Clearer skies for outdoor – Upgrade to Buy, PO €23

Research evidence excerpt

Clearer skies for outdoor – Upgrade to Buy, PO €23

Accessible version

JCDecaux

Clearer skies for outdoor – Upgrade to Buy,

PO €23

Rating Change: BUY | PO: 23.00 EUR | Price: 18.80 EUR

Upgrade to Buy, PO €23 16 June 2026

While the Middle East will likely remain volatile, recent progress on peace talks should, Equity

we think, catalyse an improvement in passenger traffic growth. Meanwhile, recent

investor meetings with co-CEO Jean-Francois Decaux at our TMT conference have made

Key Changesus incrementally more bullish on top-line sustainability and durable operational leverage

as programmatic rapidly grows. Lastly, valuation screens attractive at ~6x 2026E (EUR) Previous Current

EV/EBITDA, well below and pre-COVID multiples despite much improved fundamentals. Inv. Opinion B-2-7 B-1-7

As a result, we upgrade to Buy from Neutral. We raise our 2026-27E FCF by 7-8%, Inv. Rating NEUTRAL BUY

supporting our new PO of €23 (from €21). Price Obj. 21.00 23.00

2026E EPS 1.32 1.34

Top-line drivers aplenty 2027E EPS 1.48 1.55

We see revenue growth durably rebounding towards ~5% as 1) In an ever fragmented 2028E EPS 1.64 1.75

media landscape, and new challenges posed by AI, outdoor offers durable and rising

audiences 2) Shift to digital, and within this to programmatic. The latter represents 10% Adrien de Saint Hilaire >>

of JCD’sdigital ad revenue, compared to 80% for online. This format attracts incremental ResearchMLI (UK) Analyst

advertisers driving better yield 3) Significant new contracts ramping: Stockholm, +44 20 7995 7994

adrien.de_saint_hilaire@bofa.com

Barcelona and Denver. Other material opportunities exist such as airports in Spain, San

David Amira, CFA >>

Francisco, Phoenix and Chicago 4) Possible V-shaped recovery in the Middle East (5% of Research Analyst