Out of home values stable in 2Q 2017

Public out of home company valuations were stable during the second quarter of 2017.  The following table shows that the four public out of home companies (Clear Channel Outdoor, Lamar, OUTFRONT and JCDecaux) had an enterprise value of 13.2 times cashflow at June 2017, down slightly from 13.4 times cashflow for March 2017.  Lamar leads the group with a value of 15.2 times cashflow.  Clear Channel lags with a value of 10.7 times cashflow.

Private market out of home valuations are 6-10 times cashflow and 4-6 times revenue.  Values are on the lower end of the range for wood signs, transit advertising signs and signs with short term lease.  Values are on the higher end of the range for digital signs, steel signs and signs with commercially reasonable long term leases.

Easement values are 6-10 times annual rent.


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