JCDecaux : A start to the year in line with our forecast, but with a slightly weaker margin than expected for transport
>Outperform recommendation reiterated - JCDecaux yesterday reported its 2023 earnings broadly in line with expectations. EBITDA for 2023 came to € 663m, compared with a consensus of € 664m and an ODDO BHF forecast of € 680m. JCDecaux has already published Q4 sales with organic growth of 10.3%, whereas we were expecting +7%. The group held a conference call, at which it confirmed that it expected 9% in Q1 vs +8% forecast by ODDO BHF). The start of the year therefore r...JC Decaux specializes in outdoor advertising. Co.'s business mainly consists of the sale of advertising space for these activities: Street Furniture, Transport Advertising and Billboard. The Street Furniture segment covers the advertising agreements relating to public property entered into with cities and local authorities. It also includes advertising in shopping centers, renting of street furniture, sale and rental of equipment, cleaning and maintenance. The Transport Advertising segment covers advertising in airports, subways, buses, tramways and trains. The Billboard segment covers advertising on private property and neon-type activity.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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