Sign in

    Julien Roch

    Research Analyst at Barclays

    Julien Roch is Managing Director and Senior Equity Analyst at Barclays Capital, specializing in media and communication services with key coverage including S4 Capital, Vivendi, and high-yield dividend stocks in the sector. He has been recognized for his performance, ranking as a top UK market analyst on TipRanks in 2021, and holds a career success rate near 50% with average returns per rating ranging from -2.5% to 5.6% depending on the period and platform. Roch began his analyst career at Merrill Lynch before joining Barclays in 2009, where he quickly rose to lead the Media sector research team and achieved a No. 1 team ranking in Institutional Investor's All-Europe Research rankings. His professional credentials include senior analyst roles and industry recognition, but specific securities licenses or FINRA registration details are not publicly listed.

    Julien Roch's questions to WPP (WPP) leadership

    Julien Roch's questions to WPP (WPP) leadership • H1 2025

    Question

    Julien Roch of Barclays sought details on the macro and new business assumptions within the revised organic growth guidance, the timeline for completing the WPP Media platform transformation, and Hogarth's net sales contribution in 2024.

    Answer

    CFO Joanne Wilson explained the guidance revision was split between macro impacts and a weaker new business environment, with new business now a 100-150 bps drag. WPP Media CEO Brian Lesser stated the Open Media Studio platform would be substantially deployed by 2025 and clarified WPP resigned the PayPal account, not pitched for it. Joanne Wilson confirmed Hogarth represented about 5% of total net sales in the prior year.

    Ask Fintool Equity Research AI

    Julien Roch's questions to WPP (WPP) leadership • H1 2025

    Question

    Julien Roch of Barclays asked about the macro and new business assumptions embedded in the revised organic growth guidance, the timeline for completing the WPP Media platform transformation, and the size of Hogarth's net sales.

    Answer

    CFO Joanne Wilson detailed that the guidance revision is split between macro impacts and a weaker new business environment, with new business now a 100-150 bps drag. She also stated Hogarth represented about 5% of total net sales in the prior year. WPP Media CEO Brian Lesser said the Open Media Studio platform will be substantially deployed by 2025 and clarified that WPP resigned the PayPal account, it did not pitch for it.

    Ask Fintool Equity Research AI

    Julien Roch's questions to UNVGY leadership

    Julien Roch's questions to UNVGY leadership • Q1 2025

    Question

    Sought to quantify the benefit from price increases on Q1 subscription revenue and asked whether recent Spotify price hikes are part of new 'Streaming 2.0' deals.

    Answer

    The impact of price increases in Q1 was described as 'small,' with the majority of growth coming from subscriber gains and mix shift. Regarding Spotify's price increases, the company confirmed they benefit from audiobook-bundled price hikes but declined to comment on specifics of new deals or press speculation, reiterating their comfort with the 'Streaming 2.0' agreements they have signed.

    Ask Fintool Equity Research AI

    Julien Roch's questions to UNVGY leadership • Q4 2024

    Question

    Asked for a breakdown of Q4 subscription streaming growth between price and volume, and for confirmation and timing of a potential increase in the fixed-per-subscriber payment in new DSP contracts.

    Answer

    Executives stated that Q4 subscription growth was almost entirely driven by volume (subscriber growth and share), as price increases were "de minimis." They declined to comment on confidential details or timing of specific terms in new DSP contracts but reiterated their goal of growing revenue.

    Ask Fintool Equity Research AI

    Julien Roch's questions to INTERPUBLIC GROUP OF COMPANIES (IPG) leadership

    Julien Roch's questions to INTERPUBLIC GROUP OF COMPANIES (IPG) leadership • Q1 2025

    Question

    Julien Roch from Barclays requested specific figures related to the restructuring, including the cash versus non-cash split, the timing of cash outlays and benefits, and the expected full-year impact from foreign exchange rates.

    Answer

    CFO Ellen Johnson projected a full-year negative FX impact of approximately 60 basis points. For the restructuring, she expects the cash vs. non-cash split to remain around 50/50, with most charges occurring in the first half of the year. She confirmed in-year savings of ~$250 million for 2025, with the full run-rate benefit of $300-$350 million being realized annually from 2026 onward.

