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Investing.com - Berenberg has reiterated its Buy rating on JCDecaux SA (EPA:DEC) with a price target of EUR22.00, highlighting the outdoor advertising company’s undervalued position.
The European investment bank notes that JCDecaux is currently trading at 12.3x FY2 P/E, representing a 46% discount to its historical average, raising questions about potential triggers for a valuation uplift.
Berenberg points out that while there are no short-term catalysts, the market does not fully understand the company’s digitalisation strategy, which could drive future growth.
The research firm emphasizes that management’s focus on profitable growth and cash-flow generation should restore investor confidence in the medium term.
JCDecaux offers an 8-9% free cash flow yield, which Berenberg indicates is at a discount to peers and below historical multiples, suggesting an attractive valuation opportunity for investors.
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