JCDecaux : Advertising trend in line with expectations but slight downward revision to our 2023 EBITDA estimate
>Neutral recommendation reiterated pending a normalisation of the situation in China - JCDecaux released 2022 annual results yesterday a shade below expectations in terms of EBITDA. Q1 guidance is exactly in line with expectations and our estimates. We are lowering our 2023 EBITDA estimate by 5.5% but we maintain unchanged our organic growth estimate at +5%. In particular, we have revised slightly upwards our cost expectations for the street furniture division, given ...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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