Core Viewpoint - JCDecaux SE plans to sell an additional 10.85% stake in APG|SGA to NZZ, reducing its ownership to approximately 5.6% after the transaction is completed [1][2] Group 1: Transaction Details - JCDecaux SE previously sold about 13.56% of APG|SGA's share capital to NZZ on May 29, 2024 [1] - The new share purchase agreement signed on December 11, 2025, involves the sale of 325,519 shares [1] - The transaction is expected to generate cash proceeds of approximately 71 million CHF (around 76 million EUR) for JCDecaux SE before transaction costs [2] Group 2: Conditions and Timeline - The completion of the transaction is subject to approval from APG|SGA shareholders regarding a selective opting up clause [2] - The transaction is anticipated to be finalized after the Annual General Meeting of APG|SGA in spring 2026 [2] Group 3: Company Overview - JCDecaux is the number one outdoor advertising company globally, with a revenue of €3,935.3 million in 2024 and €1,868.3 million in H1 2025 [7] - The company operates over 1 million advertising panels worldwide and reaches a daily audience of 850 million people across more than 80 countries [7] - JCDecaux is recognized for its sustainability efforts and has received high ratings from various environmental performance indices [7]

Core Viewpoint - Lamar Advertising Company has declared a quarterly cash dividend of $1.55 per share and a special cash dividend of $0.25 per share, both payable on December 31, 2025 [1] Company Overview - Founded in 1902, Lamar Advertising Company is one of the largest outdoor advertising companies in North America, operating over 362,000 displays across the United States and Canada [3] - The company offers a variety of advertising formats including billboards, interstate logos, transit, and airport advertising, catering to both local businesses and national brands [3] - Lamar boasts the largest network of digital billboards in the United States, with over 5,400 displays [3]

Core Insights - Lamar Advertising is a leading player in the outdoor advertising sector, with a significant market share and a strong competitive advantage due to regulatory barriers [2][5][6] Company Overview - Founded in 1902, Lamar Advertising is based in Baton Rouge, Louisiana, and has a market capitalization of $13.5 billion [2][3] - The company operates approximately 360,000 displays across 45 states and Canada, including over 159,000 billboards, which is four times the number of its nearest competitor [2] Competitive Advantage - The company benefits from a "wide and long-lasting moat," which is characterized by regulatory barriers established by the Highway Beautification Act of 1965, making it difficult for competitors to enter the billboard market [4][6] - Lamar Advertising's revenue is primarily generated from billboards, accounting for 88% of total revenue, with a diverse client base that includes major corporations like GEICO, Coca-Cola, and JPMorgan Chase [8][9] Financial Resilience - The company has demonstrated resilience during economic downturns, with revenue dips of only 11% during the 2008-2009 crisis and a 10.8% decline in 2020 due to the pandemic [10][11] - In the most recent quarter, despite economic challenges, Lamar Advertising reported a 2.9% growth in acquisition-adjusted revenue [11] Dividend and Valuation - As a real estate investment trust (REIT), Lamar Advertising is required to return 90% of its net income to shareholders, resulting in a current dividend yield of 4.67% [12] - The company's price-to-earnings ratio stands at 29.5, which is comparable to the S&P 500, while its debt-to-equity ratio of 457% raises some concerns about financial leverage [13] - Despite these concerns, the company is refinancing to manage its debt and is expected to benefit from lower interest rates [13] Investment Outlook - Given the stability of its business model, reasonable valuation, and attractive dividend yield, Lamar Advertising is viewed as a favorable investment opportunity for those seeking growth and income [14]

Core Insights - Carrefour, Carmila, Unlimitail, and JCDecaux have formed a strategic partnership to enhance retail media through indoor Digital Out-of-Home (DOOH) and outdoor advertising at shopping centers in France and Spain [1][2][10] Partnership Details - The partnership aims to create a new media ecosystem at Carrefour and Carmila sites, with JCDecaux managing and upgrading advertising assets [2] - This collaboration aligns with Carrefour's transformation strategy, focusing on innovation and long-term value creation for real estate assets [2][9] Implementation Strategy - In France, the project will introduce 75-inch LCD digital screens and 81-inch LED screens in access areas, enhancing the advertising format [3][4] - The deployment will cover 161 shopping center malls and 297 access areas, marking JCDecaux's largest multi-site project in France [4] Expansion Plans - In Spain, JCDecaux will develop an indoor DOOH offer across 91 shopping centers and an outdoor offer across 88 access areas starting in 2027 [5] Technological Advancements - The digital assets will utilize low-energy technologies, and analogue street furniture will be upgraded with energy-efficient LED lighting [6] Retail Media Integration - The new OOH/DOOH network will integrate with Unlimitail's retail media offering, allowing for omnichannel strategies and programmatic DOOH campaigns [7][8] - Advertisers will have access to performance measurement tools based on aggregated data from Carrefour and Unlimitail [8] Strategic Goals - The project aims to modernize shopping centers, enhance visitor experience, and create new revenue streams through retail media [9][10] - The partnership is expected to leverage the strengths of Carrefour's audience, Carmila's real estate expertise, Unlimitail's retail media capabilities, and JCDecaux's outdoor advertising leadership [10]

Core Insights - The company reported a strong performance in the third quarter, primarily driven by its transit business, and anticipates a higher growth rate in the fourth quarter compared to the third quarter [1] - The visibility into 2026 is stronger than it was a year ago, indicating improved confidence in future performance [1] - The company's permanent business, which involves resetting 12-month contracts, is experiencing price growth compared to the previous year, suggesting positive sales metrics [2] Financial Performance - The transit business was a key contributor to the strong third-quarter results [1] - The company expects fourth-quarter growth to exceed that of the third quarter, reflecting optimism about ongoing business trends [1] - Approximately 10% of the company's revenue is currently on the books, indicating a solid foundation for future sales [2]

