');height:10px;width:16px;content:"";position:absolute;top:5px;right:0;display:block;transition:rotate .3s;rotate:0deg}.sn-navbar-links a.sn-has-panel.sn-open:after,.sn-navbar-links button.sn-has-panel.sn-has-panel.sn-open:after{rotate:180deg}.sn-navbar-links a,.sn-navbar-links button.sn-has-panel,.sn-navbar .sn-search-button{padding-bottom:18px;margin-bottom:0;position:relative}.sn-navbar-links a:before,.sn-navbar-links button.sn-has-panel:before,.sn-navbar .sn-search-button:before{content:"";display:block;position:absolute;bottom:0px;left:0;right:0;height:4px;background:#071d49;opacity:0;outline:0 !important;pointer-events:none}.sn-navbar-links a:hover:before,.sn-navbar-links a.sn-active:before,.sn-navbar-links a.sn-open:before,.sn-navbar-links button.sn-has-panel:hover:before,.sn-navbar-links button.sn-has-panel.sn-active:before,.sn-navbar-links button.sn-has-panel.sn-open:before,.sn-navbar .sn-search-button:hover:before,.sn-navbar .sn-search-button.sn-active:before,.sn-navbar .sn-search-button.sn-open:before{opacity:1}.sn-navbar-actions{display:flex;gap:14px;align-items:center;padding-bottom:10px}@media all and (max-width: 1150px){.sn-navbar-actions{gap:6px}}.sn-navbar-actions .sn-vsep{height:25px;width:1px;margin:0 10px}@media all and (max-width: 1150px){.sn-navbar-actions .sn-vsep{margin:0 5px}}.sn-navbar-actions .sn-vsep{background:#c4c4c4}.sn-navbar-actions .sn-search-button{position:relative;top:10px;color:#071d49;padding-left:25px}.sn-navbar-actions .sn-search-button::after{content:"";background-image:url('data:image/svg+xml, ');width:20px;height:20px;display:block;position:absolute;top:0;left:0}.sn-reset .sn-button{border-radius:2px;background:#0a70dc;border:2px solid #0a70dc;color:#fff !important;padding:7px 11px;font-weight:600;white-space:nowrap}.sn-reset .sn-button:hover{background:#0857ab;border-color:#0857ab}.sn-reset .sn-button-outline{background:#fff;color:#0a70dc !important;border:2px solid #0a70dc}.sn-reset .sn-button-outline:hover{color:#0857ab !important;background:#ebf4fe;border-color:#0857ab}.sn-sr{position:absolute;left:-10000px;top:auto;width:1px;height:1px;overflow:hidden}@media all and (max-width: 980px){.sn-desktop{display:none}}@media all and (min-width: 981px){.sn-mobile{display:none}}.sn-mobile-bar.sn-container{padding-top:12px;padding-bottom:12px;display:flex;align-items:center}.sn-mobile-bar.sn-container a,.sn-mobile-bar.sn-container button{font-weight:500;margin-left:16px;font-size:1rem}.sn-mobile-bar.sn-container button.with-icon{font-size:0.875rem}.sn-mobile-logo{margin-left:0 !important;margin-right:auto}.sn-mobile-logo svg{height:28px}.sn-mobile-nav{display:none;border-top:1px solid #c4c4c4;overflow:hidden}.sn-mobile-nav.sn-open{display:block}.sn-mobile-areas{padding:6px 15px 10px;font-size:0.875rem;font-weight:500;gap:20px;margin:0 auto}.sn-mobile-areas a{display:block;margin:7px 0;padding:8px 0}.sn-mobile-areas a.sn-active{text-decoration:underline;text-decoration-thickness:2px;text-underline-offset:5px}.sn-mobile-extra{background:#ebf4fe;padding:20px 15px;margin:0 auto}.sn-mobile-links{max-width:400px;font-size:0.875rem;font-weight:500;display:flex;justify-content:space-between;gap:8px;flex-wrap:wrap}.sn-mobile-links a{display:block}.sn-mobile-links #sn-header-button-log-out{display:none !important}.sn-mobile-actions{padding:0 15px 30px;display:flex;flex-direction:column;gap:18px;align-items:center;margin:0 auto}.sn-mobile-actions a:not(.sn-mobile-visible),.sn-mobile-actions button:not(.sn-mobile-visible){display:none !important}.sn-mobile-actions .sn-mobile-visible{width:100%;text-align:center}.sn-mobile-actions .sn-mobile-logout{font-weight:500;color:#0a70dc;text-decoration:underline;text-underline-offset:4px}.sn-mobile-nav .sn-panel-savings{margin-top:24px}.sn-mobile .sn-panel-disclaimer{margin-bottom:12px}.sn-mobile .sn-mobile-title{padding:24px 0 18px;border-bottom:1px solid #c4c4c4;font-size:1.25rem;font-weight:700}.sn-mobile-list{display:flex;flex-direction:column;overflow:hidden;padding:6px 15px 20px;margin:0 auto}.sn-mobile-list a,.sn-mobile-list button.sn-has-panel,.sn-mobile-list button.has-list{font-size:1rem;width:100%;text-align:left;padding:16px 0;font-weight:500}.sn-mobile-list a.sn-has-panel,.sn-mobile-list a.has-list,.sn-mobile-list button.sn-has-panel.sn-has-panel,.sn-mobile-list button.sn-has-panel.has-list,.sn-mobile-list button.has-list.sn-has-panel,.sn-mobile-list button.has-list.has-list{position:relative}.sn-mobile-list a.sn-has-panel:after,.sn-mobile-list a.has-list:after,.sn-mobile-list