Report
Jerôme Bodin

JCDecaux : A tough Q2 but better-than-expected margins and excellent FCF

>A difficult-to-forecast quarter in terms of profitability - JCDecaux's H1 2020 results, reported this morning, beat our expectations, with an organic decline in Q2 of 63.4% (vs -61% expected) and EBITDA of -€ 62m (vs -€ 185m est.). The group had not issued guidance for this quarter. The group seems to have been faster in its contract renegotiation than we expected. Unsurprisingly, business trends were very challenging in Q2 due to the lockdown measures implemented i...
Underlying
JCDecaux SA

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.

Provider
Oddo BHF
Oddo BHF

​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.

Analysts
Jerôme Bodin

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