Berenberg starts OOH ad firms with 'buy', sees benefit from digitalisation

Jcdecaux SE

02/06/2025 07:50

** Berenberg initiates coverage of out-of-home (OOH) advertising companies Stroeer SAXG.DE and JCDecaux JCDX.PA with "buy", saying they benefit from the digitalisation trend in the OOH market and have solid growth prospects

** It also notes both have de-rated versus historical multiples and trade at a discount to the wider peer group

** However, it notes the firms follow different strategies and are not fully comparable, so it does not have a preference for one over the other

** "JCDecaux is currently trading at a 45% discount to its historical average FY2 P/E, which is the largest discount in the sector. It is now the cheapest stock, despite historically being the most expensive" - Berenberg

 (Reporting by Paolo Laudani)

 ((Paolo.laudani@thomsonreuters.com))