button.sn-has-panel.sn-has-panel:after,.sn-mobile-list button.sn-has-panel.has-list:after,.sn-mobile-list button.has-list.sn-has-panel:after,.sn-mobile-list button.has-list.has-list:after{background-image:url('data:image/svg+xml, ');height:12px;width:7px;content:"";position:absolute;top:19px;right:0px;display:block}.sn-mobile-list a.sn-search-button,.sn-mobile-list button.sn-has-panel.sn-search-button,.sn-mobile-list button.has-list.sn-search-button{padding-right:30px}.sn-mobile-list a.sn-search-button:after,.sn-mobile-list button.sn-has-panel.sn-search-button:after,.sn-mobile-list button.has-list.sn-search-button:after{background-image:url('data:image/svg+xml, ');bottom:0px;top:14px;height:20px;width:20px}.sn-mobile-list .sn-link{display:flex;flex-direction:column;gap:4px}.sn-mobile-list .sn-link .sn-link-text{font-weight:500}.sn-mobile-list .sn-link .sn-link-description{color:#4d4d4d;font-size:14px;font-style:normal;font-weight:400}.sn-mobile-list .sn-subtitle{width:fit-content;border:none;padding:0}.sn-mobile-list li{border-bottom:1px solid #c4c4c4}.sn-mobile .sn-panel-buttons{margin-top:16px}.sn-mobile-nav .sn-search-input{min-width:100px}.sn-mobile-nav .sn-search .sn-panel-title{font-size:1.25rem;padding:20px 0}.sn-mobile-nav .sn-search .sn-search-results{margin-bottom:16px}.sn-mobile-nav .sn-search .sn-search-results a{font-weight:400}.sn-mobile-nav .sn-search .sn-entry-title{font-weight:400}.sn-mobile-nav .sn-search .sn-price-listing .sn-entry-title{font-weight:500}.sn-mobile-nav .sn-search .sn-entry-title .sn-search-nav a{margin:6px 0}.sn-mobile-nav .sn-search .sn-search-nav-research,.sn-mobile-nav .sn-search .sn-search-nav-news{display:flex;flex-wrap:wrap;align-items:start}.sn-mobile-nav .sn-search .sn-search-nav-research>a,.sn-mobile-nav .sn-search .sn-search-nav-news>a{margin-top:0;width:calc(100% - 110px)}.sn-mobile-nav .sn-search .sn-search-nav-research>p,.sn-mobile-nav .sn-search .sn-search-nav-news>p{width:110px;padding:8px;font-size:14px}.sn-mobile-nav .sn-search .sn-entry-title+.sn-price{color:#1a1a1a}.sn-mobile-nav .sn-search .sn-search-link{border:0px}.sn-mobile .sn-mobile-back{width:fit-content;border:0px;padding-bottom:0px;color:#0a70dc;font-size:1rem;font-weight:600;position:relative;padding-left:15px;padding-top:16px}.sn-mobile .sn-mobile-back:before{background-image:url('data:image/svg+xml, ');height:12px;width:7px;content:"";position:absolute;bottom:3.5px;left:0;display:block;transform:rotate(180deg)}.sn-mobile-header-search{height:38px;width:48px}.sn-mobile-button{height:38px;width:44px;text-align:center}.sn-mobile-button .sn-mobile-close{display:none;position:relative;top:2px}.sn-mobile-button.sn-open .sn-mobile-close{display:block}.sn-mobile-button.sn-open .sn-mobile-open{display:none}.sn-mobile-inner,.sn-mobile-inner-sub{transition:transform .25s,opacity .35s;transform:translateY(-15px);opacity:.35}.sn-mobile-inner-sub{transform:translateX(15px);padding-bottom:15px}.sn-mobile-nav.sn-animated .sn-mobile-inner,.sn-mobile-nav.sn-animated .sn-mobile-inner-sub{transform:translateY(0);opacity:1}.sn-mobile-nav.sn-animated .sn-mobile-inner-sub{transform:translateX(0)}.sn-mobile .sn-panel-close{display:none}.sn-panel{display:none;overflow:hidden}.sn-panel.sn-open{display:block}.sn-panel .sn-panel-intro{transition:transform .45s,opacity .25s;opacity:1;transform:translateY(0px)}.sn-panel.sn-animated .sn-panel-intro{opacity:1;transform:translateY(0px)}.sn-panel-main{transition:0s;opacity:1;transform:translateX(0px)}.sn-panel-main.sn-animated{opacity:1;transform:translateX(0px);transition:transform .45s,opacity .25s}.sn-panel{border-top:1px solid #c4c4c4;padding-top:25px;font-size:1rem;font-weight:400}.sn-panel .sn-panel-title{font-size:1.25rem;font-weight:600;border-bottom:1px solid #c4c4c4;padding-bottom:5px;margin-bottom:20px}.sn-panel-columns,.sn-panel-main>.sn-panel-list{position:relative;display:flex;gap:40px}.sn-panel-columns:after,.sn-panel-main>.sn-panel-list:after{position:absolute;content:"";top:0;left:31%;margin-left:19px;bottom:-30px;width:1px;background:#c4c4c4}.sn-panel-main>.sn-panel-list:after{left:50%;height:1000px;margin-left:-0.5px}.sn-panel-intro{width:31%}.sn-panel-nav,.sn-panel-subcontent,.sn-panel-main{flex:1}.sn-panel-intro,.sn-panel-main{padding-bottom:65px}.sn-panel-header{position:relative}.sn-panel-close{font-size:1rem;position:absolute;z-index:2;top:0;right:0;transition:opacity .25s}.sn-panel-close:hover{text-decoration:underline}.sn-panel-close:after{background-image:url('data:image/svg+xml, ');height:12px;width:13px;margin-left:8px;top:.5px;content:"";display:inline-block;position:relative}.sn-panel-nav