Breakingviews - Martin Sorrell’s ad group gets profitability whack
. The thought of lower profitability had investors reaching for the remote – S4 shares plunged as much as 12%.
That’s the 4 billion pound group’s biggest market fall since March 2020. But at least it didn’t come from a top-line miss. If S4’s investment means it can keep signing new clients, especially its deep-pocketed “whopper” ones, it’s likely to retain its chunky premium over established rivals WPP and Publicis
. Even after Wednesday’s fall, it’s still trading at close to 60 times 2021 earnings, according to Refinitiv. WPP trades at less than 15. Sorrell’s startup remains an ad for an industry shakeup. Temasek-backed deal boost is semi-sweet
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