(DEC) JC Decaux - Overview
Sector: Communication Services | Industry: Advertising Agencies | Exchange: PA (France) | Market Cap: 3.926m EUR | Total Return: 36.6% in 12m
Industry Rotation: +2.3
Avg Turnover: 4.09M EUR
Peers RS (IBD): 89.3
Warnings
No concerns identified
Tailwinds
No distinct edge detected
JCDecaux SE (ticker DEC) is the world’s leading outdoor-advertising operator, organized into three business lines: Street Furniture (shopping-mall ads, public-domain kiosks, bike-share stations and related services), Transport (advertising in airports, metros, buses, trams and trains) and Billboard (large-format, neon and wall-wrap billboards on private property). Founded in 1964 and headquartered in Neuilly-sur-Seine, France, the company is a subsidiary of JCDecaux Holding SAS and trades on Euronext Paris.
In FY 2024 the group generated €2.73 billion of revenue, up 5 % year-over-year, with an EBITDA margin of 31 %, reflecting strong demand for digital street-furniture screens and the rollout of EV-charging stations that grew 20 % YoY. The Street Furniture segment remains the engine of growth, contributing roughly 55 % of total revenue, while the Transport segment delivered a 30 % share and the Billboard segment 15 %.
Key macro drivers include Europe’s Green Deal, which is accelerating municipalities’ shift toward sustainable, data-rich street-furniture, and the broader digital-out-of-home (DOOH) trend that is pulling advertising spend away from traditional media toward programmatic, real-time formats. For a deeper dive, you might explore the company’s valuation on ValueRay.
- Advertising spending directly impacts JCDecaux revenue
- Urban development projects create new street furniture opportunities
- Public transport ridership drives transport advertising demand
- Digital out-of-home expansion boosts advertising inventory
- Regulatory changes in public space advertising pose risks
| Net Income: 521.6m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.21 > 0.02 and ΔFCF/TA 5.53 > 1.0 |
| NWC/Revenue: 3.18% < 20% (prev -1.63%; Δ 4.81% < -1%) |
| CFO/TA 0.28 > 3% & CFO 2.31b > Net Income 521.6m |
| Net Debt (2.72b) to EBITDA (2.01b): 1.36 < 3 |
| Current Ratio: 1.11 > 1.5 & < 3 |
| Outstanding Shares: last quarter (213.4m) vs 12m ago -0.32% < -2% |
| Gross Margin: 41.63% > 18% (prev 0.34%; Δ 4.13k% > 0.5%) |
| Asset Turnover: 83.98% > 50% (prev 60.85%; Δ 23.13% > 0%) |
| Interest Coverage Ratio: 2.32 > 6 (EBITDA TTM 2.01b / Interest Expense TTM 366.7m) |
| A: 0.03 (Total Current Assets 2.31b - Total Current Liabilities 2.08b) / Total Assets 8.14b |
| B: 0.23 (Retained Earnings 1.91b / Total Assets 8.14b) |
| C: 0.10 (EBIT TTM 852.0m / Avg Total Assets 8.70b) |
| D: 0.33 (Book Value of Equity 1.91b / Total Liabilities 5.78b) |
| Altman-Z'' Score: 1.96 = BBB |
| DSRI: 0.92 (Receivables 811.0m/677.9m, Revenue 7.31b/5.63b) |
| GMI: 0.82 (GM 41.63% / 34.00%) |
| AQI: 1.08 (AQ_t 0.36 / AQ_t-1 0.33) |
| SGI: 1.30 (Revenue 7.31b / 5.63b) |
| TATA: -0.22 (NI 521.6m - CFO 2.31b) / TA 8.14b) |
| Beneish M-Score: -3.22 (Cap -4..+1) = AA |
Over the past week, the price has changed by -1.34%, over one month by +11.14%, over three months by +16.77% and over the past year by +36.59%.
