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Yes. Maintained rather than suspended.

And yes, at lower sustainable level. I am cool with that.

It will come. Yesterday's presentation VERY illuminating and promising:

I liked what I heard re redefining WPP levering AI with WPP Open underpinning it all and strategy for back to growth.

I LOVED the fact that WPP Media is winning again and the best net NB in Q4 2025 / January 2026, representing the best in 4 years, beating all competitors AND compensates for the full year 2025 losses.

They also maintained dividend which gives WPP a healthy yield today.

And quite clearly, in fact it is underway, there will be divestments of non-core assets which will (a) reduce net debt but (b) if you see the presentation, excess to be returned to SH, I imagine in the form of SBB / one-off dividend. Cindy didn't name the list but think we can guess. And the Joanne (CFO) said Kantar being organised to REALISE value and it's already underway too. So, you will see this list alone will justify almost 1/3 of today's EV I reckon!

Most importantly, which I reiterate, WPP Media growing again.

Added tonnes yesterday, following Rose and Jansen.

Wow, missed this from Friday.

Hotchkis & Wiley Capital Management are disciplined value investors, taking stakes in companies based on fundamentals after thorough research and analysis.

Very encouraged by this.

Thanks Pokerchips for the article.

Pretty much summarises why I think WPP is very undervalued.

But we all know SP is not just based on fundamentals but sentiments and typically, actions overshoot (both ways).

I am keeping my WPP for 380p and above.

There is no doubt the sum of parts is way more than current EV of just over £6bn. There is of course a reason for the poor sentiment, not least the lack of clarity yet on the turnaround plans / details. But WPP is worth a lot more than today's SP, and if I were Cindy (or my wishlist of her plans), I would:

1. Divest non-core assets, the main one being Kantar 40% holding - release circa £2b from divestment (this is 33% of current EV!) - such efforts will remind the markets of the SOTP valuation, release capital and focus on the core business. Of this amount, declare a one-off dividend payout upon completion (say 50-60p or £550 - 660m) and the rest to pay down debt moving from £3.4b to £2b;

2. Further streamline operations and structure - deliver tangible cost savings (express a target) to improve margins and profitability, both from headcount reductions, structural / operational optimisation and AI driven;

3. Further clarify offering proposition and core strengths, including enhancing partnerships with Google (and Microsoft) - a clear plan for back to growth, and alongside point 2 above, a 2-3 year projection of how WPP would look like.

4. Cut FY dividend to 12.5p (circa 50% of PY), meaning FY dividend still a healthy 20p. Use FCF for strengthening balance sheet and investments into offering.

Let's hear it Cindy and hopefully we see some news ahead of 26th, which is part of the plan to be announced on 26th.

This is due to unwind of media pre-billings due to account losses - by my count, those losses have been countered.......

I prefer to look at FCF.

For 2025 FY, company has guided FCF excluding working capital management, of £1.1 - £1.2b.

Using £1.1b and even on a discounted PEx of 8 (30-50% discount to peers), we are looking at EV of £8.8bn. Take debt of £3.4b out, we have equity value of £5.4b or equivalent to £4.90 share price.

The PEx of 8 takes into account the challenges of WPP and the sector, but taking it further and reducing FCF by another £100m to £1b before it returns to sustainable growth, we are still looking at £8bn EV, £4.6b equity value or £4.20 share price.

I think Cindy Rose will bring the transformation required and one day, you will look at these prices and wonder why we didn't go all in - like Rolls Royce, Vodafone, Glencore etc which have all hits lows and now hitting multi-year highs.....

The whole software and media space took a battering today. I even nibbled at Microsoft today - 20%+ off highs. AI will change the way we work and live, but it is an enabler and human beings will find creative ways to do even more and better, using AI. That's what we do.......

Yum, yum, yum....... :-))

Hi PokerChips,

You're right - it can be both ways - up or down.

