* What's Changing in this Report? — In this report we make 5 changes to recommendations and update forecasts/valuation for another 6 companies (see figure 1 for a summary of changes). We upgrade Publicis and DMGT to Buy from Neutral. We also upgrade ProSiebenSat.1 and Schibsted to Neutral from Sell. Against this we downgrade Vivendi to Sell. Alongside this we look at the outlook for the 2H2015E and FY2016E in 7.5 charts. We also consider the top 10 frequently asked questions from investors. Our top picks are TF1, Sky and Lagardere; our key
Sells are Informa, Wolters Kluwer and Vivendi.