JC Decaux is fond of calling itself “the number one outdoor advertising company world wide.” It considers itself number one based on the number of outdoor advertising panels.  We think enterprise value (the sum of the market cap of a company’s stock plus all debt) is a better way to calculate value.  A face is not a face is not a face.  A small transit screen is not the same as a large digital spectacular.  What matters is the the number of faces, but the economic value generated by the face.  Enterprise value captures that.

Here is the enterprise value of six public out of home companies.  Lamar, OUTFRONT and Clear Channel are primarily US.  Stroer is Germany.   oOh!Limited is Australia.  On the basis of enterprise value, JC Decaux should call itself “the number four outdoor advertising company worldwide”.

Enterprise Value for Public Out of Home Advertising Companies at November 17, 2025 in US $$$

Lamar Advertising     $17.9 billion.

OUTFRONT     $7.87 billion

Clear Channel Outdoor     $7.25 billion

JC Decaux  $6.13 billion

Stroer     $2.65 billion

oOh!media Limited     $1.63 billion

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