Oddo BHF maintains its 'outperform' rating on Ipsos shares, with a slightly reduced target price, from 66 to 65 euros.
This change of target comes on the heels of Ipsos' announcement of a downward revision of its organic sales growth target for 2023, which is now expected to be +3-4% compared with the +5% previously targeted.
' This disappointment is due first and foremost to the absence of a recovery in revenues this summer among major Tech customers', says Oddo BHF, adding that the Group is also held back by its activity in China (3rd country - 7% of 2022 sales), as a result of disappointing macroeconomic indicators.
All in all, the downward revision of EPS does not exceed 2%, says Oddo.
The analyst believes that this is "a mini warning, a priori cyclical", which does not call into question the acceleration of organic sales growth in H2 "even if it will be a notch below initial expectations", according to the broker.
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Ipsos is one of the world's leading market research companies. Net sales break down by type of customer as follows:
- consumers (47.1%): dissemination of barometric studies (to monitor changes in brand awareness and image), studies to measure the effectiveness of advertising campaigns, market studies, etc. The group also provides media research (including positioning research and audience measurement research for the press, TV, radio and Internet);
- clients and employees (22.2%): including the development of recruitment site studies, employee engagement measures, quality measurement, customer satisfaction and retention;
- physicians and patients (16%): development of case studies of the physician network, customer segmentation and targeting, market evaluation, sales force effectiveness, patient flow and satisfaction, etc.;
- citizens (14.7%): dissemination of studies of public opinion trends, studies of changes in lifestyles, etc.
Net sales are distributed geographically as follows: Europe/Middle East/Africa (43%), Americas (40%) and Asia/Pacific (17%).
IPSOS 