a,.sn-panel-nav button.has-list{width:100%;text-align:left;font-size:1rem;border-radius:0px;display:block;padding:12px 14px;padding-right:30px;margin-bottom:6px;background:#fff;position:relative;font-weight:500}.sn-panel-nav a.has-list:after,.sn-panel-nav button.has-list.has-list:after{background-image:url('data:image/svg+xml, ');height:12px;width:7px;content:"";position:absolute;top:15px;right:17px;display:block}.sn-panel-nav a.sn-open,.sn-panel-nav a:hover,.sn-panel-nav button.has-list.sn-open,.sn-panel-nav button.has-list:hover{background:#071d49;color:#fff}.sn-panel-nav a.sn-open:after,.sn-panel-nav a:hover:after,.sn-panel-nav button.has-list.sn-open:after,.sn-panel-nav button.has-list:hover:after{background-image:url('data:image/svg+xml, ')}.sn-panel-nav .sn-link{display:flex;flex-direction:column;gap:4px}.sn-panel-nav .sn-link .sn-link-text{font-weight:500}.sn-panel-nav .sn-link .sn-link-description{color:#4d4d4d;font-size:14px;font-style:normal;font-weight:400}.sn-panel-nav .sn-link:hover .sn-link-description{color:#fff}.sn-panel-back{font-size:1rem;font-weight:500;margin-bottom:15px;text-decoration:underline !important;margin-left:14px}.sn-panel-back:hover{text-decoration:none !important}.sn-panel-buttons a{border-radius:0px;border:1px solid #c4c4c4;display:block;padding:12px 16px;margin-bottom:16px;font-weight:500;display:flex;align-items:center;gap:10px}.sn-panel-buttons a:hover{background:#ecf2fd;border-color:#071d49}.sn-panel-buttons a:hover span{text-decoration:underline;text-underline-offset:2px}.sn-panel-buttons a.sn-panel-featured{background:#fff;border:2px solid #0a6bd2;color:#0a70dc}.sn-panel-buttons a.sn-panel-featured:hover{background:#ebf4fe;color:#0a6bd2}.sn-panel-icon{display:flex;flex-direction:column;align-items:center;justify-items:center;width:40px;height:45px}.sn-panel-icon img,.sn-panel-icon svg{max-width:100%;margin:auto}.sn-panel .sn-panel-disclaimer{font-size:0.875rem;padding:0 0 24px}.sn-panel-accordion{margin-top:0px}.sn-panel-accordion-title{width:100%;text-align:left;border-radius:0 !important;position:relative;display:block !important;cursor:pointer;font-size:0.875rem;font-weight:600;padding:0 20px 6px 0 !important;border-bottom:1px solid #071d49 !important}.sn-panel-accordion-title:after{background-image:url('data:image/svg+xml, ');height:10px;width:16px;content:"";position:absolute;bottom:7px;right:0;display:block;transition:rotate .3s;rotate:0deg}.sn-panel-accordion-title:hover{opacity:.75}.sn-panel-accordion-content{padding-top:12px;font-size:0.875rem;line-height:18px;display:none;white-space:pre-line}.sn-panel-accordion.sn-open .sn-panel-accordion-content{display:block}.sn-panel-accordion.sn-open .sn-panel-accordion-title::after{rotate:180deg}.sn-panel-saving h3{font-weight:600}.sn-panel-rates{padding:10px 0 18px;display:grid;grid-template-columns:repeat(2, 1fr);gap:8px}.sn-panel-rates>a{border-radius:0;padding:8px 8px;border:1px solid #c4c4c4;display:block;transition:background .35s,border-color .35s}.sn-panel-rates>a:hover{background:#ecf2fd;border-color:#071d49}.sn-panel-rate{font-size:1.125rem;padding:4px 0;font-weight:700}.sn-panel-rate-title{font-weight:600;font-size:0.875rem !important;line-height:1.1em}.sn-panel-rate-suffix{font-weight:400;font-size:0.875rem;white-space:pre-line;opacity:.9}.sn-panel-main>.sn-panel-list{display:none}.sn-panel-main>.sn-panel-list.sn-open{display:flex}.sn-panel-header{display:none}.sn-panel-header.sn-open{display:block}.sn-panel-subcontent>.sn-panel-board,.sn-panel-subcontent>.sn-panel-list,.sn-panel-buttons{display:none}.sn-panel-subcontent>.sn-panel-board.sn-open,.sn-panel-subcontent>.sn-panel-list.sn-open,.sn-panel-buttons.sn-open{display:block}.sn-search{display:flex;gap:40px;position:relative}.sn-search:not(.sn-mobile-inner-sub):after{position:absolute;content:"";top:0;left:50%;margin-left:-0.5px;bottom:-30px;width:1px;background:#c4c4c4}.sn-search>*{flex:1}.sn-search .sn-subtitle{font-size:1.0625rem;font-weight:600}.sn-search .sn-panel-main{padding-top:28px}.sn-search-panel{padding:16px;margin-bottom:14px;background:#fdfaf0;display:flex;gap:6px;flex-direction:row;flex-wrap:wrap;justify-content:space-between}.sn-search-panel .sn-view-all{font-size:1rem}.sn-search-panel .sn-view-all:hover{text-underline-offset:2px;text-decoration:underline}.sn-search-panel div{width:100%}.sn-search .sn-sep{margin:22px 0;opacity:.3}.sn-search .sn-positive,.sn-search .sn-negative{border-radius:5px;padding:3px 