Par Value: 1/-
Closing Price: 4.88
Total Shares Issued: 432155985.00
Market Capitalization: 2,108,921,207
TheWPP ScanGroup reports FY 2020 Earnings versus FY 2019
FY Total Assets 8.741833b versus 12.803173b
FY 2020 Continuing Operations
FY Billings 6.341145b versus 9.282328b
FY Revenue 2.238979b versus 2.872837b -22%
FY Interest Income 204.010m versus 185.203m
FY Interest expense [22.749m] versus [19.583m]
FY Other Income 20.231m versus 30.901m
FY Operating & administrative expenses [3.462382b] versus [2.742291b]
FY Impairment of investment in associates [158.827m]
FY Impairment of Goodwill [315.671m]
FY [loss] Profit before Tax [1.454493b] versus 290.682m
FY Tax Charge [278.035m] versus [131.890m]
FY [loss] / Profit for the Year from continuing operations [1.732528b] versus 158.792m
[Loss] Profit for the Year from discontinued operations [126.682m] versus 332.617m
FY Net gain on disposal of discontinued operations after Tax 2.242028b
FY Profit for the Year 382.818m versus 491.409m
FY EPS [3.89] versus 0.34
FY Cash and Cash Equivalents 1.854860b versus 2.123944b
Operating and Administrative expenses of the Group increased by 720m or 26% mainly as a result of accounts receivables and loan provisions and severance costs resulting from a cost reduction plan.
The one off charges amounted to 774m
Group takes a cautiously optimistic view of 2021
Foreign Equity Investments
Group has 5 foreign investments Ocean Ogilvy Gabon, Ocean Central Africa Ocean Burkina Faso, Ocean Afrique Occidentale and Ocean Conseil.
The Company has not accounted for these associates using the equity method as the Group has not been able to obtain financial information relating to the above entities for some time and all efforts by the group to obtain any information from these entities has been to no avail.
The group has not received any dividend returns
Company has made full provision a number of years ago.
Specifically the value of investments in subsidiaries and associates was impaired by 3.4b and 159m respectively.
Company paid a special interim dividend of 8 shillings a share on 28th July 2020 following the sale of shares in the Kantar businesses.
Some very dramatic impairments
Group takes a cautiously optimistic view of 2021
1st Half Earnings through 30th June 2020
H1 Net Sales 1.089337b versus 1.371348b -21%
H1 Operating and administrative expenses [excluding provision for bad debts] [1.356850b] versus [1.313521b]
H1 Provision for bad and doubtful debts [328.820m] versus [53.054m]
H1 [Loss] Profit before Tax from continuing operations [517.081m] versus 127.765m
H1 [loss] for the Period [532.020m] versus 79.329m
[Loss] profit for the period from discontinued operations [126.682m] versus 170.524m
Net Gain on disposal of discontinued Operations 2.242028b
H1 Profit for the Period 1.583326b versus 249.853m
H1 EPS 3.77 versus 0.51
H1 Net Increase in Cash and Cash Equivalents 5.319128b
Cash and Cash equivalents at End of Period 7.4339976b
Company completed Sale of Millward Brown East Africa, Nigeria, West Africa and Research and Marketing Group. Net Gain of 2.24b.
Net Sales reduced by -21% as advertising business was significantly affected due to cost cutting measures taken by a number of our clients as a result of COVID19.
Bad debt provision of 329m as been made in this period overdue amount for a Parastatal Client.
Underlying organic conditions weak.
WPP Scangroup Limited HY 2019 results through 30th June 2019 vs. 30th June 2018
HY Billings 7.108055b vs. 6.309101b +12.664%
HY Direct costs [4.735447b] vs. [4.515664b] +4.867%
HY Net sales 2.372608b vs. 1.793437b +32.294%
HY Net interest income 116.173m vs. 158.772m -26.830%
HY Other income 9.019m vs. 9.629m -6.335%
HY Operating and administrative expenses [2.108859b] vs. [1.637507b] +28.785%
HY Foreign exchange gain/ [Loss] 6.823m vs. [23.328m] +129.248%
HY PBT 387.576m vs. 301.003m +28.762%
HY Profit for the year 249.852m vs. 196.450m +27.184%
HY Basic and diluted EPS 0.51 vs. 0.49 +4.082%
Total Assets 13.617968b vs. 13.945497b -2.349%
Total Equity 6.969275b vs. 8.795081b -20.759%
Cash and cash equivalents at end of the period 3.782265b vs. 3.890916b -2.792%
Headline Billings growth +12.664%.
