WPP: Not A Fan Of The Debt Profile

2025-12-08 07:15:00 ET

WPP Plc ( WPP ) has been underperforming peers. On one hand, the major comps are consolidating into one major company. Markets likely believe this will bring some actual value in buying space and time and cutting redundant back offices. But likely a bigger reason for WPP's performance - besides the threat of being removed from the FTSE 100 which will mean less index fund support - could be in the debt profile. Quite a lot will mature soon. Other than the considerable size of the debt load, the bigger issue is the latent interest growth that will happen on refinancing given the state of rates. Amid contracting topline trends, markets are seeing problems still coming over the horizon. We agree....

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