    Ask Fintool Equity Research AI

    Julien Roch's questions to INTERPUBLIC GROUP OF COMPANIES (IPG) leadership • Q4 2024

    Question

    Julien Roch from Barclays asked for confirmation of margin improvement forecasts from the proxy statement for 2026 and 2027. He also questioned if the announced $250 million in savings are independent of the $750 million in merger synergies and inquired about the post-merger plan for the large number of combined agency brands.

    Answer

    CEO Philippe Krakowsky confirmed the proxy modeling reflects the current restructuring work and that these savings have very limited overlap with the merger synergies identified with Omnicom. He stated that both companies are aligned on maintaining strong agency brands to attract talent and win with clients, and that the optimal organizational structure would be determined post-merger, focusing on providing clients with strong options.

    Ask Fintool Equity Research AI

    Julien Roch's questions to PUBLICIS GROUPE (PUBGY) leadership

    Julien Roch's questions to PUBLICIS GROUPE (PUBGY) leadership • Q2 2023

    Question

    Julien Roch of Barclays requested a specific Q3 organic growth guidance, a full-year reported free cash flow forecast including U.S. tax and working capital impacts, and the exact net sales figure for Publicis Sapient.

    Answer

    Chairman & CEO Arthur Sadoun indicated that Q3 and Q4 organic growth are expected to be at a similar level, around 3%. CFO Michel-Alain Proch clarified that the upgraded free cash flow guidance of at least €1.6 billion *includes* the €110 million U.S. TCJA tax payment made in January and is based on a 1.12 USD/EUR exchange rate. He also significantly improved the full-year net financial expense forecast to ~€40 million due to higher interest on cash. He stated Publicis Sapient's revenue is roughly €2 billion for 2023.

    Ask Fintool Equity Research AI

    Julien Roch's questions to PUBLICIS GROUPE (PUBGY) leadership • Q1 2023

    Question

    Julien Roch from Barclays asked for an indication on working capital for 2023 and the revenue split between media and creative. He also posed a follow-up question on AI, challenging the idea that revenue wouldn't decrease by asking why, in a cost-plus model, AI-driven efficiencies wouldn't lead to lower client fees and thus lower revenue, even with higher margins.

    Answer

    CFO Michel-Alain Proch stated the target for working capital is roughly zero for the year and confirmed the revenue split is approximately one-third media and one-third creative. Chairman & CEO Arthur Sadoun addressed the AI question by explaining Publicis has shifted from a communication to a transformation partner. He argued that potential lower revenue per ad would be more than compensated by new revenue from providing the first-party data (Epsilon) and technology (Sapient) required to power generative AI, a capability unique to Publicis among its peers.

    Ask Fintool Equity Research AI

    Julien Roch's questions to PUBLICIS GROUPE (PUBGY) leadership • Q4 2022

    Question

    Julien Roch questioned the resilience of the 2023 guidance if the macro environment deteriorates, the margin outlook for 2024-2025, and the potential for a larger share buyback given the company's net cash position.

    Answer

    Chairman & CEO Arthur Sadoun expressed confidence in achieving the 3% low-end of the growth guidance even in a disappointing macro scenario, citing the resilient data and tech revenue mix. CFO Michel-Alain Proch reiterated that the 17.5%-18% margin range is the right long-term target to balance profitability and growth investment. He also outlined the 2023 capital allocation, prioritizing value creation through dividends and bolt-on M&A over large-scale buybacks.

    Ask Fintool Equity Research AI

    Julien Roch's questions to PUBLICIS GROUPE (PUBGY) leadership • Q2 2022

    Question

    Julien Roch from Barclays posed two hypothetical questions: what would happen to the operating margin if organic growth was zero in the next year, and what percentage of the company's revenue is considered non-cyclical.

    Answer

    CFO Michel-Alain Proch addressed the margin question by referencing the 2020 downturn, where margins were contained despite a -6% revenue decline, suggesting the current 17.5%-18% range is a reasonable bracket in a zero-growth scenario. Chairman and CEO Arthur Sadoun noted that Epsilon and Publicis Sapient now account for over 30% of revenue, providing a less cyclical business mix, and emphasized that the company has proven its resilience by outperforming the market in past downturns.

    Ask Fintool Equity Research AI