Enero Group lost its most recognisable creative agency brand when BMF was swept up in the Endeavour Group restructure. For a holding company built partly on BMF's reputation in the Australian market, you would expect the share price to take a hit. It has not.
Enero's stock has held steady through the news cycle. The market reaction, or lack of it, tells a story about how investors value agency holding companies in 2025. BMF was the name that won Cannes Lions and landed on shortlists. But Enero's revenue increasingly comes from its digital, technology and analytics businesses, not its creative agency. The market is pricing the portfolio, not the prestige.
This is a pattern repeating across the global agency landscape. The holding companies that trade at the highest multiples are the ones with the largest share of revenue from data, analytics, commerce and technology services. Pure creative agencies, no matter how awarded, are valued lower because the revenue is project-based, client concentration is higher and margins are thinner.
Enero Group's annual revenue, increasingly weighted toward digital and analytics
For the Australian agency market specifically, the signal is clear. The era where a holding company's value was defined by its creative flagship is ending. BMF's departure from Enero's narrative has not damaged the investment thesis because BMF was never the investment thesis. The analytics, digital production and technology businesses were.
This creates an uncomfortable truth for creative agencies. The work that wins awards and attracts talent is not the work that moves share prices. The holding company model is evolving toward capability-weighted valuations where creative is one input, not the centrepiece.
Why it matters
If you run or work at an Australian agency, the Enero signal matters for understanding where the industry's centre of gravity is shifting. Creative excellence is table stakes, not a valuation driver. The agencies that command premium valuations (and premium fees) are the ones that own a data asset, a technology platform or a recurring service model. This does not mean creative does not matter. It means creative alone is not enough to build a durable business.
For clients choosing agencies, the same logic applies. The agency's creative reputation is one factor. Its data infrastructure, measurement capability and technology stack are increasingly the factors that determine whether the work actually moves your numbers.
What to do about it
If you are on the agency side, look at your revenue mix. What percentage comes from project-based creative versus recurring services, technology or data? If it is heavily weighted to project work, the valuation of your business is capped regardless of the quality of the output. If you are on the client side and evaluating agency partners, ask about their data and measurement infrastructure with the same rigour you ask about their creative portfolio. The best creative in the world, delivered without measurement, is a cost. Creative with measurement is an investment.
