Here’s a simple table comparing Clear Channel Outdoor, Lamar, Outfront and Link Media Outdoor based on 2018 financials and March 2019 valuation.

• Lamar has the highest cashflow margin and valuation.
• Clear Channel Outdoor has the highest leverage and the most employees.
• Outfront has the highest revenue per employee, reflecting big city markets with high ad rates.
• Margins at Clear Channel Outdoor and Outfront trail Lamar because they are more reliant on transit and street furniture contracts which have lower margins.
• Link Media’s has the lowest leverage.  Link Media’s cashflow margin trails Lamar because it is a small growing company and has not yet experienced all the benefits of scale.

$$$ in millions

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