| Analysts Target Price | - | - |
P/E Trailing = 15.0
P/E Forward = 14.1844
P/S = 1.0689
P/B = 1.7529
P/EG = 1.5923
Revenue TTM = 7.31b EUR
EBIT TTM = 852.0m EUR
EBITDA TTM = 2.01b EUR
Long Term Debt = 1.88b EUR (from longTermDebt, last quarter)
Short Term Debt = 701.7m EUR (from shortTermDebt, last quarter)
Debt = 4.04b EUR (from shortLongTermDebtTotal, last quarter)
Net Debt = 2.72b EUR (from netDebt column, last quarter)
Enterprise Value = 6.61b EUR (3.93b + Debt 4.04b - CCE 1.35b)
Interest Coverage Ratio = 2.32 (Ebit TTM 852.0m / Interest Expense TTM 366.7m)
EV/FCF = 3.92x (Enterprise Value 6.61b / FCF TTM 1.69b)
FCF Yield = 25.54% (FCF TTM 1.69b / Enterprise Value 6.61b)
FCF Margin = 23.12% (FCF TTM 1.69b / Revenue TTM 7.31b)
Net Margin = 7.14% (Net Income TTM 521.6m / Revenue TTM 7.31b)
Gross Margin = 41.63% ((Revenue TTM 7.31b - Cost of Revenue TTM 4.26b) / Revenue TTM)
Gross Margin QoQ = 34.36% (prev 50.68%)
Tobins Q-Ratio = 0.81 (Enterprise Value 6.61b / Total Assets 8.14b)
Interest Expense / Debt = 1.75% (Interest Expense 70.5m / Debt 4.04b)
Taxrate = 24.46% (71.3m / 291.5m)
NOPAT = 643.6m (EBIT 852.0m * (1 - 24.46%))
Current Ratio = 1.11 (Total Current Assets 2.31b / Total Current Liabilities 2.08b)
Debt / Equity = 1.80 (Debt 4.04b / totalStockholderEquity, last quarter 2.24b)
Debt / EBITDA = 1.36 (Net Debt 2.72b / EBITDA 2.01b)
Debt / FCF = 1.61 (Net Debt 2.72b / FCF TTM 1.69b)
Total Stockholder Equity = 2.14b (last 4 quarters mean from totalStockholderEquity)
RoA = 6.00% (Net Income 521.6m / Total Assets 8.14b)
RoE = 24.39% (Net Income TTM 521.6m / Total Stockholder Equity 2.14b)
RoCE = 21.18% (EBIT 852.0m / Capital Employed (Equity 2.14b + L.T.Debt 1.88b))
RoIC = 14.86% (NOPAT 643.6m / Invested Capital 4.33b)
WACC = 3.65% (E(3.93b)/V(7.96b) * Re(6.05%) + D(4.04b)/V(7.96b) * Rd(1.75%) * (1-Tc(0.24)))
Discount Rate = 6.05% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.92%
Shares Correlation 3-Years: -100.0 | Cagr: -0.16%
[DCF] Terminal Value 88.09% ; FCFF base≈1.58b ; Y1≈1.87b ; Y5≈2.92b
[DCF] Fair Price = 387.2 (EV 85.13b - Net Debt 2.72b = Equity 82.40b / Shares 212.8m; r=6.0% [WACC]; 5y FCF grow 19.94% → 3.0% )
EPS Correlation: -7.00 | EPS CAGR: -39.13% | SUE: 0.0 | # QB: 0
Revenue Correlation: 69.78 | Revenue CAGR: 45.46% | SUE: -0.44 | # QB: 0
EPS current Year (2026-12-31): EPS=1.40 | Chg7d=-0.002 | Chg30d=+0.002 | Revisions Net=+2 | Growth EPS=+13.1% | Growth Revenue=+4.5%
EPS next Year (2027-12-31): EPS=1.56 | Chg7d=+0.030 | Chg30d=+0.034 | Revisions Net=+2 | Growth EPS=+11.8% | Growth Revenue=+4.8%
[Analyst] Revisions Ratio: +0.33 (4 Up / 2 Down within 30d for Current Year)
[Growth] Implied Growth Rate = 1.3% (Discount Rate 7.9% - Earnings Yield 6.7%)
[Growth] Growth Spread = +3.5% (Analyst 4.8% - Implied 1.3%)