WPP Scangroup Limited FY 2018 results through 31st December 2018 vs. 31st December 2017
FY Billings 13.821790b vs. 14.118620b -2.102%
FY Revenue 4.504904b vs. 4.122869b +9.266%
FY Operating and administrative expenses [3.863870b] vs. [3.710602m] +4.131%
FY Operating profit 641.034m vs. 412.267m +55.490%
FY Net interest income 291.104m vs. 290.412m +0.238%
FY Share of profit in associates 25.131m vs.
FY Impairment of goodwill [21.322m] vs.
FY Foreign exchange losses [5.157m] vs. [27.395m] -81.175%
FY Profit before tax 959.888m vs. 696.414m +37.833%
FY Profit for the year 612.209m vs. 477.943m +28.092%
Profit attributable to equity holders of parent company 554.481m vs. 454.696m +21.945%
Profit attributable to NCI 57.728m vs. 23.247m +148.325%
Basic and diluted EPS 1.37 vs. 1.20 +14.167%
Total Assets 11.240951b vs. 13.758912b -18.301%
Total Equity 8.489379b vs. 8.965169b -5.307%
Cash cash equivalents at the end of the year 4.377820b vs. 3.396739b +28.883%
Final dividend per share 1.00 vs. 0.75 +33.333%
Special dividend 3.00
The Group faced a challenging economic environment during 2018 in Kenya, its largest market, as a result of reductions in expenditure by majority of the Groups key clients.
This led to a decline in the Groups revenue in the traditional business activities of advertising, media and public relations.
On a positive note, there was growth in the digital and technology offering and in research due to the acquisition of TNS Kantar research business in July 2018.
Overall Revenue grew by 9.3%. Kenya accounted for 62% of the total, down from the 73% in 2017, primarily on account of TNS Kantar acquisition, which has a sizable presence in Nigeria and West Africa resulting in growth of revenues from Nigeria to 11% of the Group's revenues up from 6%.
Costs have been controlled and synergies achieved in all our businesses.
Operating profit was up by 55.5% from Ksh412m to Ksh641m. Interest income remained the same despite lower interest rates due to increase in available funds.
Overall Profit Before Tax was up 37.8% from Ksh696m to Ksh960m and Profit after Tax was up by 28.1% from Ksh478m to Ksh612m.
Share of profit attributable to non-controlling interest increased as a result of 20% minority shareholding in TNS Kantar.
Based on the year to date performance for 2019, it is expected that there will be an improvement in operating profit for the full year 2019.
The Board of Directors recommend a Final Dividend of Ksh 1.00 per share [ 2017 Ksh 0.75] for the year ended 31 December 2018 and a Special Dividend of Ksh 3.00 per share, subject to shareholder approval at the annual general meeting to be held on 10 May 2019 and payable to shareholders on the Register of Members at the close of business on 10 May 2019.
The dividend will be paid from retained earnings of the company which stood at Ksh 1,794m as at 31 December 2018.
That Special Dividend the declared dividend 34.188% of Yield on yesterdays closing price
Good to see West Africa beginning to gain Traction.
These results and the mouth-watering dividend means we have seen the low for this share.
H1 2018 Earnings ended 30th June 2018
H1 Billings 6.309101b versus 6.770011b -6.808%
H1 2018 Net Sales 1.793437b versus 1.998379b -10.25%
H1 Operating and Admin Expenses [1.637507b] versus [1.898301b] -13.738%
H1 Net Interest Income 158.772m versus 140.198m
H1 Profit Before Tax 301.003m versus 244.480m
H1 EPS 0.49 versus 0.39 +25.64%
Cash and Cash Equivalents 3.890b versus 3.736b
Net Sales decreased by -10.26% Reduction in Net Sales in line with forecast and reflects the state of economies across the Countries where the Group operates.
Billings at -6.808% Year on Year confirm it was a tough slog in 2018.
However, they have proven nimble as they squeeze out a +25.64% EPS Gain.
