales mix is less diversified with high exposure to tech clients - "is playing catch up," as it tries to simplify its product and increase operational efficiency, MS notes, saying this might reduce the space for innovation

** Publicis' continued outperformance should drive shares- re-rating - MS

** Out of 18 analysts who cover Publicis, 13 rate it "strong buy/buy", four rate it "hold" and one rates it "sell"



Reporting by Olivier Sorgho

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