PBCBF - Publicis: A 5% Dividend Yield While Hoping For The Best With The Recent Large Acquisition

Introduction

It has now been eight months since my previous article on Publicis (OTCQX:PUBGY) (OTCQX:PGPEF) (OTCPK:PBCBF), the French advertising giant. In the previous article I was unsure the company’s capital allocation plans were optimized to create shareholder value as Publicis once again decided to pursue a large acquisition which I’m not sure is a good addition to the corporate structure. Not entirely unexpected, the share price has lost approximately 20% since the previous article, and despite my disagreement over the acquisition, Publicis might be attractively valued now.

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