WPP Scangroup Limited FY 2017 results through 31st December 2017 vs. 31st December 2016
FY Billings 14.118620b vs. 16.306447b -13.417%
FY Direct costs [9.995751b] vs. [11.471374b] -12.864%
FY Revenue 4.122869b vs. 4.835073b -14.730%
FY Interest income net of interest expenses 290.412m vs. 406.528m -28.563%
FY Other income 21.130m vs. 22.688m -6.867%
FY Operating and administrative expenses [3.710602m] vs. [4.475205b] -17.085%
FY Foreign exchange losses [27.395m] vs. [63.159m] -56.625%
FY Profit before tax 696.414m vs. 725.925m -4.065%
FY Profit for the year 477.943m vs. 460.380m +3.815%
Profit attributable to equity holders of parent company 454.696m vs. 422.985m +7.497%
Profit attributable to NCI 23.247m vs. 37.395m -37.834%
Basic and diluted EPS 1.20 vs. 1.12 +7.143%
Total Assets 13.758912b vs. 13.486398b +2.021%
Total Equity 8.965169b vs. 8.808639b +1.777%
Cash cash equivalents at the end of the year 3.396739b vs. 3.909484b -13.115%
Really Strong Cash Position.
Interesting that they squeezed an EPS +7.143% GAIN VERSUS A -13.417% FY Billings decline.
Waiting for more granularity on geographical and verticals performance.
Looks a fair price now.
Press Release WPP Scangroup strengthens its market research business through proposed acquisition of Kantar TNS in Africa
25th April, 2018, Nairobi Kenya WPP Scangroup Limited (WPP Scangroup) today announced that it has reached agreement to acquire a majority stake in Research and Marketing Group Investment Limited, which operates Kantar TNS, a leading market research agency, in several African countries.
WPP Scangroup currently provides market research services through Kantar Millward Brown. The proposed acquisition of Kantar TNS will enable WPP Scangroup to align the two market research businesses, leading to enhanced service for clients and increased operational efficiency.
Kantar TNS and Kantar Millward Brown are each part of Kantar Group, WPP Plcs data management division and one of the worlds largest insight, information and consultancy groups.
Kantar TNS operates in Nigeria and Kenya, which are primary markets for WPP Scangroup, and other countries including Senegal, Cameroun, Cote dIvoire and Ghana.
The transaction is subject to approval by WPP Scangroup shareholders and Kenyas Capital Markets Authority. Upon approval, WPP Scangroup will acquire the 70% shareholding in Research and Marketing Group Investment Limited, held by Russell Square Holdings BV (a subsidiary of WPP Plc) and 10% of the 30% shareholding held by International Research and Marketing Group Holdings Ltd.
WPP Scangroups CEO Bharat Thakrar said The proposed acquisition of Kantar TNS presents a tremendous opportunity for business growth and investment in markets such as Nigeria and Kenya. The focus on research and data driven operations perfectly fits our goal of providing horizontal, integrated communications services and products across the sub Saharan region.
25-APR-2018 :: Public Announcement @WPPScangroup
Proposed issue of 53,290,883 new ordinary shares to Russell Square Holding B.V
Purchase of all of the shares held by Russell BV in Research and Marketing Group Investment limited [Mauritius] an entity engaged in market research business.
The Purchase of 3,660 shares comprise 70% of the total issued are capital in the target.
WPP Plc [through Cavendish Square Holding and Ogilvy & Mather South Africa controls 50.1% of @WPPScangroup
Following the Proposed issue WPP Plc will control 56.25% of @WPPScangroup
H1 Revenue 1.998379b vs. 2.570570b -22.259%
H1 Operating and administrative expenses [1.898301b] vs. [2.397632b] -20.826%
H1 Other income 9.693m vs. 17.780m -45.484%
H1 Net interest income 140.198m vs. 237.860m -41.059%
H1 Foreign exchange loss [5.489m] vs. [33.508m] -83.619%
H1 Profit before tax 244.480m vs. 395.070m
Basic and diluted EPS 0.39 vs. 0.66 -40.909%
No interim dividend
Revenue decreased by 22% over the corresponding prior year period to 2.0b The reduction was in line with budget and was driven by 1 Pan African
client significantly reducing their level of marketing spend across the region plus reduced scope of work with several other clients and
with our core client in Gabon.
A 21% reduction in operating expenses
EPS declines 42% to 0.39
While the Group has seen significant revenue pressure in H1 2017, this was compounded further by the strong comparative period in 2016.
We expect revenues to be stronger in H2
No interim dividend.
Soft H1 Earnings.
