# JC Decaux (DEC.PA)

Canonical: https://gigainvestors.com/s/DEC.PA

Analysis as of: 2026-10-16T07:37:05.017Z. Financial observations: FY2001–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 25.64 per share; close as of 2026-10-15.

Estimated value: low EUR 18.71 per share, central EUR 20.49 per share, high EUR 22.86 per share. Buy at or below the central value EUR 20.49 per share. Valuation as of 2026-10-16T07:37:05.017Z; scenarios are not confidence intervals.

Expected annual return: 8.1% at the stated quote. About 8.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; FR 10-year bond 4.8% + 4 points).

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 2

- Operating margin variation: 1.05×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.10×

- FY2017: 0.08×

- FY2018: 0.11×

- FY2019: 0.12×

- FY2020: -0.09×

- FY2021: 0.02×

- FY2022: 0.07×

- FY2023: 0.36×

- FY2024: 0.12×

- FY2025: 0.12×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 7.9%

- ROIC, second-lowest year: 1.0%

- Typical minus recent gross margin: 0.6 pp

- Typical gross margin (annual median): 32.5%

- Recent gross margin (lower of latest and 3-year median): 31.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 9.7%

- ROIC including acquisitions, ten-year median: 4.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 14.9%

- FY2017: 11.2%

- FY2018: 4.1%

- FY2019: 4.8%

- FY2020: -2.8%

- FY2021: 1.0%

- FY2022: 4.6%

- FY2023: 25.8%

- FY2024: 12.5%

- FY2025: 11.0%

### economics: pass

- Owner earnings / net income, 5-yr: 1.45×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 1.2B

- Net income, five-year total: EUR 848M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -1.8 pp

- Working capital / revenue, change between three-year averages: -11.7 pp

- Working capital / revenue, final three-year average: -4.1%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: -11.88×

- FY2022: 1.29×

- FY2023: 0.93×

- FY2024: 1.29×

- FY2025: 1.36×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 11.2% vs 12.5%

- Per-share earnings: 1.06 to 1.21 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.0%

- Ordinary dilution, 5-year annual growth: 0.1%

- Market cap gain: EUR -2.6B

- Cumulative retained earnings: EUR 102M

- Diluted shares, 10-year annual growth: 0.0%

- Diluted shares, 5-year annual growth: 0.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 1.7%

- Per-share value change: EUR 0.15

- Per-share value, starting three-year median: EUR 1.06

- Per-share value, ending three-year median: EUR 1.21

- Buybacks concentrated in cheaper years (correlation): 0.55

- Average buyback yield: 0.8%

- Buyback history: 9 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 2.6B

- Cumulative net income, 10 years: EUR 1.1B

- ROIC, first three-year median: 11.2%

- ROIC, last three-year median: 12.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 1.06

- FY2017: EUR 0.91

- FY2018: EUR 0.93

- FY2019: EUR 1.25

- FY2020: EUR -2.84

- FY2021: EUR -0.07

- FY2022: EUR 0.62

- FY2023: EUR 0.98

- FY2024: EUR 1.21

- FY2025: EUR 1.23

### accounting: pass

- Sloan accruals: -11.3%

- Receivables to sales index (DSRI): 0.98×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 4.50×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.01×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.1%

- FY2017: -4.3%

- FY2018: -10.2%

- FY2019: -12.3%

- FY2020: -14.8%

- FY2021: -10.7%

- FY2022: -9.6%

- FY2023: -9.6%

- FY2024: -10.1%

- FY2025: -11.3%

## Holders

## Price story

Price needs cash profits to grow 4.7% a year for ten years · sales +1.1%

Story as of 2026-10-16T10:00:08.590Z; price observation 2026-10-15.

Price needs cash profits to grow 4.7% a year for ten years

### Sales · FY2024–2025

sales +1.1%; source https://filings.xbrl.org/9695009KV7AFPDEI5S30/2021-12-31/ESEF/FR/1/jcdecaux-2021-12-31-fr/reports/jcdecaux-2021-12-31-fr.xhtml; observed 2023-01-19.

- FY2016: EUR 3.0B 

- FY2017: EUR 3.1B 

- FY2018: EUR 3.2B 

- FY2019: EUR 3.5B 

- FY2020: EUR 2.1B 

- FY2021: EUR 2.5B 

- FY2022: EUR 3.1B 

- FY2023: EUR 3.3B 

- FY2024: EUR 3.6B 

- FY2025: EUR 3.7B 

### Gross margin · FY2025

gross margin 31.9%; source https://filings.xbrl.org/9695009KV7AFPDEI5S30/2021-12-31/ESEF/FR/1/jcdecaux-2021-12-31-fr/reports/jcdecaux-2021-12-31-fr.xhtml; observed 2023-01-19.

