Oddo BHF reiterates its "outperform" rating and €21 target price for JCDecaux shares, while expecting the outdoor advertising group to post "slight growth in the second quarter due to a difficult base effect."
"Organic growth is slowing sequentially, as expected, but remains solid and resilient. Admittedly, visibility is low, but JCDecaux's geographical and product exposure protects it," the analyst said.
While it now expects EBITDA of €819m (down from €825m previously), Oddo BHF believes that the company is on track and forecasts average annual growth of 6% for this indicator in 2025/26.
The valuation is at an all-time low with a 2026 P/E of 10x. We therefore believe this is a very attractive opportunity to position ourselves on the stock following what we consider to be an exaggerated market reaction since the beginning of the year, it adds.
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JCDECAUX SE is No. 1 in the world for outdoor communication. Net sales break down by type of surface as follows:
- urban furniture (50.7%; No. 1 worldwide): sales of advertising space in malls and on urban furniture bus shelters, automated public toilets, newspaper kiosks, signboards, etc.; 636,625 advertising surfaces marketed at the end of 2025), sale, leasing, and maintenance of urban furnishings. The group is also No. 1 worldwide for self-service bicycle rentals;
- transportation vehicles and terminals (35.8%; No. 1 worldwide): sales of advertising space in 154 airports, on and in buses, subways, trains, tramways, train stations, and transit terminals. At the end of 2025, the group sold 374,718 advertising surfaces;
- traditional and lighted billboards (13.5%; No. 1 in Europe): 94,562 advertising surfaces marketed.
Net sales are distributed geographically as follows: France (16.7%), the United Kingdom (10.6%), Europe (30.1%), Asia-Pacific (20.5%), North America (8%) and other (14.1%).
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