FY Billings 16.306447b vs. 16.791084b -2.886%
FY Revenue 4.835073b vs. 5.022408b -3.730%
FY Operating and administrative expenses [4.475205b] vs. [4.669817b] -4.167%
FY Operating profit 359.868m vs. 352.591m +2.064%
FY Net interest income 406.528m vs. 436.098m -6.781%
FY Foreign exchange [Loss/ gain [63.159m] vs. 47.213m -233.775%
FY Profit before tax 725.925m vs. 875.271m -17.063%
FY Profit for the year 460.380m vs. 478.672m -3.821%
Basic and diluted EPS 1.12 vs. 1.12
Total Assets 13.486398b vs. 12.468479b +8.164%
Total Equity 8.803639b vs. 8.604260b +2.317%
Cash & cash equivalents at the end of the year 3.909484b vs. 4.062212b -3.760%
Dividends per share 0.50 vs. 0.50
The Group faced a tough trading environment during 2016 in Kenya, its largest market, however this was offset by good growth in markets
outside of Kenya.
Group revenue declined by 3.7%
Kenya accounted for 60% [2015:66%] of the total.
Gabon Ghana Nigeria and Zambia were particularly pleasing
Fair Value. Its good a good geographical spread and with WPP on the register it looks good value here.
6 Month Earnings through 30th June 2016
H1 Billings 8.075906b vs. 7.374849b +9.506%
H1 Direct costs [5.505336b] vs. [5.058434b] +8.835%
H1 Revenue 2.570570b vs. 2.316415b +10.972%
H1 Operating and administrative expenses [2.397632b] vs. [2.260731b] +6.056%
H1 Other income 17.780m vs. 7.308m +143.295%
H1 Net interest income 237.860m vs. 193.799m +22.735%
H1 Foreign exchange [loss]/ gain [33.508m] vs. 28.621% -217.075%
PBT 395.070m vs. 285.412m +38.421%
Profit for the period 249.698m vs. 185.334m +34.729%
EPS 0.66 vs. 0.43 +53.488%
Cash and cash equivalents at the end of the period 3.838450b vs.
Markets outside of Kenya now account for 40% Group Revenues [2015 -34% 2014 30%]
H1 Revenue +10.972%
juiced by +22.735% increase in Interest Income
Share price is cheap at 15.05
FY Earnings through 2015 versus through 2014
FY Billings 16.791084b vs. 16.886418b -0.565%
FY Direct costs [11.768676b] vs. [11.761256b] +0.063%
FY Revenue 5.022408b vs. 5.125162b -2.005%
FY Interest income net of interest expenses 436.098m vs. 248.253m +75.667%
FY Operating and administrative expenses [4.669817b] vs. [4.479007b] +4.260%
FY Foreign exchange gains [losses] 47.213m vs. [1.115m]
FY Profit for the year 478.672m vs. 625.476m -23.471%
FY Exchange differences on translating foreign operations [203.368m]
vs. [43.416m] +368.417%
FY Total comprehensive income for the year 275.304m vs. 582.060m -52.702%
Basic EPS 1.12 vs. 1.50 -25. 333%
Cash, bank and deposit balances 4.161291b vs. 3.795874b +9.627%
Total equity 8.604260b vs. 8.542631b +0.721%
Cash and cash equivalents at the end of the year 4.062212b vs. 3.763115b +7.948%
The Group faced tough trading environment in 2015 its largest market.
Kenya now accounts for 66% [2014 70%] of the Group's revenue.
Performance at operations outside of Kenya was strong as we continue to develop these newer markets.
Results in Ghana, Nigeria, South Africa and Uganda were particularly pleasing Faster growth in PR and Digital effective tax rate increased from 31% to 45% due to deferred tax adjustments
Stronger momentum H2 but that is a normal skew.
9.11% of Profit for the Year was from Interest Income.
WPP ScanGroup sits in Pole Position in East Africa.
WPP Scangroup reports H1 2015 Earnings here
H1 Billings 7.374849b versus 8.178414b -9.825%
H1 Direct Costs [5.058434b] versus [5.915043b] -14.48%
H1 Revenue 2.316415b versus 2.263371b +2.34%
H1 Interest Income 193.799m versus 111.727m +73.45%
H1 Operating and administrative Expenses [2.260731b] versus [2.100986b] +7.603%
H1 Profit before Tax 285.412m versus 253.853m +12.43%
H1 Profit after Tax 185.334m versus 182.690m +1.44%
H1 EPS 0.43 versus 0.42 +2.38%
Revenue increased by 2.3% on a constant currency basis the business delivered revenue growth of 6.5% but due to continuing pressures on
the currencies in the countries in which we operate our overall growth rate was reduced to 2.3%
new entities in Nigeria, Uganda and Zambia
Lots of the Profit coming from Interest Income.