- FY2016: 32.5% 

- FY2017: 32.4% 

- FY2018: 63.4% 

- FY2019: 63.8% 

- FY2020: 13.4% 

- FY2021: 21.8% 

- FY2022: 26.6% 

- FY2023: 55.5% 

- FY2024: 53.7% 

- FY2025: 31.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in advertising agencies; annual sales are EUR 3.7 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-01-19); FY2025: revenue 3673400000; grossProfit 1172800000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DEC.PA: JCDecaux SE operates as an outdoor advertising company worldwide. It operates through three segments: Street Furniture, Transport, and Billboard. The Street Furniture segment provides advertising services in shopping malls; rents street furniture; and sells and rents equipment, such as automatic public toilets, bikes, etc., as well as provides cleaning, maintenance, and other services. This segment also includes advertising in the public domain on bus shelters, free-standing information panels, kiosks, and multi-service columns. The Transport segment provides advertising services in public transport systems, including airports, metros, buses, trams, and trains. The Billboard segment is involved in advertising on private property, including traditional large format or back-light billboards; neon-light billboards; and advertising wall wraps. The company was founded in 1964 and is based in Neuilly-sur-Seine, France. JCDecaux SE is a subsidiary of JCDecaux Holding SAS.

### Why customers stay

Margins ranged from 31.9% to 55.5% during 2023–25; it earns 7.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-01-19); FY2023: grossProfit / revenue = 55.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-01-19); FY2024: grossProfit / revenue = 53.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-01-19); FY2025: grossProfit / revenue = 31.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-01-19); 10-year return on capital observations [[2016,0.148615851036932],[2017,0.11210079318702193],[2018,0.04118838603255748],[2019,0.04849392769238266],[2020,-0.02833489575521224],[2021,0.00991121405134144],[2022,0.04551742603418269],[2023,0.25841129779770794],[2024,0.12526189345475877],[2025,0.11012201502283182]]; median 0.07930797135760724. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 71.1 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-01-19); FY2016: growth capex 0; upkeep 233900000; owner earnings 252699999. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-01-19); FY2017: growth capex 26000000; upkeep 268200000; owner earnings 193700000. Growth capex / owner earnings = 0.1342281879194631.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-01-19); FY2018: growth capex 0; upkeep 309800000; owner earnings 1032300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-01-19); FY2019: growth capex 0; upkeep 378900000; owner earnings 238380000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/9695009KV7AFPDEI5S30/2021-12-31/ESEF/FR/1/jcdecaux-2021-12-31-fr/reports/jcdecaux-2021-12-31-fr.xhtml (filed 2023-01-19); FY2021: growth capex 0; upkeep 169000000; owner earnings 172240000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-01-19); FY2022: growth capex 0; upkeep 351200000; owner earnings 169900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-01-19); FY2023: growth capex 0; upkeep 372800000; owner earnings 194400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-01-19); FY2024: growth capex 0; upkeep 319000000; owner earnings 335040000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-01-19); FY2025: growth capex 0; upkeep 303400000; owner earnings 358160000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-01-19); Dividend observations: [[2016,133100000],[2017,131700000],[2018,135700000],[2019,135600000],[2020,7800000],[2021,9900000],[2022,17800000],[2023,12800000],[2024,31200000],[2025,146000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-01-19); FY2025: cash repurchases 71100000 EUR.

### Are managers owners

Insiders own 66.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DEC.PA SharesStats.PercentInsiders = 66.893 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 4.7% yearly over ten years; actual growth was 2.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2023-01-19); Ten-year compound average after fade. Initial solved rate 0.05384309221391137. Price 25.64; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.2670497558886349 → FY2025 1.677996673616154. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 27.86 per share

