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JCDecaux shares climb after adjusted revenue rise beats guidance

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Shares in JCDecaux SE rose Friday after the French outdoor-advertising company said adjusted organic revenue grew 5.1% in the fourth quarter, ahead of its guidance.

At 0813 GMT, JCDecaux shares
DEC,
+4.25%

jumped 5.9% higher to EUR22.44.

The company said Thursday after market close that adjusted revenue for the fourth quarter was 1.03 billion euros ($1.12 billion), up 8.1% compared with a year earlier and up 5.1% on an organic basis. In November, JCDecaux had guided for fourth-quarter adjusted organic revenue growth of around 3%.

JCDecaux said its performance in the final quarter of the year was dragged down by weak mobility in China. Outside of China, the company’s organic adjusted revenue grew 9.6% for the quarter, it said.

For 2022 as a whole, JCDecaux said adjusted revenue rose 21% to EUR3.32 billion. On an organic basis, full-year adjusted revenue increased 17%, with double-digit growth across its street furniture, transport and billboard segments, the company said.

Analysts at Citi said in a research note late Thursday that JCDecaux’s results seem encouraging, with revenue trends better than they expected. Consensus estimates for organic growth in 2023 could move up as China becomes a tailwind, the Citi analysts said.

JCDecaux is currently expected to deliver 6.2% organic growth this year, according to an average of estimates by three analysts provided by FactSet.

Write to Adria Calatayud at [email protected]

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