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WPP Wins Coca-Cola Account, Supporting Our Organic Growth Assumptions; Shares Attractive

Ali Mogharabi Senior Equity Analyst

Analyst Note

| Ali Mogharabi |

On Nov. 8, Coca-Cola named WPP as its global marketing network partner. The ad holding company will manage the entire global media, creative, and data responsibilities and output for the advertising and marketing of all of Coca-Cola’s brands in nearly all markets. WPP was competing against Publicis, IPG, and Dentsu for this prestigious account. This win supports our strong organic growth assumptions for WPP in 2022 and 2023. The Coca-Cola pitch is likely one of the largest in a few years, as according to AdAge Datacenter, Coca-Cola is the 17th-biggest ad spender in the world. We are maintaining our GBX 1,340/$92, EUR 67, and $35 fair value estimates for WPP, Publicis, and IPG. Of these, we think 4-star WPP is the most attractive stock.

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Company Profile

Business Description

Headquartered in the U.K., WPP is the world’s largest ad holding company, based on annual revenues. WPP's services, which include traditional and digital advertising, public relations, and consulting, are provided worldwide, with over 70% of its revenue coming from more developed regions such as the North America, U.K., and Western Europe.

18 Upper Ground, Sea Containers
London, SE1 9GL, United Kingdom
T +44 2072824600
Sector Communication Services
Industry Advertising Agencies
Most Recent Earnings Jun 30, 2008
Fiscal Year End Dec 31, 2021
Stock Type
Employees 102,822