One of the most common topics to emerge over the past week in relation to the transition underway at WPP is the prospect of a break-up of the company or a major divestiture program. For the most part, we don't think this speculation makes much sense, and if anything, WPP probably emerges from this process as a net buyer rather than a net seller. We continue to value the company at 1330p on a YE2018 basis and rate the stock Buy.
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