Introduction
JCDecaux (OTCPK:JCDXF) is a French company specialized in outdoor advertising. Virtually every airport, train station or other hot spot where people gather will have one of their advertisement billboards or panels. The company has 380,000 advertising panels in airports and stations, and an additional 1 million-plus advertising panels all over the world in almost 4,000 cities. Advertising is a tough space to be in, but JCDecaux has traditionally been able to convert a high percentage of its EBITDA and income into free cash flow. Back in 2016, I thought the company was