Clear Channel Outdoor has a much bigger international out of home presence than either Outfront or Lamar.  Insider prepared this chart after reviewing the 2016 10-k’s of each company.

There are pros and cons to the international out of home business.

Pros:

• Ability to diversify by participating in overseas economies which aren’t perfectly correlated with the US.
• Ability to participate in high-growth overseas markets.

Cons

• Regulatory and legal risk, particularly in countries without well developed property rights and the rule of law.
• Exposure to currency fluctuations.
• Less familiarity with foreign markets may lead to investment mistakes.

Clear Channel Outdoor – International activities are understated in the chart above because Clear Channel Outdoor reports in two business segments:  Clear Channel Outdoor Americas (US, Canada and Latin America) and Clear Channel Outdoor International (490,000 displays across Europe and Asia).  Clear Channel Outdoor International revenues accounted for $1.4 billion of of the firms total revenue of $2.7 billion during 2016.

Outfront Media – International activities are overstated in the chart above because Outfront Media combines international revenues with sports marketing revenues when it issues financials.  International and sports marketing revenues accounted for $120 million of Outfront’s $1.5 billion in revenues during 2016.

Lamar limits international outdoor to Canada.  Although Lamar does not specifically break out international revenues, you can compute canadian exposure by reviewing table on page 10 of the Lamar’s 2016 10k.  International revenues accounted for $14 million of the company’s $1.5 billion in revenues during 2016.

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