JCDecaux : Road show feedback: trend remains difficult in transport (Neutral vs Buy)
>Neutral vs Buy - We organised several days of conference calls with JCDecaux in Switzerland, Germany, Canada and the US. We note a cautious message on advertising trends in the context of still difficult air traffic and a lack of visibility on health measures (possible reinstatement of lockdowns). We have lowered our forecasts for EBITDA in 2020 and 2021 in the light of this event (33% on average). We anticipate a tough end to the year particularly at the transport d...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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