Insider talked with Gabe Oliverio of outdoor investment banking firm Johnsen Fretty about outdoor values. Sounds to Insider like now is a good time to sell your company. Insider is seeing values of 5-6 times run rate revenue and 8-12 times run rate cashflow in the outdoor advertising market. What’s your view? Very generally speaking, revenue multiples seem about right, though I’m always very hesitant to think of valuation in terms of revenue multiples. A great billboard in Indy might […]
Post Tagged with: "outdoor values"
The four public outdoor companies were valued at 3.7 times gross revenue and 13.2 times cashflow at June 30, 2016 according the the Yahoo Finance pages for Clear Channel Outdoor, Outfront, Lamar and JCDecaux. Lamar leads the group at a valuation of 6.4 times revenue and 15.3 times cashflow. Insider attributes this to the fact that Lamar has the highest margins of the group and is the least reliant on short-term transit and airport advertising contracts. Clear Channel Outdoor has […]
Insider thought you might want to see what the stock market thinks of the Big 4 Outdoor companies: Lamar, Outfront, Clear Channel and JCDecaux. The chart below comes from investment banker Mark Boidman’s presentation titled OOH and M&A. The Chart demonstrates that the stock market values Lamar at 13.1 times estimated 2016 cashflow (EBIDTA), JCDecaux at 12 times estimated 2016 cashflow, Outfront at 11.5 times estimated 2016 cashflow and Clear Channel at 10.9 times estimated 2016 cashflow. Source: OOH […]
Outdoor is trading at a higher multiple than most other forms of media. This chart from investment banker Mark Boidman’s presentation at this months’s FEPE convention titled OOH and M&A shows that public outdoor advertising companies are valued at an average of 11.7 times cashflow which is well above TV, Radio, Retail Digital Signage and Newspapers. The only sector which is valued higher than outdoor is digital media. Source: Mark Boidman, Managing Director, Peter J Solomon Company, OOH and M&A […]
The four public outdoor companies were valued at 3.7 times gross revenue and 13.1 times cashflow at March 31, 2016 according the the Yahoo Finance pages for Clear Channel, Outfront, Lamar and JCDecaux. Lamar leads the group at a valuation of 5.8 times revenue and 13.9 times cashflow. Insider attributes this to the fact that Lamar has the highest margins of the group and is the least reliant on short-term transit and airport advertising contracts. Clear Channel Outdoor has the […]
Max Drachman is an outdoor advertising investment banker with Kalil and Co. Drachman talked with us earlier this month about outdoor values and trends in the transaction market. What trends did you see in the transactions market in late 2015. From our perspective, the end of 2015 was consistent with what we saw throughout the calendar year, which was very strong for Outdoor M&A. Multiples were still ranging between 8x-14x BCF (Billboard Cash Flow). We see those multiples tied closer […]