Finance

Jim Johnsen And Insider Talk Acquisitions

Insider asked out of home investment banker Jim Johnsen of Johnsen Fretty for an interview.  Like any savvy dealmaker, Johnsen turned the tables and asked to interview Insider.   Yesterday Johnsen and Insider talked about billboard lending.  Today Johnsen and Insider talk about Billboard Insider and Circle City Outdoor. Dave, besides being the publisher of Billboard Insider and an active lender, it turns out you are also an operator in the business.   How do you possibly find the time […]

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Jim Johnsen and Insider talk billboard lending

Insider asked out of home investment banker Jim Johnsen of Johnsen Fretty for an interview on what it’s like to be an out of home industry investment banker.  Like any savvy dealmaker, Johnsen turned the tables and asked to interview Insider.  Part 1 of the interview discusses billboard lending and interest rates. Dave, you’ve done a terrific job building Billboard Insider into a great source of information.  I enjoy reading it first thing each morning.  I feel very honored to […]

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Advice to Out of Home Newcomers

Insider is often approached by people who want 100% financing for their first billboard.  Here’s what he tells them. Build your first board with your own money.  Nothing like a cook eating their own cooking.  If you are super confident your project is going to be a success take out a second mortgage and go for it.  Don’t ask a lender to take all the risk for a 10%/year return.  Don’t ask an investor to put up all the money […]

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Drachman says out of home M&A steady.

Max Drachman is an out of home advertising investment banker with Kalil and Co.  Insider talked with Drachman about trends in the out of home transactions market. What’s new on the out of home advertising  M&A front?  Things have been steady.  We just closed a deal in Wisconsin selling Hartlind Outdoor to Link Media.  This deal was a strategic buy for Link, and expands their footprint into the western side of the state.  The seller retained a custom sign business […]

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5 Years Stock Returns for US Outdoor Companies

Insider put together a chart showing the performance of the Lamar, Outfront Media and Clear Channel Outdoor versus NASDAQ (the index of approximately 3,000 common stock listed on the NASDAQ stock exchange) .  NASDAQ is a better benchmark for performance than the S&P 500 because Lamar, Clear Channel Outdoor and Outfront are not large enough to be in the S&P 500. Lamar has outperformed NASDAQ over the past five years.  Outfront and Clear Channel Outdoor have underperformed NASDAQ over the […]

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JCDecaux Announces 2016 Revenue

JCDecaux released 2016 revenue figures.  Street Furniture growing 5%.  Transit growing 2% at pace with economy.  Billboards up 1% so underperforming economy.  US flat.  UK Booming.  Here are the charts.  

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Donna Desmond on billboard values and condemnation

Donna Desmond is a business appraiser who had specialized in out of home advertising valuations since the early 1990s. She started Donna Desmond Associates, in Los Angeles in 1997.   She is a renowned expert in the economics and valuation of outdoor advertising assets.  Desmond has prepared hundreds of appraisals of billboard assets for use in transactions, breach of contract, eminent domain, shareholder disputes and landlord disputes. She has testified on billboard/digital sign issues in Federal District Court and Superior Courts in California, […]

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Out of Home Valuations December 2016

Public outdoor company valuations shrank slightly during the fourth quarter of 2016 as this chart demonstrates. Public Outdoor Company Valuations December 2016 The average revenue multiple for the four public outdoor companies shrank from 3.60 times to 3.57 times.  JCDecaux, Clear Channel Outdoor and Outfront trade at a lower revenue multiple than Lamar because they rely more on transit advertising where leases are 5-10 years versus a 20 year standard lease in the billboard business. The average cashflow multiple for […]

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Spire Partners Invests in Vector media

Spire Capital, a New York private equity fund, has announced an investment in Vector Media, a New York out of home advertising company specializing in large format advertising and traditional out of home advertising. Spire Capital’s previous media investments have included the Skymall in-flight magazine, multi-channel marketer On Campus Marketing and tower operator Tarpon Towers.  This is the firm’s only out of home advertising investment. Vector Media operates a platform of double decker buses, airport shuttles, street furniture, digital billboards, […]

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Daktronics announces quarterly financial results.

The digital billboard manufacturer Daktronics announced higher profits for the second quarter of fiscal 2017.  You can listen to the earnings webcast here download the firm’s investor slides here. Net sales increased 8% to $170 million during the second quarter of fiscal 2017 (3 months ended October 29, 2016).  Commercial unit sales, which includes the company’s out of home advertising unit, were flat. Net income totaled $9 million for the second quarter of fiscal 2017, up from $3.2 million a year earlier […]

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