Currency impacted earnings by more 400 basis points
Full Year through 31st December 2014 versus through 31st December 2013
Full Year Billings 16.886418b versus 14.144826b +19.382%
Full Year Revenue 5.125162b versus 3.838912b +33.5055%
FY Operating and Administrative Expenses [4.474706b] versus [3.614667b] +23.79%
FY Operating Profit 650.456m versus 224.245m +190.064%
FY Interest Income 248.253m versus 37.665m +559%
FY Share of profit from joint arrangement 0 versus 84.456m
Full Year Gain on revaluation of equity Interest 0 versus 623.866m
Full Year Profit before Tax 912.277m versus 963.093m -5.726%
Full Year Profit after Tax 625.476m versus 831.327m -24.76%
Full Year Earnings Per Share 1.50 versus 2.60 -42.30%
FY Basic and diluted EPS excluding accounting gain 1.50 versus 0.47
Profit after Tax and Total comprehensive income for 2013 were revised
downwards by 3603m and 73.13m respectively.
organic revenue growth was over 10%
reportable revenue growth was 33.5% as a result of acquisitions in late 2013
Organic revenue growth in Kenya was 5% and represents 67% of total billings
27.2% of PBT came from Interest Income.
Headline revenue growth +33.50% speaks to the growth Opportunity
I expect the regional Franchise to gain traction and reduce Kenyas
67% share of total revenues
Its a WPP Co. now and as much their preeminent SSA Vehicle
H1 2014 versus H1 2013
2.263371b versus 1.805381b +25.4% [10% organic balance via
consolidation of Millward Brown]
Operating and Administrative expenses [2.100986b] versus [1.766293b]
H1 Operating Profit 162.385m versus 39.088m
Net Interest Income 111.727m versus 19.546m [Interest earned on the
subscription amount 1.83b received from Cavendish [WPP PLC]
Foreign Exchange [Loss] or Gain [29.903m] versus 7.980m
H1 Profit before Tax 253.853m versus 101.169m +151%
H1 Profit after Tax 182.690m versus 43.624m
H1 EPS 0.42 versus 0.02
The Network Effect is set to kick in further.
Strong rebound numbers.
remains WPPs SSA Vehicle and of course recently acquired EMPL.
Full Year Earnings through 31st December 2013 versus 31st December 2012
FY Billings 14.168001b versus 12.472198b +13.596%
FY Direct Costs [10.317607b] versus [8.549435b] +20.681%
FY Revenue 3.850394b versus 3.922763b
Gain on revaluation of equity interest 605.474m in 2013
FY Operating and Administration Expenses [3.547430b] versus [3.058750b]
FY Profit Before Tax 1.038416b versus 1.069566b
FY Profit After Tax 867.358m versus 752.009m
FY EPS 2.70 versus 2.21 +22.17%
FY Dividend 40 cents a share
Level of client spend in the first half was subdued due to the General elections
The continued investment in growth disciplines, in particular Digital and PR and further developing our presence and potential in Ghana, Nigeria, South Africa and Tanzania led to a 16% increase in operating costs.
Overall EPS is +26% but the underlying EPS [excluding the revaluation gain] shows a drop of 70% to 0.63.
Its one of the very few SSA Advertising Pure Plays and has crossed the Nadir in earnings.
H1 Earnings through June 2013 versus June 2012
H1 Revenue 1.805381b versus 1.881280b -4.00%
All Entities excluding Scanad Nigeria 160.813m versus 471.566m
Scanad Nigeria Limited [91.357m] versus 0.00
H1 PBT 101.168m versus 578.417m -82.509%
H1 PAT 43.624m versus 406.647m
H1 EPS 0.02 versus 1.13 -98.23%
Revenue from our Kenyan clients declined by 9% [referencing the General elections]
Revenues from territories outside Kenya [excluding Nigeria] saw growth of over 10% [Ghana +49% South Africa +10%]
Digital Revenues +141% confident of a marked improvement in second half of year
A Soft H1 with Nigeria and a slow down in Kenya to blame. In many respects the Key Relevant Information is that @WPP is seeking to move
into a majority.
