Almost perfect: IH26A ahead, 3Q26E organic guidance ahead, operational gearing and FCF generation better than historical trends. We view Decaux as a better company thanks to being sole global player and programmatic. Re-iterate OW and increase PT to €27.00 from €26.00.

研报英文原文证据摘录

Almost perfect: IH26A ahead, 3Q26E organic guidance ahead, operational gearing and FCF generation better than historical trends. We view Decaux as a better company thanks to being sole global player and programmatic. Re-iterate OW and increase PT to €27.00 from €26.00.

Equity Research

European Media

31 July 2026

JC Decaux SA

Almost perfect

1H26A ahead, 3Q26E organic guidance ahead, operational

gearing and FCF generation better than historical trends. We

view Decaux as a better company thanks to being sole global JCDX.PA/DEC FP OVERWEIGHT Unchanged

player and programmatic. Re-iterate OW and increase PT to European Media NEUTRAL

€27.00 from €26.00. Unchanged

Price Target EUR 27.00

raised 4% from EUR 26.00

We previously wrote that Decaux's poor share price performance since IPO likely meant

Price (29-Jul-26) EUR 22.42that investors need the company to fire on all cylinders (revenues and costs) for the shares

Potential Upside/Downside +20.4%to outperform. Well, 2025A results ticked all possible boxes: better top line, declining rent Source: Bloomberg, Barclays Research

and fees, cost control, cash flow generation. And 1H26A was similar, almost perfect, in our

view. We believe that Decaux is a now a better company thanks to programmatic and being

Market Cap (EUR mn) 4800

the sole global player. We believe that programmatic can add 1%+. We also hope that Clear

Shares Outstanding (mn) 214.13Channel Outdoor's (not covered) retrenchment to the US leads to better contract terms.

Free Float (%) 31.15We would argue that the last 18 months demonstrate that our thesis is playing out. New

52 Wk Avg Daily Volume (mn) 0.1Decaux should be able to grow EPS mid-teens a year which is arguably worth >20x P/E.