Update shared on 14 Dec 2025
Fair value Increased 0.014%Analysts have modestly raised their price target on JCDecaux to €23.29 from €23.29, reflecting expectations for slightly faster revenue growth and improving profit margins, supported by a lower perceived discount rate, even as they factor in a somewhat reduced future P/E multiple.
What's in the News
- JCDecaux entered exclusive negotiations for a major indoor and outdoor DOOH partnership with Carrefour, Carmila and Unlimitail, covering 161 shopping centres and 297 access areas in France, with Spain to follow. This will be its largest multi site deployment in France (Key Developments).
- The company secured an 8+2 year contract with Helsinki City Transport Authority and Lansimetro Oy to operate all advertising spaces across 30 metro stations in Helsinki and Espoo, deploying new LED screens integrated into Finland's busiest metro network (Key Developments).
- JCDecaux won an 8+2+2 year contract with Brussels transport operator STIB to manage metro, tram and bus advertising, including up to 200 new digital screens, iconic LED formats and extensive analogue displays across a network reaching about 1.1 million people per day (Key Developments).
- Its Brazilian subsidiary renewed and extended its Sao Paulo Metro concession through 2036, adding Line 15 Silver and expanding a largely digitised inventory that can reach more than 5 million daily passengers across up to 70 stations (Key Developments).
- JCDecaux regained Barcelona's largest street furniture contract with a 10 year exclusive agreement, plus a 4 year option, to operate over 1,400 bus shelters, nearly 500 city information panels and 300 new energy efficient digital screens. This reinforces its national leadership in Spain (Key Developments).
Valuation Changes
- Fair Value: Price target nudged up slightly to €23.29 from €23.29, indicating a marginally higher implied valuation.
- Discount Rate: Assumed discount rate has fallen moderately to about 7.7 percent from roughly 8.1 percent, supporting a higher present value of future cash flows.
- Revenue Growth: Forecast revenue growth has risen slightly to around 7.9 percent from about 7.4 percent, reflecting a modestly stronger top line outlook.
- Net Profit Margin: Expected profit margin has increased slightly to roughly 7.8 percent from about 7.4 percent, pointing to incremental efficiency gains.
- Future P/E: Assumed future P/E multiple has declined moderately to about 17.1x from roughly 18.4x, partly offsetting the impact of lower discount rates and better operating assumptions.
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