【出版时间及名称】：2009年12月英国传播行业研究报告
        【作者】：汇丰银行
        【文件格式】：PDF
        【页数】：50
        【目录或简介】：
Industry overview 4
Emerging markets will drive growth 4
Recessionary impact overstated 7
Leading indicators of adspend 8
Margins are sustainable 9
Media neutrality: fragmentation an opportunity, not a threat 10
Disintermediation risk overstated 11
Conclusion –
attractive combination of growth and returns at a discount 12
Price vs value 13
Aegis 16
Investment thesis 16
Valuation 19
Risks 19
Estimates 19
Conclusion 20
Financials & valuation: 28
WPP 29
Investment thesis 29
Valuation 31
Risks 31
Estimates 31
Conclusion 33
Financials & valuation: 41
Disclosure appendix 45
Disclaimer 48