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Global advertising and communications holding group with creative, media buying and health-communications agencies worldwide.
Global advertising and communications holding group with creative, media buying and health-communications agencies worldwide.
Paid through agency fees for creative and strategy work and fees or commissions on advertising space bought for clients, so revenue follows client marketing budgets, which can be cut quickly. It was separated from Vivendi in 2024 and trades as its own listed company.
In one line: A global ad-agency holding company, like a smaller WPP/Omnicom.
Moat: narrow (scale, brand). Media-buying scale and long agency heritage support client relationships, but budgets are contestable.
Headquarters: Amsterdam, Netherlands · Founded: 1835 · Employees: 22,368
Size Havas (HAVAS.AS) is a Netherlands Communication Services company (Advertising/Marketing Services) with a market value of $1.99B, the 42nd largest of 61 Netherlands companies the cockpit tracks. Shares closed at €17.85 on 6 Nov 2026.
Performance Over six months the shares gained 9.5%, against -9.8% for the median peer and +0.4% for the Netherlands market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue grew 0.6% over the last twelve months (peer median +11.2%); the operating margin is 9.1% (peer median 1.4%).
Valuation It trades at 8.2× forward earnings against a peer median of 24.2× (cheapest of 14).
Price implies For today's price to make sense, revenue must grow about -8% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is -10 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.3 points above its cost of capital (6.6% WACC).
Next results Next results expected around 10 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €2.92B | €2.91B | €2.86B | €2.87B | €2.77B |
| Revenue growth | — | +2% | 0% | +4% | — |
| Gross profit | €807M | €786M | €767M | €738M | €685M |
| EBITDA | €370M | €356M | €345M | €359M | €339M |
| Net income | €199M | €189M | €173M | €167M | €171M |
| Free cash flow | €336M | €330M | €202M | €303M | €335M |
| Capital expenditure | €30.0M | €36.0M | €34.0M | €35.0M | €37.0M |
| Total debt | n/a | €371M | €323M | €374M | €434M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Havas HAVAS.AS | $1.99B | +10% | +1% | 9% | 8.2× | -8.4% |
| WPP WPP.L | $5.93B | +58% | -6% | 9% | 7.8× | -8.1% |
| Omnicom OMC | $23.6B | +13% | +54% | 15% | 7.9× | -6.9% |
| Publicis Groupe PUB.PA | $29.0B | +33% | +5% | 15% | 13.0× | 1.1% |
| IPD IPG.AX | $372M | -18% | +17% | 11% | 15.9× | 5.6% |
| Dentsu 4324.T | $6.37B | +30% | +4% | 10% | 12.8× | -12.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | HAVAS.AS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.4% | +3.7% | 8th lowest of 21 |
| 6-month return | +9.5% | -9.8% | 6th highest of 21 |
| Distance from 52-week high | -11.2% | -38.7% | 4th highest of 21 |
| Revenue growth (TTM) | +0.6% | +11.2% | 7th lowest of 21 |
| Operating margin | 9.1% | 1.4% | 3rd highest of 20 |
| Forward P/E | 8.2× | 24.2× | cheapest of 14 |
| Growth the price implies (Req g, 7 yrs) | -8.4% | 17.1% | 3rd least demanding of 14 |
| Growth delivered (Del g) | +1.8% | +9.0% | 3rd lowest of 14 |
| Hurdle (Req g minus delivered) | -10.2 pp | +1.7 pp | 4th least demanding of 14 |
| ROIC minus cost of capital | +2.3 pp | -4.3 pp | 5th highest of 20 |
| EV / EBITDA | 5.8× | 8.7× | cheapest of 6 |
| Net debt / EBITDA | 0.9× | -0.8× | 3rd most indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Havas HAVAS.AS | Netherlands | $1.99B | +10% | +1% | 9% | 8.2× | -8.4% | +1.8% |
| Guangdong Guangzhou Daily Media 002181.SZ | China | $1.96B | -32% | 0% | -6% | n/a | n/a | n/a |
| Guangdong Advertising 002400.SZ | China | $1.72B | -27% | +11% | 0% | n/a | n/a | n/a |
| Stroeer SE & Co. KGaA SAX.DE | Germany | $2.41B | -1% | +3% | 11% | 13.3× | 4.5% | +7.5% |
| Marketingforce Management 2556.HK | Hong Kong | $1.53B | +10% | +128% | 6% | 24.2× | 16.6% | +38.8% |
| Hunan TV & Broadcast Intermediary 000917.SZ | China | $1.43B | -23% | -2% | 3% | n/a | 17.1% | -6.1% |
| Sharplink SBET | United States | $1.36B | -16% | +1,497% | -19% | 80.5× | n/a | n/a |
| New Guomai Digital Culture 600640.SS | China | $1.35B | -8% | -11% | -2% | n/a | 57.0% | -16.4% |
| InMyShow Digital Technology (Group) 600556.SS | China | $1.33B | -17% | +25% | -2% | 492.0× | n/a | n/a |
| Three's Company Future Technology 605168.SS | China | $1.32B | -12% | +11% | 6% | 35.4× | 33.3% | +5.5% |
| Hakuhodo Dy 2433.T | Japan | $3.05B | +34% | -6% | 5% | 20.9× | -2.8% | +3.8% |
| CheilWorldwide 030000.KS | South Korea | $1.26B | -2% | -4% | 7% | 10.8× | -17.6% | +10.6% |
| ANYCOLOR 5032.T | Japan | $1.23B | +16% | +10% | 35% | 12.2× | -8.9% | +48.8% |
| Easy Click Worldwide Network Technology 301171.SZ | China | $3.20B | +3% | +29% | 2% | 99.2× | 57.4% | +9.1% |
| Pattern PTRN | United States | $3.24B | +15% | +44% | 1% | 24.0× | 37.8% | +36.2% |
| Sunwave Communications 002115.SZ | China | $1.21B | -35% | +102% | 1% | n/a | 26.1% | +6.5% |
| QuinStreet QNST | United States | $1.18B | +58% | +18% | 3% | 12.3× | 9.8% | +17.5% |
| Trump Media & Technology DJT | United States | $1.11B | -55% | +22% | -4,052% | n/a | n/a | n/a |
| China Tourism And Culture Investment 600358.SS | China | $911M | -11% | +125% | n/a | n/a | n/a | n/a |
| Inly Media 603598.SS | China | $865M | +4% | +9% | 0% | 79.8× | n/a | n/a |
| Guangdong Yowant Technology 002291.SZ | China | $786M | -15% | -22% | -15% | 40.6× | 36.3% | +9.0% |