Sign in

    Richard Eary

    Research Analyst at UBS

    Richard Eary is Managing Director and Head of European Media Equity Research at UBS, specializing in media and entertainment sectors with a particular focus on companies such as Ubisoft and Universal Music Group. Eary has established a strong performance track record, regularly quoted in the financial press for sector forecasts, and is recognized among the influential analysts contributing to UBS's top-tier research rankings. With over a decade of experience in equity research, he has consistently held senior roles and has built deep expertise advising institutional investors on European media equities. He holds extensive professional credentials typical for a managing director-level analyst at a major investment bank, including FINRA securities licenses.

    Richard Eary's questions to PUBLICIS GROUPE (PUBGY) leadership

    Richard Eary's questions to PUBLICIS GROUPE (PUBGY) leadership • Q2 2023

    Question

    Richard Eary from UBS requested a breakdown of the 3% H2 growth guidance by business line (Media, Creative, Epsilon, Sapient) and sought commentary on the margin outlook for 2024, particularly regarding ongoing benefits from lower depreciation.

    Answer

    Chairman & CEO Arthur Sadoun outlined that for H2, Data & Tech (Epsilon, Sapient) and Media are expected to remain accretive to group growth, while Creative will experience some softness, though this will be offset by strong momentum in production. CFO Michel-Alain Proch stated it was too early to comment on 2024 margins but confirmed the underlying positive dynamics. For full-year 2023, he expects the operating margin to be close to 18%, with stable personnel costs and lower depreciation being offset by higher G&A expenses.

    Ask Fintool Equity Research AI