Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on JC DECAUX SA. We currently have 5 research reports from 1 professional analysts.
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JC DECAUX SA
JC DECAUX SA
Poor Q4 ahead and revised FY16e guidance
04 Nov 16
JCDecaux announced Q3 adjusted revenues (i.e. before applying IFRS11) up 3.8% to €792.7m (+€28.7m; slightly under consensus expectations) and +1.5% organically (from a rather unfavourable basis of comparison as Q3 15 was up +4.3% organically). The quarter lfl performance was driven by Street Furniture (+6%; 43% total adjusted revenues), while Billboard improved by 1.1% and Transport (42% total) declined by 2.4% lfl, impacted by Asia Pacific and North America (Washington airports contract loss). A “significant slowdown” was also highlighted in Greater China (an important market for the group, generating c.19% of total revenues). Overall, the consolidated 9 months organic adjusted revenue growth reached +4.8% (with growth across the board) but management is guiding for a FY16e organic and adjusted top-line performance revised downward to “slightly below 3%”, with Q4 anticipated to decline organically by around 2%.
Hurt by London bus shelter contract delays and CEMUSA's integration...
17 Aug 16
Coming after a particularly strong Q1 16 (+10.5% on an organic basis) and in line with its guidance, JCDecaux produced a lower Q2 16 with an adjusted (before applying IFRS11, i.e. including its pro-rata share in companies under joint control) top-line growing at +3.4% organically. H1 16 adjusted consolidated revenues improved by c.€158m or 10.8% to €1,617.3m (+6.6% organic) after a negative foreign exchange impact of €41.6m and a positive perimeter change of +€103m. Adjusted operating profit declined by 7.4% (-€21.2m) to €264.5m, i.e. a … 320bp drop in profitability (16.4% to 19.6%) due to Street Furniture (unexpected -790bp to 22.4%...). Free cash flow at €98.3m was down 10% compared to H1 15. Within a slowing macro-economic environment and increased uncertainties in the aftermath of the Brexit vote in the UK, management is guiding for low single-digit Q3 adjusted organic revenue growth…
A strong start to the year… expected to slowdown
11 May 16
JCDecaux reported Q1 16 revenues up 15.3% on an adjusted basis (i.e. before applying IFRS11) to €748.5m and up 10.5% on an organic basis, i.e. above the group’s guidance of “around +9%”. Conversely, the guidance is for a lower trend in Q2 16e with organic growth expected at only around +3%.
Boosting top-line growth while delaying the operating leverage
13 Nov 15
JCDecaux announced satisfactory Q3 adjusted revenues (i.e. before applying IFRS11), up 14.1% to €764m and +4.3% organically. The quarter like-for-like performance was driven by Transport (+9.7%; c.45% total adjusted revenues), while Street Furniture (c.40% total adjusted revenues) rose by 3.2% and Billboard declined by 5.9%, still affected by difficult market conditions in Russia. Overall, the consolidated 9 months organic adjusted revenue growth reached +3.4% and management is guiding for FY15e organic and adjusted performance "above 3%", with Q4 "in line with the first 9 months". Going forward, revenue growth will significantly benefit from the recent contract wins (namely the London bus shelter contract starting next year) and acquisitions (i.e. CEMUSA as well as the recently-announced acquisition of the LatAm business of Outfront).
Pursuing its development in a volatile market with low visibility
25 Aug 15
JCDecaux produced mixed H1 15 results, namely characterised by a flat adjusted operating margin of 19.6% (H1 14: 19.7%). This was despite an improvement in the group's main profit contributor, the Street Furniture division (>3/4trs of consolidated adjusted operating profit in FY14) which positively improved its profitability over the period (up to 30.3% versus 29.2%). Consolidated organic revenues growth reached 2.9% (+11.9% reported, namely after a €104.6m positive forex impact and a +€12.3m perimeter impact) in line with the previous quarter's management comment that Q2 adjusted organic revenues growth would be "up low single-digit" (was indeed +2%), partly due to tough comparables and some slowdown in emerging countries. Management expects the Q3 adjusted revenues' organic performance to be in line with H1.
N+1 Singer - Small-cap quantitative research - Momentum screen refresh + 10 focus stocks
12 Jan 17
We have refreshed our momentum style screen for the first time since inception on 26 July 2016. As before, the screen selects the 25 stocks exhibiting the most extreme momentum characteristics, according to our measurement method. From these we have selected 10 to focus on. Since inception the screen has underperformed both the main small-cap and micro-cap indices against a background of generally rising momentum. We have noted a subset of the basket, where decelerating momentum at the time of measurement appears correlated with significant share price falls since selection. We shall monitor this factor with the new screen, albeit there are only two such stocks showing this pattern, namely Lamprell (not rated) and Gear4music (not rated).
N+1 Singer - Morning Song 12-01-2017
12 Jan 17
As anticipated, the second half has again been stronger than H1 and results will be broadly in line with expectations. In line with this, the order book has continued to grow and is at record levels. This confirms that significant progress has been made in the Group’s shift towards its Technology Products division which, as targeted, contributed c.60% of group revenue in FY16. The small acquisition of Cable Power also gives a complementary boost to the product range. It is also worth noting the significant reduction in net debt, £1.0m ahead of our forecast. We remain supportive of the Group’s strategy and continue to see a bright future as this transition towards a design led technology solutions business continues. We look forward to more detail in March at the final results.
Conviction List Q1 2017
05 Jan 17
Since its inception in 2010, the Conviction List has outperformed the market in 11 of 19 periods and a reinvested Conviction List would have returned 260% against a Small Companies index that would have returned 194%. Our Conviction List returned 0.4% over the last quarter; this was set against the benchmark UK Small Companies index that returned 4.0% over the same period.
Share & share alike
11 Jan 17
Last week’s note ‘2016 AIM IPOs- Another discerning year’ *prompted further perusal of the AIM December 2016 Factsheet. With acknowledgement to BuzzFeed – we have set a simple quiz~. Which are the largest companies on AIM, which trade most and how much? It is a timely reminder that at the year end, focus remained on the FTSE 100 and larger companies, yet the prospects for smaller companies continue to be broadly positive. As the company trading statement season gets underway, the initial signs are encouraging. The tone of these updates will set the trend near term.
Small Cap Breakfast
11 Jan 17
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What a year it was!
16 Jan 17
2016 got off to a rocky start. Not long into January, after just a few trading days, global equity markets lost more than US$4tn of value due to investor sentiment towards China’s economic slowdown and depreciating currency. This was immediately followed by a slump in the oil price. By the third week of January, Brent Crude hit its year low at $27.10 a barrel causing an immediate sell off in the energy sector. Once the Q1 dust had settled, attention turned to the UK’s vote on whether to remain a member of the EU. The Brexit vote result proved to be a genuine shock for markets, with many investors having believed that the UK would stay within the European Union. Attention soon turned to the equally ill-tempered US Presidential elections and all the political and economic unknowns that Trump’s victory has spawned. As a result, AIM, has seen a roller-coaster of a year in 2016.