- 2016-11: EUR 24.60 per share

- 2016-12: EUR 27.93 per share

- 2017-01: EUR 29.59 per share

- 2017-02: EUR 30.15 per share

- 2017-03: EUR 32.99 per share

- 2017-04: EUR 32.39 per share

- 2017-05: EUR 29.47 per share

- 2017-06: EUR 28.72 per share

- 2017-07: EUR 30.06 per share

- 2017-08: EUR 27.51 per share

- 2017-09: EUR 31.68 per share

- 2017-10: EUR 32.85 per share

- 2017-11: EUR 35.01 per share

- 2017-12: EUR 33.61 per share

- 2018-01: EUR 34.86 per share

- 2018-02: EUR 31.96 per share

- 2018-03: EUR 28.26 per share

- 2018-04: EUR 29.62 per share

- 2018-05: EUR 26.62 per share

- 2018-06: EUR 28.66 per share

- 2018-07: EUR 27.94 per share

- 2018-08: EUR 28.38 per share

- 2018-09: EUR 31.50 per share

- 2018-10: EUR 29.06 per share

- 2018-11: EUR 30.00 per share

- 2018-12: EUR 24.52 per share

- 2019-01: EUR 25.88 per share

- 2019-02: EUR 27.10 per share

- 2019-03: EUR 27.12 per share

- 2019-04: EUR 29.20 per share

- 2019-05: EUR 25.00 per share

- 2019-06: EUR 26.64 per share

- 2019-07: EUR 26.12 per share

- 2019-08: EUR 24.32 per share

- 2019-09: EUR 24.84 per share

- 2019-10: EUR 24.50 per share

- 2019-11: EUR 26.00 per share

- 2019-12: EUR 27.48 per share

- 2020-01: EUR 24.18 per share

- 2020-02: EUR 20.80 per share

- 2020-03: EUR 16.50 per share

- 2020-04: EUR 18.92 per share

- 2020-05: EUR 18.29 per share

- 2020-06: EUR 16.55 per share

- 2020-07: EUR 14.27 per share

- 2020-08: EUR 15.99 per share

- 2020-09: EUR 14.77 per share

- 2020-10: EUR 13.25 per share

- 2020-11: EUR 18.84 per share

- 2020-12: EUR 18.63 per share

- 2021-01: EUR 16.06 per share

- 2021-02: EUR 19.61 per share

- 2021-03: EUR 21.50 per share

- 2021-04: EUR 21.18 per share

- 2021-05: EUR 24.02 per share

- 2021-06: EUR 23.38 per share

- 2021-07: EUR 23.00 per share

- 2021-08: EUR 23.62 per share

- 2021-09: EUR 22.94 per share

- 2021-10: EUR 22.56 per share

- 2021-11: EUR 22.60 per share

- 2021-12: EUR 22.00 per share

- 2022-01: EUR 24.26 per share

- 2022-02: EUR 25.22 per share

- 2022-03: EUR 21.42 per share

- 2022-04: EUR 20.02 per share

- 2022-05: EUR 18.39 per share

- 2022-06: EUR 16.03 per share

- 2022-07: EUR 15.73 per share

- 2022-08: EUR 13.83 per share

- 2022-09: EUR 12.07 per share

- 2022-10: EUR 12.77 per share

- 2022-11: EUR 17.30 per share

- 2022-12: EUR 17.72 per share

- 2023-01: EUR 20.78 per share

- 2023-02: EUR 21.64 per share

- 2023-03: EUR 19.31 per share

- 2023-04: EUR 20.08 per share

- 2023-05: EUR 18.98 per share

- 2023-06: EUR 18.26 per share

- 2023-07: EUR 17.05 per share

- 2023-08: EUR 17.14 per share

- 2023-09: EUR 16.02 per share

- 2023-10: EUR 14.76 per share

- 2023-11: EUR 17.49 per share

- 2023-12: EUR 18.20 per share

- 2024-01: EUR 19.27 per share

- 2024-02: EUR 19.10 per share

- 2024-03: EUR 18.00 per share

- 2024-04: EUR 19.62 per share

- 2024-05: EUR 21.80 per share

- 2024-06: EUR 18.37 per share

- 2024-07: EUR 19.26 per share

- 2024-08: EUR 18.67 per share

- 2024-09: EUR 20.10 per share

- 2024-10: EUR 17.33 per share

- 2024-11: EUR 14.09 per share

- 2024-12: EUR 15.16 per share

- 2025-01: EUR 16.17 per share

- 2025-02: EUR 14.59 per share

- 2025-03: EUR 15.58 per share

- 2025-04: EUR 15.31 per share

- 2025-05: EUR 15.12 per share

- 2025-06: EUR 15.50 per share

- 2025-07: EUR 14.45 per share

- 2025-08: EUR 14.71 per share

- 2025-09: EUR 15.27 per share

- 2025-10: EUR 15.79 per share

- 2025-11: EUR 15.35 per share

- 2025-12: EUR 15.48 per share

- 2026-01: EUR 16.67 per share

- 2026-02: EUR 17.54 per share

- 2026-03: EUR 18.48 per share

- 2026-04: EUR 18.90 per share

- 2026-05: EUR 18.84 per share

- 2026-06: EUR 19.24 per share

- 2026-07: EUR 22.64 per share

- 2026-08: EUR 23.56 per share

- 2026-09: EUR 24.64 per share

- 2026-10: EUR 25.04 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 18.85 per share, central EUR 20.87 per share, high EUR 23.57 per share

- FY2017: low EUR 17.65 per share, central EUR 19.49 per share, high EUR 21.94 per share

- FY2018: low EUR 16.29 per share, central EUR 18.45 per share, high EUR 21.34 per share

- FY2019: low EUR 15.82 per share, central EUR 17.92 per share, high EUR 20.71 per share

- FY2020: low EUR 14.96 per share, central EUR 15.98 per share, high EUR 17.33 per share

- FY2021: low EUR 15.92 per share, central EUR 17.14 per share, high EUR 18.77 per share

- FY2022: low EUR 19.74 per share, central EUR 21.23 per share, high EUR 23.20 per share

- FY2023: low EUR 17.52 per share, central EUR 18.89 per share, high EUR 20.71 per share

- FY2024: low EUR 16.99 per share, central EUR 18.50 per share, high EUR 20.51 per share

- FY2025: low EUR 18.81 per share, central EUR 20.59 per share, high EUR 22.94 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:42:46.396Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/9695009KV7AFPDEI5S30/2021-12-31/ESEF/FR/1/jcdecaux-2021-12-31-fr/reports/jcdecaux-2021-12-31-fr.xhtml); period 2021-12-31, filed 2023-01-19.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations