09/01/07 - Jefferies International - ACHAT - Obj. 26 eur
Rating: BUY
Price: €21.47
Price Target: €26.00
Investment Summary
In our view, this latest street furniture renewal in Strasbourg demonstrates
that, contrary to market perception, the competitive environment in JCDecaux's
core French market is not worsening. We believe that valuation remains
attractive and catalysts lie
ahead.
Future Catalysts. While JCDecaux shares have now been treading water for some
time, we believe that several catalysts are around the corner. We expect to
hear about the important Paris contract (MUPIs, Seniors, bicycles) at the
beginning of February, and we believe the company is well positioned given its
leadership in self-service bicycle hire. Shortly before this, JCDecaux should
publish its 2006 sales numbers, expected on
January 30th. While we think the 2007 advertising market may not be quite as
buoyant as in 2006, we nevertheless expect it to be another good year for the
company.
Valuation Still Attractive. JCDecaux currently trades at 9.7x our 2007
EV/EBITDA estimate and 11.8x our 2007 CFPS estimate of €1.82. This represents
a small discount to the peer group and a discount of 16% and 43%,
respectively, to JCDecaux's closest publicly traded peer Clear Channel Outdoor
(CCO US, $29.13, Buy). Our €26 price target is based on 12x our 2007 EV/EBITDA
estimate and 14x our 2007 CFPS estimate. _________________ Les PV c'est bien, être heureux c'est encore mieux!!! Un cig' aux lèvres par exemple ... www.lavitolemagique.blogspot.com
Elle peut sortir par le haut d'un moment à l'autre AMHA ... si vous y croyez,
n'attendez pas trop pour vous placer. _________________ Les PV c'est bien, être heureux c'est encore mieux!!! Un cig' aux lèvres par exemple ... www.lavitolemagique.blogspot.com
Suis sorti à 22,69 euros ce matin. _________________ Les PV c'est bien, être heureux c'est encore mieux!!! Un cig' aux lèvres par exemple ... www.lavitolemagique.blogspot.com