Core Insights - JCDecaux has secured an 8+2 year advertising contract with Helsinki City Transport Authority and Länsimetro Oy, continuing its partnership that began in 2009 [1][2] - The metro line in Helsinki and Espoo serves over 1 million commuters weekly, highlighting its significance in public transportation [2] - JCDecaux plans to enhance advertising inventory with state-of-the-art technology, including new LED screens across 30 metro stations [3] Company Overview - JCDecaux is the leading outdoor advertising company globally, with a revenue of €3,935.3 million in 2024 and €1,868.3 million in H1 2025 [7] - The company reaches a daily audience of 850 million people across more than 80 countries, operating 1,091,811 advertising panels in 3,894 cities [7] - JCDecaux is recognized for its sustainability efforts, having its carbon reduction trajectory approved by the SBTi and achieving high ratings in various sustainability assessments [7]

Core Insights - JCDecaux has renewed its exclusive contract with STIB for 8+2+2 years to manage advertising spaces in Brussels' public transport system, including metro, trams, and buses [1][6] - The STIB network has experienced a 70% increase in users over the past decade, reaching nearly 1.1 million daily users, highlighting the growing popularity of public transport in Brussels [3] - The new contract emphasizes technological innovation and sustainability, with a focus on renewable energy and recyclable materials [4][6] Company Overview - JCDecaux is the leading outdoor advertising company globally, with a revenue of €3,935.3 million in 2024 and €1,868.3 million in H1 2025 [7] - The company operates a vast network of advertising panels, with 1,091,811 panels worldwide and a daily audience of 850 million people across more than 80 countries [11] - JCDecaux's commitment to sustainability is evident through its participation in various environmental initiatives, including the RE100 and achieving Gold Medal status from EcoVadis [11] Contract Details - The new contract includes the deployment of 180 to 200 digital information screens in 26 STIB stations, along with 4 iconic LED screens and 5 digital cubes in high-traffic areas [8] - JCDecaux will manage advertising spaces across 1,300 trams and buses, as well as 900 analogue displays in 69 metro stations [8] - The contract aims to enhance the passenger experience while providing effective advertising solutions for brands [4][6]

Core Points - Boston Omaha Corporation announced a share repurchase program allowing the company to buy back up to $30 million of its Class A common stock by December 31, 2026 [1] - The program will commence on or about November 18, 2025, and will include open market purchases and privately-negotiated transactions [1][3] - The Board has authorized the establishment of "Rule 10b5-1 trading plans" to facilitate share repurchases during periods when the company may be restricted from buying back shares [2] Financial Considerations - The actual timing, number, and value of shares repurchased will depend on various factors, including SEC regulations, market conditions, and alternative investment opportunities [3] - The share buyback program does not obligate the company to acquire a specific number of shares and may be modified or discontinued at any time [3] Company Overview - Boston Omaha Corporation is a public holding company with four majority-owned businesses in outdoor advertising, broadband telecommunications, surety insurance, and asset management [4]

Core Points - JCDecaux collaborates with Swarovski for the 2025 Illuminations on the Champs-Élysées, marking a significant partnership alongside the Champs-Élysées Committee [1][3] - The event features 400 illuminated trees and 200 Swarovski-branded banners along the 2-kilometer stretch from the Arc de Triomphe to Place de la Concorde [3] - A unique pop-up space has been established at 1 Place Charles de Gaulle, showcasing Swarovski's collections from November 16 to December 26, 2025 [4] Company and Industry Summary - JCDecaux has been a partner of the Champs-Élysées Committee since 2014, focusing on activating prestigious brands for the Illuminations [3] - The 2025 edition introduces a new "sound and light" experience using innovative LED technology, enhancing the overall spectacle [5] - The event runs from November 16, 2025, to January 5, 2026, and aims to attract both locals and international visitors, continuing a tradition that saw over 150,000 attendees at the 2024 inauguration [6] - The collaboration with Swarovski is highlighted as a significant sponsorship, celebrating Swarovski's 130th anniversary and enhancing the event's glamour and elegance [7][8] - JCDecaux emphasizes its commitment to beautifying cities through innovative products and services, contributing to the festive atmosphere of Paris during the holiday season [8]

Core Points - JCDecaux SE is supporting Swarovski in its partnership with the Comité Champs-Elysées for the 2025 Illuminations of the Champs-Élysées, marking a significant collaboration in outdoor advertising and festive events [1][3][5] - The 2025 Illuminations feature 400 illuminated trees and 200 kakemonos displaying the Swarovski logo along a 2-kilometer stretch of the avenue, enhancing the festive atmosphere in Paris [3][5] - An exclusive pop-up store by Swarovski has opened at 1 Place Charles de Gaulle, offering visitors access to its collections during the Holiday Season Illuminations [4] - The event kicked off on November 16, 2025, with a new "sound and light" experience designed by renowned lighting designer Thomas Dechandon, integrating innovative LED technology [5][7] - The Illuminations will run for 7 weeks, from November 16, 2025, to January 5, 2026, attracting both locals and tourists, with over 150,000 attendees expected for the inauguration [6][7] Company Overview - JCDecaux is the number one outdoor advertising company globally, with a daily audience of 850 million people across more than 80 countries [12] - The company reported a revenue of €3,935.3 million for 2024 and €1,868.3 million for the first half of 2025 [12] - JCDecaux operates 1,091,811 advertising panels worldwide and is recognized for its commitment to sustainability, having joined the Euronext Paris CAC® SBT 1.5° index [12]