But in this case, WPP SP went from 355p to below 300p on NO new news.

Yes, it did recover strongly from 275p to 355p but that is due to overshooting on the downside post results and since results, there has been string of positive news including WPP Media wins which by my count, countered the business losses during 2025.

As I said, thank you. I am happy.

Whoever is manufacturing this SP fall, thank you.

Been waiting patiently to add. Doubled my holdings now.

Having said that, such manipulation shouldn't be allowed.

JDS is in net cash position

Generates profits of circa £850m per annum and growing

FCF of £400m

This should be north of £1 easily

Thank you for this opportunity to top up.

Hi Robbren,

My point is the shorters (those who started shorting it from 17, 16, 15 or even 13....) got it right as WizzAir went through a turbulent time (forgive the pun) due to grounding of aircrafts. However, I think it is greed or the fact they targeted a price below say £9 and it never got there........now recovery well and truly evident, at some point they will have to close and either make less or lose!

Shorters HAVE been right.......but the turnaround is well and clearly evident now......VERY surprised they haven't started unwinding so when they head to the exit doors, this will spike very quickly with such a small equity float. I call it greed! :-))

I am holding tight and in fact, upped my exit price!

1. In recent months, WizzAir have provided (solid) evidence of their turnaround - capacity increases, high traffic/load factors, margin improvements via routes/base/operational optimisation;

2. Still a massive amount of shorts to unwind, even if it is off its peak;

3. More likelihood of Russia-Ukraine peace deal (although points 1 and 2 above should take WizzAir above £18.

Add to all that, what's to say an Elon Musk might not just buy WizzAir up to challenge Ryanair for the fun of it! Petty cash to him.

“This is going to put us back into significant growth, on the one hand around 20%, and a more efficient operating model than in 2025.”

Capacity growth of 20% (versus 10%), with similar load levels will translate into 20% growth topline all things being equal, and with more efficient operating model meaning better margins. Topline and bottomline upgrade!

Looking forward to Cindy Rose Strategic Update, expected later this month. She has steadied the ship and based on recent wins, should have countered the losses earlier in 2025. There is still the manoeuvring of the ship back to growth but her Microsoft background will help in this tech / AI based world. What I hope to hear in the coming update:

1. Ship steadied with evidence of momentum change;

2. Her vision on how WPP should/will be structured going forward to deliver against client needs, today and into the future, and get back to growth i.e. proposition, client relationships, people, operating model, integrated structure;

3. Alongside above, further cost savings from restructuring, integration, automation, streamlining improving margins - what has been achieved and target cost savings to come;

4. Divestment of non-core assets (eg Kantar) of up to $2b to (a) pay down debt and (b) special one-off distribution - this will also validate the sum of parts being greater than today's EV and prop up SP

5. Further partnerships such as that with Google.

Have no doubt, WPP is worth more than today's SP suggests. Added more today.

Absolutely no idea why the (dramatic) fall today (so far), but it presents a nice top up opportunity. Added more earlier.

The numbers coming out of WizzAir are very encouraging. Don't think it has been appreciated well enough. H1 results beat and very solid (despite grounded airplanes) and the traffic numbers since also very good. December load factor only marginally down YoY despite a 16%+ capacity increase.

WizzAir, geopolitical events aside, should get back to £18 easily this year........I have little doubt about that!

And Kenvue too......

https://www.linkedin.com/posts/wpp_what-a-day-of-momentum-for-wpp-ending-activity-7408940627595268097-2FBX?utm_source=share&utm_medium=member_desktop&rcm=ACoAAALlBdoBvQQgIxO0WwURG9wqUI7GU9Lua6Q

Perhaps takeover by Rio?

Https://www.campaignlive.co.uk/article/henkel-consolidates-825m-european-media-account-wpp-media/1940483

Between Reckitt and this, that should cover Coca-Cola and Mars losses?

And other wins too......this is key in demonstrating the ship is turning......