5px;white-space:pre;min-width:85px;text-align:right;padding-left:25px;position:relative}.sn-search .sn-positive::before,.sn-search .sn-negative::before{content:"";position:absolute;display:block;top:6px;left:6px;width:13px;height:14px}.sn-search .sn-positive{background:#e5fbec;color:#137333}.sn-search .sn-positive::before{background-image:url('data:image/svg+xml, ')}.sn-search .sn-negative{background:#ffebeb;color:#cf0f0f}.sn-search .sn-negative::before{background-image:url('data:image/svg+xml, ')}.sn-search .sn-price-listing{color:#1a1a1a;font-weight:500;padding:8px 0;border-bottom:1px solid rgba(0,0,0,.1);display:flex;align-items:center;gap:6px}.sn-search .sn-price-listing:first-child{margin-top:6px;border-top:1px solid rgba(0,0,0,.1)}.sn-search .sn-price-listing:hover span:first-child{text-decoration:underline}@media(max-width: 380px){.sn-search .sn-price-listing{font-size:0.875rem}}.sn-search .sn-price{margin-left:auto;margin-right:4px}.sn-search-note{color:rgba(0,0,0,.7)}.sn-search-form{display:flex;gap:8px}.sn-search-input{flex:1;border-radius:2px;font-size:1rem;padding:9px 12px;border:1px solid rgba(0,0,0,.7)}.sn-search-submit{cursor:pointer;border:0px;background:#0a70dc;color:#fff;font-weight:500;font-size:1rem;border-radius:2px;position:relative;padding:10px 18px 10px 35px !important}.sn-search-submit::before{content:"";background-image:url('data:image/svg+xml, ');width:15px;height:15px;margin-right:8px;position:absolute;top:12px;left:12px}.sn-search-nav .sn-search-share{display:flex;gap:6px}.sn-search-nav .sn-search-share:last-child{margin-left:auto}.sn-search-preset{padding-bottom:0 !important}.sn-search-result-hidden{display:none}.sn-search-result{padding:28px 0;border-bottom:1px solid #c4c4c4}.sn-search-result.-hidden{display:none}.sn-search-result.-show{display:block}.sn-search .sn-search-title{font-size:1.125rem;font-weight:600}.sn-search .sn-search-results-recent a{padding-left:8px}.sn-search .sn-search-results-recent a:before{display:none}.sn-search .sn-search-compare,.sn-search .sn-subtitle{color:#071d49;font-family:Inter;font-size:1rem;font-style:normal;font-weight:600;line-height:normal;text-decoration-line:underline}.sn-search .sn-search-compare-invest{display:none}@media(min-width: 981px){.sn-search .sn-search-compare-invest{display:block}}.sn-search .sn-search-compare-bottom{display:block;padding-bottom:0;padding-top:24px}@media(min-width: 981px){.sn-search .sn-search-compare-bottom{display:none}}.sn-search .sn-search-accounts{display:grid;grid-template-columns:1fr;grid-gap:24px}@media(min-width: 768px){.sn-search .sn-search-accounts{grid-template-columns:1fr 1fr}}@media(min-width: 981px){.sn-search .sn-search-accounts{grid-template-columns:1fr}}@media(min-width: 1024px){.sn-search .sn-search-accounts{grid-template-columns:1fr 1fr}}.sn-search .-hidden{display:none}.sn-search .sn-search-account{border:1px solid #c4c4c4;background:#fff;padding:16px;position:relative}.sn-search .sn-search-account h4{padding-bottom:8px;font-weight:600}.sn-search .sn-search-account:hover{background-color:#f6fafe;border:1px solid #071d49}.sn-search .sn-search-account:active{background-color:#eff7ff;border:1px solid #071d49}.sn-search .sn-search-account .sn-search-account-heading{display:flex;justify-content:space-between;font-weight:600;color:#071d49;font-size:1rem}@media(min-width: 981px){.sn-search .sn-search-account .sn-search-account-heading{font-size:1.125rem}}.sn-search .sn-search-account .sn-search-account-chevron{margin-left:6px}.sn-search .sn-search-account .sn-search-account-content{color:#4d4d4d;font-weight:400}.sn-search .sn-search-account .sn-search-account-flare{position:absolute;bottom:0;right:0}.sn-search .sn-search-headings{display:flex;justify-content:space-between;align-items:center;margin-bottom:16px}.sn-search-nav{padding:12px 0px}.sn-search-nav a{display:block;padding:8px}.sn-search-nav a:hover{text-decoration:underline;text-underline-offset:2px;background:#f7f7f7}.sn-search-nav em{font-weight:600;font-style:normal}.sn-search .sn-search-link{font-weight:600;text-decoration:underline;text-underline-offset:2px}.sn-search .sn-search-link:hover{text-decoration:none}.sn-search #sn-search-news-container .sn-search-link,.sn-search #sn-search-research-container .sn-search-link{display:none}.sn-search .sn-search-nav-research,.sn-search .sn-search-nav-news{display:flex;flex-wrap:wrap;align-items:start}.sn-search .sn-search-nav-research>a,.sn-search .sn-search-nav-news>a{margin-top:0;width:calc(100% - 110px)}.sn-search .sn-search-nav-research>p,.sn-search .sn-search-nav-news>p{width:110px;padding:8px;font-size:14px}.sn-search-radio{border-style:none;display:flex;flex-wrap:wrap;gap:8px;align-items:center;padding:20px 0 0 0}.sn-search-radio-toggle label{display:inline-block;padding:8px 16px;border-radius:20px;background-color:#bddeff;color:#00366b;font-size:14px;text-align:center;cursor:pointer}.sn-search-radio-toggle label:hover{background-color:#00366b;color:#fff}.sn-search-radio-toggle input{position:absolute;opacity:0;width:0;height:0}.sn-search-radio-toggle input:checked+label{background-color:#00366b;color:#fff}.sn-search-radio-toggle input:focus+label,.sn-search-radio-toggle input:focus-visible+label{outline:2px solid #0a6bd2;outline-offset:2px}.sn-header-skip{background:#fee942;display:block !important;overflow:hidden;height:0px;outline:0px !important;font-size:0.875rem;font-weight:500}.sn-header-skip .sn-container{padding-top:7px;padding-bottom:3px}.sn-header-skip span{display:inline-block;padding:9px 0 11px;text-underline-offset:2px;text-decoration:underline}.sn-header-skip:focus-visible{height:auto}.sn-is-slim .sn-topbar-area,.sn-is-slim .sn-topbar-links,.sn-is-slim .sn-navbar-links{display:none;color:#071d49}.sn-is-slim .sn-navbar-actions{position:relative;top:2px;padding-bottom:0px}.sn-is-slim .sn-navbar-actions a:not(.sn-slim-visible),.sn-is-slim .sn-navbar-actions button:not(.sn-slim-visible),.sn-is-slim .sn-navbar-actions .sn-vsep{display:none !important}.sn-is-slim .sn-desktop>.sn-container{display:flex;align-items:center;justify-content:space-between}.sn-header-promo{width:100%;padding:14px 0;background:#071d49}.sn-header-promo .sn-container{display:flex;gap:12px;justify-content:space-between;margin:0 auto}.sn-header-promo p.sn-header-promo-body{color:#fff;font-size:0.875rem}.sn-header-promo a{color:#fff;text-decoration:underline;font-weight:500;text-underline-offset:2px}.sn-header-promo a:hover{text-decoration:none}.sn-header-promo button.sn-header-promo-button{margin-top:0px;color:#fff;font-weight:500;display:flex;align-items:center;font-size:0.875rem;text-underline-offset:2px}.sn-header-promo button.sn-header-promo-button:hover{text-decoration:underline}.sn-header-promo button.sn-header-promo-button::after{content:"";width:12px;height:12px;margin-left:7px;display:block;background-repeat:no-repeat;background:url('data:image/svg+xml, ')}.sn-loader div{border-radius:4px;overflow:hidden;margin-bottom:10px;background:rgba(0,0,0,.2);position:relative}.sn-loader div:after{display:block;position:absolute;top:0;left:0;right:0;bottom:0;content:"";animation-duration:1.25s;animation-fill-mode:forwards;animation-iteration-count:infinite;animation-name:snShimmer;animation-timing-function:linear;background:#a9a9a9;background:linear-gradient(to right, #eee 10%, #fff 18%, #eee 33%);background-size:1600px 100%;height:100%;opacity:.9}.sn-loader div:last-child{margin-bottom:0px}.sn-loader-a{height:20px;margin-bottom:12px}.sn-loader-b{height:80px;margin-bottom:12px}@keyframes snShimmer{0%{background-position:100% 0}100%{background-position:-100% 0}}.sn-hide-variant{display:none !important}.sn-only-personal{display:none !important}.sn-is-personal .sn-hide-personal:not(.sn-only-workplace){display:none !important}.sn-is-personal .sn-only-personal{display:block !important}.sn-mobile-nav .sn-hide-mobile{display:none !important}.sn-only-auth{display:none !important}.sn-is-auth .sn-hide-auth{display:none !important}.sn-is-auth .sn-only-auth{display:block !important}.sn-only-unauth{display:none !important}.sn-is-unauth .sn-hide-unauth{display:none !important}.sn-is-unauth .sn-only-unauth{display:block !important}.sn-only-guest{display:none !important}.sn-is-guest .sn-only-guest{display:block !important}.sn-only-client{display:none !important}.sn-is-client:not(.sn-is-workplace) .sn-only-client{display:block !important}.sn-is-client:not(.sn-is-workplace) .sn-only-guest{display:none !important}.sn-is-client:not(.sn-is-workplace) .sn-mobile-nav .sn-mobile-only-guest{display:none !important}.sn-is-client:not(.sn-is-workplace).sn-is-auth .sn-only-client.sn-hide-auth{display:none !important}.sn-is-client:not(.sn-is-workplace).sn-is-unauth .sn-only-client.sn-hide-unauth{display:none !important}.sn-only-workplace{display:none !important}.sn-is-workplace .sn-hide-workplace{display:none !important}.sn-is-workplace .sn-only-workplace{display:block !important}.sn-is-invisible{height:0;overflow:hidden}.cookieSettingsModal{display:none}.cookieSettingsModal__section{margin:20px 0}.cookieSettingsModal{background:#fff;padding:30px;margin:32px;max-height:90%}@media