FY Earnings Through 31st Dec 2012 versus 12 Months through December 2011
FY Billings 13.056890b versus 11.763664b +10.99%
Direct Costs [8.825055b] versus [8.166404b] +8.06537%
Revenue 4.231835b versus 3.597260b +17.6405%
Admin and Operating Expenses [3.291430b] versus [2.530104b] +30.09%
Interest and Investment Income 166.133m versus 139.916m
FY PBT 1.095060b versus 1.280100b -14.455%
FY PAT 752.008m versus 911.116m -17.462%
FY EPS 2.21 versus 2.55 -13.333%
Final Dividend of 60cents a share
Operating Profit for the Year impacted by A The Start Up of new Operations namely Millward Brown Nigeria [April 2012] and Scanad Nigeria [August 2012]
B The Full Year Impact of Ghana Operations The Net Effect is is a Loss of Kes 99.8m
Operating Margins have declined due to Investments in Additional Resources
Investment Income in 2011 included a gain on sale of Infrastructure Bonds 46.1m
Scangroup have expanded into West Africa and expanded Their Geographical Footprint.
This Expansion has crimped The Earnings however it will accelerate Earnings in the Medium Term.
ScanGroup's Biggest Shareholder is WPP and is their preferred SSA Vehicle.
I think whilst the PE is now quite rich, WPP will be on the Prowl
ready to add to their Position on any Drawdown.
Swot Analysis H1 2012 versus H1 2011
Billings 5.937662b versus 5.605946b +5.917%
Revenues 2.022494b versus 1.527124b +32.438%
Investment Income 102.447m versus 71.476m
Profit Before Tax 578.417m versus 520.951m +11.030979%
Profit After Tax 406.647m versus 374.546m +8.5706%
Minority Interest 82.226m versus 69.583m +18.169%
Earnings Per Share 1.13 versus 1.07 +5.6074% [versus 2.55 FY which
confirms a typical H2 Skew]
In our Business Billings do not necessarily have a Correlation with Revenues since more than 50% of Revenues are from Fees and are not
pegged to the level of Client Spend on Advertising.
I think ScanGroup will grow at this sort of Trajectory for the next 24 Months. In particular, I think the Next Growth Burst comes from the
SSA Expansion and that Expansion will require some Up Front Spend.
Have a Look at Mindspeak where Bharat set out his regional Road Map.
Swot Analysis FY 2011 versus FY 2010
Billings 11.763664b versus 11.363839b +3.518%
Revenues 3.597260b versus 2.345554b +53.365%
Operating Expenses 2.517262b versus 1.685377b +49.358%
Investment Income and Exchange Gain 0.200102b versus 0.178219b
Profit Before Taxation 1.280100b versus 0.838396b +52.6844%
Profit After Tax 0.911116b versus 0.640585b +42.231%
EPS 2.55 versus 2.11 +20.853%
2011 Results reflect the FY Numbers of Ogilvy Subsidiaries acquired in
Final Dividend of 0.70 a share
Scangroup is a WPP.L look alike in that it is a Consolidator. WPP are the largest shareholder on the Register. ScanGroup has delivered a
solid Set of Results. Advertising Spend in SSA remains a Rising Tide and ScanGroup are in Pole Position to surf that rising Tide.
Swot Analysis FY 2010 versus FY 2009
Billings 11.363839b versus 5.920012b
Direct Costs [9.018285b] versus [4.295983b]
Revenue 2.345554b versus 1.624029b +44.28%
PBT 838.396m versus 544.1m +54.088%
PAT 640.585m versus 401.148m +59.687%
EPS 2.55 versus 1.81 +40.88%
Cash and Equivalents at end of Year 2.178652b versus 0.676768b
Dividend 0.70 cents a Share
1 FOR 5 Bonus
Very Solid Results. ScanGroup has a Lock on the Market and I think Advertising Spend will continue to expand at above Historic Trend
Levels. The Shares are well held [Sorrell WPP have 27.5%] and the Float is actually thin. I think a PE of 20.392 is a Fair price but
given the thinness of the Float and the Fact that Scangroup remains the only listed Proxy with which to play the Sector unless You include
Nation and Standard I think the PE will range between 20 25 from here, especially given the Bonus Sweetener, which might create a
near term squeeze. Share Price is 100.692% through today, 16th April.