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JCDecaux Spreads Muted As Equity Sells Off On No Dividend ; Credit Metrics Stable

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  • Full results out this morning though revenue was already known; FY adj-EBITDA (+10% YoY) was in-line while FY EBIT (26% YoY) missed by ~2%.
  • Broadly stable net debt contributed to leverage falling to 1.5x (from 1.6x at FY22) while adj-FCF of negative EUR 1mn was impacted by EUR ~100mn one-off rent payments (for reference FY22 adj-FCF was EUR 43mn).
  • Expect Q124 org rev growth of +9% (from +10.3% in Q4).
  • No dividend to be paid in 2024 “to maintain financial flexibility” (no div proposed in FY21/FY22 results either).
  • Spreads muted.
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