Notwithstanding current macro uncertainty, we believe a clear strategic and operational focus on digital, AI and data enhanced solutions, and a period of integration should allow S4 to draw a line under a difficult period and to capitalise on the opportunities created by a fast-evolving media landscape. Our estimates show a strong EPS, DPS and cash flow progression and generate very modest ratings - supporting a 12-month target price of 52p (>100%TSR). Buy.
