Berenberg 'Slightly' Raises JCDecaux Sales, Profitability Estimates Ahead of Q3 Update

12:24 PM EDT, 10/08/2026 (MT Newswires) -- Berenberg said it "slightly" raised its sales and profitability forecasts for JCDecaux (DEC.PA) ahead of the out-of-home media company's third-quarter sales trading update on Nov. 4. In a Thursday note, the research firm said it now expects third-quarter organic top-line growth of 6.5%, ahead of company guidance of 5% and consensus of 6.1%, amid "easing headwinds in the Middle East and ongoing solid trends elsewhere." For the second half, Berenberg forecasts organic sales growth of 6.2%. "OOH is expected to grow 5-6% annually over the next three years, and as the global category leader, JCDecaux is ideally positioned to capture this growth. We think that three drivers stand out: i) the ongoing digitalisation of the category; ii) the resulting inclusion of OOH in digital media budgets, where these campaigns deliver the highest ROI; and iii) the critical need for brand differentiation as AI rapidly commoditises content. As the go-to channel for brand building, OOH is perfectly positioned to meet that need," analysts said. Against this backdrop, Berenberg lowered its EPS estimates due to higher financial expenses and a smaller IFRS 16 restatement of core business lease contracts. The stock's buy rating and price target of 29 euros were left unchanged.