JCDecaux : Slight upgrade to our estimates following a further recovery and slightly higher than expected leverage effect
>Neutral rating reiterated - JCDecaux held a conference call yesterday following the publication of Q2 earnings. We have notched up our 2023/24 EBITDA estimates following slightly better than expected Q2 growth and positive leverage in street furniture (related to beneficial renegotiations, which ought to be recurring). We have lifted our Q3 figures and are now looking for organic growth of 8.5% vs. 6.5% (guidance at 7%). The advertising market looks set to remain so...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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