<div id="readability-page-1"><div>At the same time last year, in these very pages, MarketScreener hailed this $13bn all-stock deal: the shares were then trading at historically high multiples, which its chairman John Wren cleverly took advantage of. The market, for now, is greeting the combination rather skeptically, seeing it as a largely defensive move against the technology giants that now capture most advertisers' ad budgets. We wrote last year that, based on the 10x EBITDA multiple that had largely defined the valuation of both Omnicom and Interpublic throughout the last decade, the new entity could plausibly command a market value around $40bn. It is far from that for now, as its current enterprise value is half as much. Beyond competition from the technology giants, Omnicom, a bit like Adobe, is also seen as a loser from AI. On this topic see, Adobe defies forecasts and secures another blockbuster year. If the group loses its role as an intermediary between advertisers and media at the same time as its creative added value, what remains? That, in essence, is what investors fear. In the meantime, John Wren remains true to his unbending style. He continues to slash headcount, and is already promising to exceed the cost-saving targets announced ahead of the Interpublic purchase. The group will in fact cut 4,000 jobs in the coming months, following the 10,000 job cuts combined at Omnicom and IPG since 2024. In this respect, the consensus currently points to operating profit before amortization - or EBITDA - of $4.5bn next year. The current enterprise value therefore represents a multiple of only 4x expected operating profit in 2026.Omnicom had been valued on such a low basis only once: in the first half of 2009, in the middle of the subprime crisis.</div></div>

宏盟集团

宏盟集团的估值已降至自次贷危机以来未曾见过的水平，目前的企业价值仅为预期 400 亿美元的一半。市场将其合并视为对抗科技巨头的防御措施。宏盟集团计划裁员 4000 人，此前已进行过裁员，目标是在 2026 年实现 45 亿美元的息税折旧摊销前利润（EBITDA），估值为预期利润的 4 倍。随着人工智能的进步，人们对其角色产生了担忧

宏盟集团的市盈率达到自次贷危机以来未曾见过的水平