Oddo BHF maintains its 'neutral' rating on JCDecaux shares, shaving a euro off its target price, from €22 to €21.

JCDecaux published its Q1 revenue this morning, with organic growth of 5.5%, exceeding Oddo BHF's forecast (+5.2%) and the consensus (+5.3%).

The analyst believes that the stock's market valuation is now "much more reasonable", with a 2025e P/E multiple of 11.6x.

However, the broker says that it is waiting for a clearer recovery in the Chinese market, given the low visibility in the advertising sector.

'The fundamentals remain solid, however, and the group is stronger than it was before the COVID crisis, with a more flexible model,' Oddo BHF emphasizes, adding that a decline in the share price could provide a buy opportunity for investors to position themselves on these fundamentals.


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