From Cazenova just now .... DYOR .... but quick :)

WPP - upgrade to OUTPERFORM - interims due 26 Aug which we expect to be strong, reflecting gd Q2 fig's already reported by peers. We see potential for EPS upgrades of up to 5%-10% N/T (combination of top line, margin & US$). L/T we expect EPS growth of up to 17%-18% pa before maturing at 11%-12% pa. Key risks are (1) further M&A (2) prem valuation (17.1x 06 EPS before any upgrade), representing a 31% prem to UK mkt & 33% to UK media sector. Despite this we still believe it has room to outperform. Our DCF valuation gives 760p, 28% upside from here.

StockMarketWire.com
Global advertising and PR company WPP reported a continued slowdown in the third quarter, impacted by further weakening of the performance of its North American businesses and creative agencies, against a backdrop of structural change in the industry.

Third-quarter reported revenue fell 0.8% to £3.758bn, impacted by currency headwinds of 2%, while nine-month reported revenue slid 1.6% to £11.251bn.

"Turning around WPP requires decisive action and radical thinking, and our performance in the third quarter of 2018 reinforces our belief in that approach," said CEO Mark Read, who took up the position in September.

"As previously stated, our industry is facing structural change, not structural decline, but in the past we have been too slow to adapt, become too complicated and have under-invested in core parts of our business," he added.

The company has already begun implementing its previously identified strategy to simplify the firm and has made 16 disposals to date, primarily of non-core investments, raising £704m. As a result of this, and a renewed focus on working capital, the firm has reduced its net debt to £925m compared to the same period last year.

The company still believed there was a "significant opportunity" to develop its Kantar market research arm into the world's leading data, insights and consulting company, but said the best way to unlock this potential would be with a strategic or financial partner. The Board had approved a formal process to review the strategic options that will maximise share owner value, with WPP expected to remain a share owner with strategic links. Preparations were underway, involving Kantar management, and unsolicited expressions of interest had been received.

In other company news, Group Finance Director, Paul Richardson, had decided to retire after 22 years. He would leave in 2019, working with WPP to ensure a smooth transition as we appoint his successor.