JCDecaux SE (DEC.PA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+623.9%

€176.50

vs €24.38 price

Levered DCF

€101.08

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.55

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	12.59×	12.53×	18.57×	28.58×	-323.05×	-6.56×	21.98×	26.37×
P/B	1.48×	1.47×	1.99×	2.14×	2.89×	2.48×	2.62×	2.51×
P/S	0.9×	0.89×	1.18×	1.23×	1.86×	1.89×	1.68×	1.64×
EV / EBITDA	4.74×	4.81×	5.92×	6.19×	8.14×	12.57×	7.06×	7.89×
Gross margin	31.9%	53.7%	55.5%	26.6%	21.8%	13.4%	63.8%	63.4%
Operating margin	12.2%	12.3%	36.1%	6.6%	2.3%	-9.1%	11.9%	10.9%
Net margin	7.2%	7.1%	6.3%	4.3%	-0.6%	-28.8%	7.6%	6.2%
Current ratio	1.11×	1.03×	0.97×	0.9×	0.98×	0.98×	0.54×	0.6×
Debt / equity	1.75×	2.02×	2.8×	3.65×	3.83×	4.38×	2.78×	3.2×
Interest coverage	2.82×	2.15×	6.08×	1.46×	0.47×	-1.24×	2.41×	2×
Dividend yield	4.4%	1.0%	0.3%	0.5%	0.2%	0.2%	2.1%	2.6%
Payout ratio	55.6%	12.1%	6.1%	13.5%	-68.3%	-1.3%	46.5%	68.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.7%	11.8%	10.7%	7.5%	-0.9%	-37.9%	11.9%	9.5%
Return on invested capital	5.2%	6.2%	13.2%	2.3%	-0.3%	-2.0%	3.6%	3.0%
Return on assets	3.2%	3.0%	2.3%	1.3%	-0.2%	-6.0%	2.6%	1.9%
Free cash flow yield	26.6%	25.0%	18.8%	19.9%	17.8%	16.9%	19.2%	17.9%
Earnings yield	7.9%	8.0%	5.4%	3.5%	-0.3%	-15.3%	4.5%	3.8%
Enterprise value	€5.9B	€6.4B	€7.7B	€8.3B	€9.4B	€9.3B	€11.9B	€11.8B
Net debt / EBITDA	2.1×	2.38×	2.95×	3.37×	4.09×	7.24×	3.59×	4.39×
Cash conversion cycle (days)	-86	-148	-66	6	-12	110	-19	-24