Here are two tables, prepared by Moorgate Capital Partners, which calculate the weighted average cost of debt and leverage (net debt/adjusted cashflow) for the public out of home companies as of June 2024.  Some observations:

• Debt costs were stable at the three public OOH companies during the second quarter of 2024.  Lamar has the cheapest weighted average debt costs at 5.0%.  Clear Channel Outdoor has the most expensive weighted average debt at 7.4%.
• Debt/cashflow declined at all three public out of home companies during the second quarter of 2024.  Billboard Insider thinks a sustainable Debt/Cashflow is 5-6 times cashflow for out of home companies.  Clear Channel Outdoor is almost twice the sustainable level.

To obtain a copy of Moorgate’s 4Q 2023 OOH report contact Jeff Seddon, Vice President, Moorgate Capital Partners, jeff.seddon@moorgatepartners.com, 609-276-2508

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