JCDecaux : Solid organic growth in Q2 but H1 EBITDA and Q3 guidance slightly lower than we expected
>Neutral recommendation reiterated - JCDecaux’s H1 results, released this morning, came in slightly below our expectations with Q2 organic growth of 22% (vs +19% expected and +20% for the consensus) and EBITDA of € 184m (vs € 210m expected and € 195m for the consensus). The group therefore beat its guidance in terms of organic growth thanks to the resumption of air traffic in Europe and despite a still very challenging situation in China due to the lockdown. Note that...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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