JCDecaux: Oddo BHF maintains buy rating after roadshow

(CercleFinance.com) - On Monday morning, an analyst at Oddo BHF reinstates his “buy” rating on the JCDecaux share, following a roadshow that was marked by "a message of confidence" from management regarding the trend in the advertising market in Q2.


In particular, Oddo BHF appreciates growth seen in the main geographic zones where JCDecaux operates, despite a small sequential slowdown in China. This general momentum will support growth in the group's operating margin in 2019, also benefiting from the integration of APN over 12 months and the many contracts won in 2017 and 2018. This event therefore reinforces the broker's forecasts, which include strong organic growth (+4.7% in 2019e and +4.1% in 2020e), along with EBITDA of 752 million euros in 2019e.

The broker also confirms its target price of 37 euros, which suggests upside potential of around 48%.



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