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Omnicom Group

OMC is the second largest of the advertising agency holdcos, serving clients in more than 100 countries. Advertising is OMC's largest discipline (53% of FY17 sales), followed by CRM Consumer Experience (18%), and CRM Execution & Support (14%). OMC's smaller disciplines include Public Relations (9%) and Specialty Communications (7%). OMC has three major global advertising networks - BBDO, DDB and TBWA - and a number of US based national agencies, including Arnell, Goodby, Silverstein & Partners, GSD&M, Martin|Williams, Merkley+Partners, and Zimmerman Partners. OMC Media Group is made up of its media planning and buying agencies, which include OMD Worldwide and PHD Network. John Wren, who was part of the team that created OMC in 1986, has been CEO of Omnicom since 1997. OMC's client base is diversified across industries. OMC generated 13% of FY17 revenues from Food & Beverage clients, 12% from Pharma & Health, 10% from Consumer Products, 10% from Auto and 9% from Tech. (27 Mar 2018)

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US TMT: FCC To Review Local Media Ownership Rules

Sector Analysis: 13 Dec 2018, 6:03 AM ET - We review and summarize some of the key components of the FCC's Notice of Proposed Rulemaking and the local media ownership rules under review. 

VEON: Using Wind Tre Proceeds for Tender Offer

HY Note: 15 Nov 2018, 12:00 PM ET - VEON is using ~$2 bn of proceeds from the sale of its 50% stake in Wind-Tre for a tender offer for four tranches of $ bonds. VEON is also soliciting consents to amend certain covenants.

US IG Telco/Cable: Post-3Q18 Rel Val Update

Sector Analysis: 30 Oct 2018, 5:05 AM ET - We take a closer look at relative value across the key IG Telecom and Cable credits. Comcast, Charter, and Verizon reported a solid 3Q18 whereas AT&T fell short. Within AT&T’s business segments, WarnerMedia was the outperformer.

US TMT: Digital Advertising-More Than FB and GOOG?

Sector Analysis: 23 Oct 2018, 5:05 AM ET - In this second part of a series on US advertising, we discuss the digital advertising market. 

US TMT: The Basics of TV Network Advertising

Sector Analysis: 22 Oct 2018, 3:33 AM ET - This is the first in a series of articles discussing the various advertising platforms. In this piece we focus on network television advertising (broadcast and cable).   

US TMT: Smartphones – The World is Flat

Sector Analysis: 05 Sep 2018, 5:46 AM ET - We examine the current state of the smartphone market, discuss demand trends in the US and emerging regions, and implications for industry participants across the supply chain.

WPP: A Look Ahead to 2Q18 Results

Company Spotlight: 13 Aug 2018, 10:51 PM ET - We discuss recent results from the ad agency holdcos and Nielsen ahead of WPP’s 2Q18 earnings set to be released on September 4th.

US IG TMT: A Look at Possible TrouBBBle Spots

Sector Analysis: 06 Aug 2018, 4:56 AM ET - We look at the change in the agency ratings make-up of IG TMT and potential BBB trouble spots, which have ramped-up leveraged late in the cycle.

US IG Telco/Cable: Post-Earnings Publishing Recap

Worth Watching: 30 Jul 2018, 12:22 PM ET - US IG Telco/Cable: The week of July 23 brought a heavy earnings schedule, including the three IG telco and cable mega-issuers, Verizon, AT&T, and Comcast. Please see the following earnings notes for a summary of each company's 2Q18 earnings: Veriz ..

US IG Telco/Cable: Relative Value Update

Sector Analysis: 27 Jul 2018, 1:18 PM ET - On the heels of early earnings reports, we provide a relative value update on AT&T, Verizon, Comcast, Time Warner, and Charter IG.

DC Circuit Court Rules for FCC; UHF Discount Stays

Sector Analysis: 26 Jul 2018, 4:42 AM ET - The DC Circuit Court of Appeals dismissed a lawsuit challenging the FCC's decision to reinstate the UHF discount. We take a look at the ruling and what this means for the broadcasters. 
Focused

Omnicom 2Q18: Creative Value

Earnings Note: 17 Jul 2018, 10:26 PM ET - OMC’s second quarter results were not bad but were far from inspiring. The company’s equity fell more than 9% on the day it reported.

Satellite C-Band: Let the Waiting Game Begin (2/2)

Sector Analysis: 15 Jul 2018, 9:23 PM ET - The FCC voted 4-0 to approve the 3.7 to 4.2 GHz NPRM and order. Now, we wait for the comments and replies, with a final order expected between 1Q and 2Q19. We assess the potential benefits and revisit relative value of INTEL, SES, ETL.

NYC HY Conference: Gray Television

Transcript: 06 Jul 2018, 6:10 AM ET - We presented our view of local television and why we still like its position even as our video options increase. We discussed our positive view and o/p rec on GTN's 2026s with an update for its Raycom acquisition announced the next week.

5G in Focus: Rome Was Not Wired in a Day

Sector Analysis: 27 Jun 2018, 11:57 PM ET - The noise around 5G builds daily. The next generation of network technology will open the door to new use cases, but the most transformative are still a long way off.

US Media: A Top Down Look at Linear Networks

Sector Analysis: 30 May 2018, 5:39 AM ET - We all know video subscribers are declining, but that means different things for different content owners. We review cable and broadcast networks relative positioning across a number of metrics. 

US, China & ZTE: Implications for TMT

Sector Analysis: 16 May 2018, 11:51 PM ET - Given recent tensions between the US and China, we discuss potential implications to sectors and companies within our TMT coverage universe. 

HY TV Broadcasters: 4Q17 Recap; 1Q18 Outlook (1/2)

Sector Analysis: 23 Apr 2018, 3:44 AM ET - In Part 1, we review 4Q17 results and our outlook for 1Q18. We focus on: ad revenue trends; expectations for political; retrans, subscriber levels and OTT services; leverage trends; and M&A (and why there haven't been more deals).

EUR IG TMT RV: Reverse Yankee Value

Euro TMT RV: 17 Apr 2018, 10:42 PM ET - An overview of the EUR IG TMT sector, comprising recommendation overview, performance update and relative value ideas. In this report, we cover the continued value we see in Reverse Yankee EUR telecom bonds.
Focused

Omnicom: Starts 2018 in Stride

Worth Watching: 17 Apr 2018, 8:47 PM ET - Omnicom (Baa1/BBB+) was the first of the major ad agency holdcos to report during this earnings season. Organic revenue was up 2.4% YoY in 1Q18; operating margin was 12%. The results were in line with OMC's guidance, and the company reiterated ..

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