only screen and (min-width: 460px)and (max-height: 600px){.cookieSettingsModal{margin:0}}.cookieSettingsModal{overflow-y:scroll;border-radius:4px}@media only screen and (max-height: 768px){.cookieSettingsModal{margin:32px;overflow-y:scroll}}.cookieBanner{background:rgba(0,0,0,.6);position:fixed;top:0;right:0;bottom:0;left:0;width:100%;height:100%;z-index:950;overflow:hidden;overflow-y:auto;font-size:16px;line-height:28px}.cookieBanner .show{display:block}.cookieBanner .hide{display:none}.cookieBanner *+p,.cookieBanner p+*{margin-top:1.5625rem}@media only screen and (min-width: 460px){.cookieBanner{font-size:18px}}@media only screen and (min-width: 460px)and (min-height: 600px){.cookieBanner{display:flex;flex-direction:column;justify-content:center;align-items:center}}.cookieBanner__inner{max-height:calc(100% - 64px);position:relative;text-align:left;font-family:Inter,Arial,Helvetica,sans-serif}@media only screen and (min-width: 460px)and (min-height: 600px){.cookieBanner__inner{max-width:600px;width:90%}}.cookieBanner__inner h4{font-weight:600}.cookieBanner__modalContent{position:fixed;top:50%;transform:translateY(-50%);background:#fff;padding:30px;margin:32px;border-radius:4px}@media only screen and (max-width: 375px){.cookieBanner__modalContent{margin-top:8px}}@media only screen and (min-width: 460px)and (min-height: 600px){.cookieBanner__modalContent{position:relative;top:auto;transform:none}}@media only screen and (min-width: 460px){.cookieBanner__modalContent{margin:auto}}@media only screen and (max-width: 280px){.cookieBanner__modalContent{position:relative;transform:none}}@media only screen and (max-height: 460px){.cookieBanner__modalContent{margin:8px 32px;max-height:80%;overflow-y:scroll}}.cookieBanner__text{margin-bottom:30px;font-family:Inter,Arial,Helvetica,sans-serif}.cookieBanner__buttons{display:flex;flex-direction:column-reverse}@media only screen and (min-width: 768px){.cookieBanner__buttons{flex-direction:row;align-items:center}}.cookieBanner__settingsAccept{display:block}.cookieBanner__accept{display:block;margin:0}@media only screen and (min-width: 768px){.cookieBanner__accept{margin:0 0 0 30px}}.cookieBanner__settings{position:relative;display:block;text-align:center;font-weight:500;font-size:1rem;line-height:1.5rem;text-transform:uppercase}.cookieBanner__link{border:0;position:relative;vertical-align:text-bottom}.cookieBanner__settingsIcon{margin-right:30px}.cookieBanner__settingsIcon:before{background:url("data:image/svg+xml;base64,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") no-repeat;position:absolute;content:"";height:24px;width:24px;transform:translate(5px, 5px);top:-5px;left:-5px;background-size:24px 24px}.cookieBanner h2{display:block;font-size:24px;margin-block-start:13px;margin-block-end:13px;margin-inline-start:0px;margin-inline-end:0px;font-weight:bold}.cookieBanner body.-cb-open{height:100vh;overflow-y:hidden}.cookieBanner .cookieDecisionRadioGroup_wrapper{display:flex;flex-direction:row;align-items:flex-start;padding:0px;gap:24px;margin-top:16px;border:none}.cookieBanner .radio{position:relative;cursor:pointer;display:flex}.cookieBanner .radio__text{padding-top:8px}.cookieBanner .radio__label{display:block;margin-left:12px;font-size:16px;font-weight:500;line-height:24px;letter-spacing:-0.32px;cursor:pointer;color:#071d49}.cookieBanner .radio__input{appearance:none;background-color:rgba(0,0,0,0);margin:0;cursor:pointer;max-height:40px}.cookieBanner .radio__input::before{content:"";display:inline-block;color:#c4c4c4;width:40px;height:40px;box-shadow:inset 0 0 0 2px #c4c4c4;border-radius:22px;transition:all 150ms linear}.cookieBanner .radio__input::before{content:"";display:inline-block;color:#8a8a8a;width:40px;height:40px;box-shadow:inset 0 0 0 2px #8a8a8a;border-radius:22px;background-color:#fff;transition:all 150ms linear}.cookieBanner .radio__input:focus{outline:0}.cookieBanner .radio__input:focus::before{box-shadow:inset 0 0 0 4px #071d49;outline:2px solid #00deb2}@media only screen and (min-width: 768px){.cookieBanner .radio__label{font-size:18px;line-height:28px}}.cookieBanner .radio__input__bgiTh::before{content:"";display:inline-block;width:28px;height:28px;box-shadow:inset 0 0 0 2px #c4c4c4;border-radius:22px;transition:all 150ms linear}.cookieBanner .radio__input__bgiTh:checked::before{background:url("data:image/svg+xml;base64,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") no-repeat 0 0;box-shadow:inset 0 0 0 2px #071d49}.cookieBanner .radio__input__bgiTh:hover::before{box-shadow:inset 0 0 0 2px #071d49}.cookieBanner .button-module_button{cursor:pointer;font-family:Inter,sans-serif;font-size:16px;line-height:24px;padding:12px 24px;border:0;font-weight:600;transition:all 150ms linear;width:auto;display:block;margin:0}.cookieBanner .cookieBanner__modalContent .cookieBanner__buttons .button-module_button{width:100%;height:auto}@media only screen and (min-width: 768px){.cookieBanner .cookieBanner__modalContent .cookieBanner__buttons .button-module_button{width:231px;height:62px}}.cookieBanner .cookieBanner__modalContent .cookieBanner__buttons .button-module_button-primary{margin:0 0 24px 0}@media only screen and (min-width: 768px){.cookieBanner .cookieBanner__modalContent .cookieBanner__buttons .button-module_button-primary{margin:0 0 0 30px;padding:0}}.cookieBanner .button-module_button:hover,.cookieBanner .button-module_button:active{background-color:#0857aa;border:1px solid #0a70dc;color:#fff}.cookieBanner .button-module_button-primary{background:#0a70dc;border:1px solid #0a70dc;color:#fff}@media only screen and (min-width: 460px){.cookieBanner .button-module_button-primary{margin-bottom:0px}}.cookieBanner .button-module_button-secondary{background:#fff;border:1px solid #0a70dc;color:#0a70dc}.cookieBanner .button-module_button-secondary:focus{border:1px solid #00deb2}.cookieBanner .button-module_button-secondary:hover{border:.0625rem solid var(#0857aa);background-color:var(#0857aa)}.cookieBanner .button-module_button:focus{background-color:#00deb2;border:1px solid #00deb2;box-shadow:inset 0 -2px 0 0 #071d49;outline:0;color:#071d49}@media only screen and (min-width: 768px){.cookieBanner .button-module_button{padding:16px 32px;font-size:18px;line-height:28px;width:auto}}.cookieBanner .link-module_link-body{color:#0a70dc;text-decoration:underline;text-underline-offset:4px;text-decoration-color:currentcolor}.cookieBanner .link-module_link:focus{outline:0;color:#071d49;text-decoration-thickness:2px}.cookieBanner .link-module_link:hover{color:#0857aa;text-decoration:none}.cookieBanner .link-module_link:focus .link-module_link-span{background-color:#00deb2}.cookieBanner .sr-only:not(:focus):not(:active){clip:rect(0 0 0 0);clip-path:inset(50%);height:1px;overflow:hidden;position:absolute;white-space:nowrap;width:1px}.notificationStripContainer{display:flex;flex-wrap:wrap;justify-content:center;align-items:center;text-align:center;background-color:#071d49;padding:14px;font-size:1.125rem;line-height:24px;color:#fff;gap:10px}.notificationContent{display:flex;flex-wrap:wrap;justify-content:center;align-items:center;gap:10px}.notificationStripText{width:100%}.notificationStripInner{display:flex;justify-content:center;align-items:center}.notificationStripDays{display:flex;gap:4px;margin-right:10px}.notificationStripDigit{font-family:"HLOswald","Oswald",Impact,Franklin Gothic Bold,sans-serif;background-color:#fff;font-weight:800;border-radius:4px;min-width:20px;min-height:28px;color:#162c57;font-size:24px;align-items:center;text-align:center;padding-top:1px}@media(max-width: 389px){.notificationContent{flex-direction:column;align-items:flex-start;text-align:left}.notificationStripInner{justify-content:flex-start}}@media(min-width: 390px){.notificationContent{flex-direction:row;align-items:center;text-align:center}.notificationStripText{width:auto}.notificationStripInner{justify-content:center}}.notificationStripSlash{display:none}@media(min-width: 580px){.notificationStripSlash{display:block;margin:0 10px;color:#fff}}.notificationStripTitle{font-weight:700}.notificationStripLastDayMessage strong{font-weight:700}
Share research WPP: Q3 revenue beats expectations WPP’s revenue growth beats expectations as it wins new business from big clients.
No recommendation - No news or research item is a personal recommendation to deal. All investments can fall as well as rise in value so you could get back less than you invest.
Prices delayed by at least 15 minutes
WPP reported like-for-like (LFL) net revenue growth of 0.5% to £2.8bn, ahead of market expectations. Small amounts of growth in North America and Western Continental Europe did just enough to offset a 21.3% decline in China.
There was $1.5bn of net new business awarded in the period, up slightly on the prior year. Client wins included Amazon, Unilever and Henkel.
Underlying net debt fell £0.3bn to £3.6bn at the end of the third quarter. The sale of its majority stake in FGS Global is expected to be completed before the end of 2024. This will bring in around £604mn of cash after tax, which will be used to reduce debt levels.
