Ströer SE & Co. KGaA : The trend remains very strong, pending the group’s reconfiguration
We organised a two-day roadshow with management in London and Paris. This event shows that the operational trend remains very strong for OOH, and we reiterate our organic growth estimate of 9% in 2025. Ströer remains an exception in terms of advertising growth in Europe. Negotiations for the divestment of this division (plus digital) are still ongoing but are complex. An outcome in 2025 seems credible to us and we remain convinced that a gradual dismantling of Ströer should take place. These two factors (operational and strategic) underpin our Outperform recommendation with a target price of € 100.Stroeer SE & Co KGaA. Stroeer SE & Co KGaA is a Germany-based digital multi-channel media company and provider of out-of-home (OOH) and online advertising. The Company operates through three segments: Content Media, Direct Media and OOH Media. The Content Media segment includes display and video advertising, as well as digital marketing services. The Direct Media segment comprises dialog marketing and transactional product groups. The services include direct sales and non-voice channels, such as social media and chat, among others. The OOH Media segment covers activities related to large-format advertising, street furniture and advertising on public transport, and includes the giant poster business BlowUP and the online platform for booking of regional out-of-home campaigns, stroeer-direkt.de, among others.
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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