Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on JC DECAUX SA. We currently have 6 research reports from 1 professional analysts.
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JC DECAUX SA
JC DECAUX SA
A FY16 ending above expectations...
27 Jan 17
JCDecaux announced FY16 adjusted revenues (i.e. before applying IFRS11) up 5.8% to €3,392.8m (+€185.2m), slightly exceeding our forecasts (€3,375m) and +3.3% organically (i.e. better than the “slightly below 3%” guidance for the full year). It was the first time since 2010 that each of the group’s three divisions had delivered positive organic revenue growth. Q4 was nearly flat on a non-IFRS basis (-0.11% to €982.8m) and declined by only 0.3% organically, when the guidance was for a -2% organic trend. Note that the full-year results as well as the Q1 17e guidance are due to be provided on 2 March.
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 - Morning Song 22-02-2017
22 Feb 17
CORETX (COR LN) Contract wins and new Lifestyle facility | Gooch & Housego (GHH LN) Solid Q1 trading plus earnings enhancing acquisition of StingRay Optics | NCC Group (NCC LN) Further issues in Assurance | PCI-PAL (PCIP LN) Strong H1 underpins positive outlook | UBM (UBM LN) Results | Verona Pharma (VRP LN) Phase IIa RPL554 add-on trial to tiotropium commenced
N+1 Singer - Morning Song 23-02-2017
23 Feb 17
Genus (GNS LN) Interim results: R&D step-up, disappointing ABS performance | Howden Joinery Group (HWDN LN) Prelims and net cash better than expected but conditions weaken | Oxford Pharmascience Group (OXP LN) Encouraging interim OXPzero™ Ibuprofen exploratory PK data | StatPro Group (SOG LN) Increased majority shareholding in Infovest Consulting | Wilmington Group (WIL LN) Interims slightly ahead, move to focus on 3 verticals
Another positive financial performance in FY16
23 Feb 17
As expected, RELX produced satisfactory FY 16 results, with organic revenue growth positively accelerating to +4% (FY15 at +3%). Consolidated revenues reached £6,895m (+15%) after a total forex impact of +11%, reflecting the weakness in sterling versus both the US dollar and euro (only 7.3% of sales in the UK). The group’s adjusted OP amounted to £2,114m, up 6% organically (+16% reported) and reflecting an improving margin to 30.7% from 30.5% in FY15, although slightly under our 31% expectation. The adjusted EPS increased by 8% at CER to 72.2p (AV: 71.8p). The full-year dividend is raised 21% to 35.95p (AV at 34.8p) after a final at 25.7p from 22.3p a year earlier (as a reminder, the group had announced in August a larger than usual interim dividend primarily due to end-period forex). RELX announced a new £700m share buy-back programme for FY17e (£100m completed so far) after £700m completed in FY16 and is confident to deliver in FY17e “another year of underlying revenues, profit and earnings growth”, a positive statement although as vague as usual.
N+1 Singer - Small-cap quantitative research - New quality style screen + 11 quality focus stocks
09 Feb 17
We introduce our fourth and final style screen representing “quality”. This screens for stocks with the best combination of high returns on capital/equity, EBIT margins and operating cash-flow conversion rates. These criteria should help us monitor how strong underlying returns translate into share price performance over time and under varying market conditions. The screen selects the “best” 25 stocks from our universe of just over 500 stocks and, as usual, we focus on a shorter list of stocks we cover or otherwise know and believe to be particularly interesting. We provide brief investment summaries on these focus stocks on pages 4 – 9. We will monitor performance and refresh the screen in approximately 3-4 months time.
Joy of Techs
21 Nov 16
ICT evolution is driven by technological development as advances are made which both meet and shape customer requirements. Our 2011 note No such thing as a telco described the modern reality in that former ‘telcos’ now deliver varying elements of a range of managed services. We built on this theme last year, exploring in further detail their evolutionary paths, operating fundamentals, and cashflow yield similarities. In the consumer environment, demand for bundles of technology is complemented by demand for content. Across the pond, the mooted combination of AT&T and Time Warner typifies the bundled need of ‘pipe’ and content, since unbundled alternatives such as FaceTime and WhatsApp can be easier and clearer to chat over, and Amazon and Netflix are easier to watch anywhere. In the UK, BT’s defensive actions cover delivery, content and capabilities, acquiring EE yet also buying football rights. While TV was long ago added to triple play to become quad play, voice is now merely an app, and fixed and mobile seen as just dumb pipes: it's the content that will influence consumer choices. Growth of TV and film as well as music and gaming over IP leads to UK small cap opportunities. In context of the drive to maximise value from pipes and access by offering content and data, we look at some amongst the potential tech small cap beneficiaries: Amino*, Keyword Studios, ZOO Digital*, 7digital*, KCOM* and CityFibre*.