Martin Sorrell calls WPP ‘catatonic’ as Goldman slaps sell rating on its own client

cityam

Jun 04

Goldman note confirmed what Sorrell has been saying for months Sir Martin Sorrell spent 33 years turning WPP from a small Kent-based wire and plastics manufacturer into the world’s largest ad company....

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It’s catatonic. It’s a bust of a flush,” he told City AM at SXSW London this week.A Goldman Sachs note, published on Wednesday, set a 240p price target on a stock that has already shed more than 80 per cent of its value over eight years, sending shares down a further 4.5 per cent to 265.6p on the day.“That is extremely unusual for a house broker”, Sorrell said.","collect":0,"end_time":0,"defaultTopTitle":"cityam.com","property":["rate"],"viewcount":null,"language":"en","relate_stocks":{"WPP":"WPP PLC"},"translate_title":"高盛对自己的客户给予卖出评级，Martin Sorrell评级WPP“紧张症”","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"WPP":1.5},"content_text":"Goldman note confirmed what Sorrell has been saying for months Sir Martin Sorrell spent 33 years turning WPP from a small Kent-based wire and plastics manufacturer into the world’s largest ad company.He left in 2018 following a dispute over personal conduct that he has consistently denied, and has been a vocal critic of his successors ever since.“I think they are further gone than before. It’s catatonic. It’s a bust of a flush,” he told City AM at SXSW London this week.A Goldman Sachs note, published on Wednesday, set a 240p price target on a stock that has already shed more than 80 per cent of its value over eight years, sending shares down a further 4.5 per cent to 265.6p on the day.\n\n“That is extremely unusual for a house broker”, Sorrell said.\n\n\n\n\n\n\nNews Updates\nStay ahead with our three daily briefings delivering all the key market moves, top business and political stories, and incisive analysis straight to your inbox.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe bank was unsparing in saying a return to meaningful growth would be difficult without a fundamental reshaping of the business, free cash flow would reach just £684m by 2028 – well short of the £1bn-plus generated in both 2022 and 2023 – and much of WPP’s planned £500m cost-saving programme would likely be absorbed by higher staff costs and wage inflation.Goldman also noted that while asset sales could provide a short-term boost, any disposals would simultaneously remove the earnings those assets generated, making the net benefit uncertain.That WPP’s own house broker would say so publicly is almost without precedent – and even more so when contrasted with Goldman’s simultaneous coverage of WPP’s rivals.\n\nIndeed, both Publicis and Omnicom were slapped with buy ratings, the bank crediting Publicis’s AI-led efficiency gains and Omnicom’s enlarged scale following its $13bn acquisition of IPG.For Sorrell, the Goldman note confirmed what he has been saying for months. “Mark Read really should be hung, drawn and quartered,” he told City AM. “It’s outrageous, actually. Everybody’s polite about it, but it is outrageous.”Read succeeded Sorrell in 2018 and departed last year after Mars pulled its $1.7bn global account.His strategy was to simplify a sprawling operation – retiring famous agency names and consolidating them into fewer, larger units – in an attempt to create a group fit for an AI future.\n\nJWT, Y&R, Wunderman, AKQA and Grey were absorbed or dissolved.This month his successor announced plans to bring Ogilvy, VML and AKQA under a single creative banner, which Sorrell said was an act of destruction dressed up as strategy.“People in the industry don’t understand how a company that’s meant to be an expert in brand building can destroy JWT, Y&R, Wunderman, AKQA, Grey – all gone,” he said. “It beggars belief.”","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}