Publicis Groupe (XPAR:PUB, Financial) exceeded expectations for the fourth quarter of 2020, with an organic revenue uptick in the U.S. driven by data business, Epsilon, as well as an increase in digital-media spending and data management services. Publicis attracted and/or retained some big-name clients like Kraft Heinz, Pfizer, Visa and TikTok during 2020. More clients may seek out Publicis' advertising technology when Google stops selling targeted web ads and removes third-party cookies from Chrome browsers by 2022.
From Bernard Horn (Trades, Portfolio)'s Polaris Global Value Fund's first-quarter 2021 letter.
