WPP: Probably A Bit Cheap Given Lessened Distress

WPP Plc (WPP) shows improving leading indicators, with new business wins and client retention pointing to revenue stabilization. Debt concerns are materially reduced, supported by disposals, strong liquidity, and no imminent refinancing needs, with investment-grade credit intact. WPP remains in revenue decline while peers like Omnicom grow, justifying a valuation discount despite operational improvements. But the current discount is maybe harsh.