Full-year guidance has been maintained, with LFL net revenue growth of -1% to 0% expected. Medium-term guidance has been reiterated, pointing to LFL net revenue growth of 3% and operating profit margins of 16-17%.
The shares rose 4.3% in early trading.
Our view WPP’s third-quarter revenue growth beat market expectations. But macroeconomic uncertainty means management’s keeping a lid on expectations heading into the fourth quarter, which laps some tough comparative numbers. New business won in the third quarter won’t begin contributing to revenue until the new year either, meaning there’s room for disappointment in the near term.
At its core, WPP’s media agencies deliver products and services spanning all parts of the advertising and communication spectrum. It boasts some of the world’s largest companies as its customers, and provides them with analytics, paid advertising campaigns and PR. As an idea of scale, WPP boasts a global workforce of 115,000. That’s a lot of mouths to feed and can amplify the downside to profits when revenue dries up.
The group has had a laser-like focus on boosting its digital marketing offerings. The new company plan involves focusing on faster-growing end markets (like how to help clients succeed online) and technology. Hundreds of millions will be spent over the next few years, most of which will go on new staff, technology, including AI, and incentives.
Before it can reach a home stretch, it's worth remembering that WPP's agency business is still being nibbled away at, and it's turning to acquisitions to keep growth coming. The group's doing what it can to combat these challenges, including consolidating and streamlining its offering.
The sale of its stake in PR firm FGS Global should bring in around £0.6bn of cash after taxes. This will be used to pay down debt levels, strengthening the balance sheet and providing wiggle room to invest in itself, or make acquisitions should attractive opportunities arise.
Looking further ahead it's important not to understate the challenge. There are cracks appearing in some of WPP's larger markets and margins are coming under pressure. With rising competition from more nimble providers, a threat that's only likely to grow, there are arguably limits to the market's mood where WPP is concerned.
We’re also mindful of AI. This offers enormous opportunity for WPP, but also risk. There’s a chance the advertising and analytics landscape changes so fast that WPP is left behind if it doesn’t peddle fast enough.
WPP is working hard to try to future-proof the business. But progress hasn’t been as swift as some other names in the advertising world, particularly those that have a direct channel to consumers. There are serious questions here about the viability of its agency model that investors will want to see answered sooner rather than later.
Environmental, social and governance (ESG) risk The media industry’s ESG risk is relatively low. Product governance is the key risk driver, alongside business ethics, labour relations and data privacy & security.
According to Sustainalytics, WPP’s management of ESG risk is strong.
The group has a board-level sustainability committee assisting in its oversight of corporate responsibility and sustainability matters. Advertising companies collect, analyse and process large volumes of sensitive client data, and there are often large fines in place for failing to comply with privacy or security regulations. WPP’s due diligence process includes a review of ethical risks, such as bribery, corruption, and human rights issues.
WPP key facts Forward price/earnings ratio (next 12 months): 8.8
Ten year average forward price/earnings ratio: 11.0
Prospective dividend yield (next 12 months): 5.1%
Ten year average prospective dividend yield: 4.6%
All ratios are sourced from Refinitiv, based on previous day’s closing values. Please remember yields are variable and not a reliable indicator of future income. Keep in mind key figures shouldn’t be looked at on their own – it’s important to understand the big picture.
This article is original Hargreaves Lansdown content, published by Hargreaves Lansdown. It was correct as at the date of publication, and our views may have changed since then. Unless otherwise stated estimates, including prospective yields, are a consensus of analyst forecasts provided by Refinitiv. These estimates are not a reliable indicator of future performance. Yields are variable and not guaranteed. Investments rise and fall in value so investors could make a loss.
This article is not advice or a recommendation to buy, sell or hold any investment.No view is given on the present or future value or price of any investment, and investors should form their own view on any proposed investment.This article has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is considered a marketing communication.Non - independent research is not subject to FCA rules prohibiting dealing ahead of research, however HL has put controls in place(including dealing restrictions, physical and information barriers) to manage potential conflicts of interest presented by such dealing.Please see our full non - independent research
disclosure for more information.
Latest from Share research
Sign up for Share Insight. Get our Share research team’s key takeaways from the week’s news and articles direct to your inbox every Friday.
Written by
Aarin Chiekrie
Equity Analyst
Aarin is a member of the Equity Research team. Alongside our other analysts, he provides regular research and analysis on individual companies and wider sectors. Having a keen interest in global economics, he knows how macro-events can impact individual companies.
Our content review process
The aim of Hargreaves Lansdown's financial content review process is to ensure accuracy, clarity, and comprehensiveness of all published materials
Published: 23rd October 2024
This website uses cookies
To help personalise your experience with HL and show you relevant content and adverts, we use cookies.
By clicking "Accept All Cookies", you consent to our use of cookies. You can change this at any time. If you want to know more, read our cookie policy .
Cookie Settings
Accept All Cookies
You have accepted all cookies
Cookie settings
To make sure you get the most from our website, we use cookies.
Accept All Cookies
You have accepted all cookies
Essential Cookies
These allow our website to work properly and gives us anonymous
information about how the website is used.
Functional cookies
The website will remember you (for example, for faster login) and help
us understand how you use the site.
Marketing cookies
You'll see tailored adverts. If you turn these off, you will still see
adverts but they may not be relevant to your interests.
Save preferences
Find out more about how we use cookies