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1. Company Snapshot

1.a. Company Description

JCDecaux SA engages in the outdoor advertising activities worldwide.It operates through three segments: Street Furniture, Transport, and Billboard.The Street Furniture segment is involved in advertising in shopping malls; renting of street furniture; selling and renting of equipment; and the provision of cleaning, maintenance, and other activities.


The Transport segment provides advertising services in public transport systems, such as airports, metros, buses, tramways, and trains.The Billboard segment is involved in advertising on private property, including traditional large format or back-light billboards; and the provision of neon-light billboards and advertising wraps.The company was founded in 1964 and is based in Neuilly-sur-Seine, France.


JCDecaux SA is a subsidiary of JCDecaux Holding SAS.

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1.b. Last Insights on DEC

JCDecaux's recent performance was impacted by a liquidity contract statement revealing 139,425 shares on the liquidity account as of June 30th, 2025. The company's half-year 2025 results showed solid growth driven by digital revenue, but a 1.7 million share purchase by Amar Family Office and JCDecaux SE at a discount of 0.6% may raise concerns about insider sentiment. Additionally, a competitive tender for Brussels Airport's advertising concession was won, but no details on the terms were disclosed.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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JCDecaux renews the landmark metro station advertising contract in Finland

Dec -02

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JCDecaux : Disclosure of transactions in own shares

Dec -01

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Top European Dividend Stocks To Consider In November 2025

Nov -25

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JCDecaux : Disclosure of transactions in own shares

Nov -24

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How JCDecaux’s Expanded Sao Paulo Metro Deal Could Shape Its Digital Future (ENXTPA:DEC)

Nov -20

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JCDecaux launches a share buy-back programme for up to 1.5m shares

Nov -20

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World Toilet Day: JCDecaux completes the roll-out of the World’s largest network of self-cleaning public toilets in Paris

Nov -18

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JCDecaux renews the exclusive contract with STIB, the Brussels Intercommunal Transport Company, to operate the advertising spaces in the metro, tram and buses

Nov -17

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.58%)

6. Segments

Street Furniture

Expected Growth: 8%

JCDecaux SA's Street Furniture segment growth is driven by increasing urbanization, government investments in smart cities, and rising demand for outdoor advertising. Additionally, the company's strategic partnerships, innovative products, and expanding global footprint contribute to its 8% growth rate.

Transport

Expected Growth: 10%

JCDecaux SA's 10% growth in Transport segment is driven by increasing demand for outdoor advertising, expansion into new markets, and strategic partnerships. Growing urbanization, rising consumer spending, and government investments in transportation infrastructure also contribute to this growth. Additionally, the company's focus on digitalization and innovative advertising solutions enhances its offerings, attracting more clients and fueling growth.

Display

Expected Growth: 7%

JCDecaux SA's 7% growth is driven by increasing demand for outdoor advertising, expansion into new markets, and strategic acquisitions. The company's diversified portfolio, including street furniture, transport, and billboard advertising, also contributes to its growth. Additionally, investments in digital technologies and data analytics enhance its offerings, attracting more advertisers and driving revenue growth.

Reconciliation

Expected Growth: 9%

JCDecaux SA's 9% growth is driven by increasing demand for outdoor advertising, expansion into new markets, and strategic acquisitions. The company's focus on digitalization, innovative products, and strong relationships with advertisers also contribute to its growth. Additionally, the recovery of the global economy and increasing urbanization in emerging markets further support JCDecaux's growth momentum.

7. Detailed Products

Street Furniture

JCDecaux SA provides street furniture such as bus shelters, benches, and other urban amenities that provide a comfortable and convenient experience for citizens while generating revenue through advertising.

Billboards and Large Format Displays

JCDecaux SA offers large format displays and billboards that provide high-impact advertising opportunities for brands and advertisers.

Transportation Advertising

JCDecaux SA provides advertising opportunities in airports, train stations, and other transportation hubs, allowing brands to reach travelers and commuters.

Digital Displays and Kiosks

JCDecaux SA offers digital displays and kiosks that provide interactive and dynamic advertising opportunities for brands and advertisers.

Self-Service Kiosks

JCDecaux SA provides self-service kiosks that allow citizens to access various services such as ticketing, information, and transactions.

Smart City Infrastructure

JCDecaux SA offers smart city infrastructure solutions that provide real-time data and insights to cities and municipalities.

8. JCDecaux SA's Porter Forces

Forces Ranking

Threat Of Substitutes

JCDecaux SA operates in the outdoor advertising industry, which is characterized by a moderate threat of substitutes. While there are alternative forms of advertising, such as online and print media, outdoor advertising remains a unique and effective way to reach a large audience.

Bargaining Power Of Customers

JCDecaux SA's customers, primarily advertisers, have limited bargaining power due to the company's strong market position and diversified customer base.

Bargaining Power Of Suppliers

JCDecaux SA's suppliers, primarily municipalities and property owners, have moderate bargaining power due to the company's dependence on them for access to advertising locations.

Threat Of New Entrants

The threat of new entrants in the outdoor advertising industry is low due to high barriers to entry, including significant capital requirements and regulatory hurdles.

Intensity Of Rivalry

The outdoor advertising industry is highly competitive, with several major players competing for market share. JCDecaux SA faces intense rivalry from competitors such as Clear Channel Outdoor and Lamar Advertising.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 64.24%
Debt Cost 4.56%
Equity Weight 35.76%
Equity Cost 11.76%
WACC 7.14%
Leverage 179.63%

11. Quality Control: JCDecaux SA passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

15.6$

Current Price

15.6$

Potential

-0.00%

Expected Cash-Flows