Moorgate Capital Partners has prepared a summary of out of home leverage and cost of debt trends thru December 2022. The cost of out of home debt has risen by 100-200 basis points over the last year due to Federal Reserve interest rate increases. Lamar has the lowest weighted average […]
Three things about Lamar Advertising which Billboard Insider learned from reading the Lamar Advertising 2022 10k. Local, local, local. “Local advertising constituted approximately 78% of our outdoor net revenues for the year ended December 31, 2022 which management believes is higher than the industry average.” True indeed. OUTFRONT gets 55% […]
“We’re off to a good start and believe 2023 will be a positive year for the business, despite some uncertainties regarding the macro environment,” said Clear Channel CEO Scott Wells yesterday. Here are the results of the Clear Channel Outdoor 4Q 2022 earnings release, 4Q 2022 earnings presentation and conference […]
“2022 was the most successful year in the company’s history” was how an upbeat Lamar Advertising CEO Sean Reilly lead off the company’s earnings call. Here are the results of the Lamar Advertising 4Q 22 earnings release and earnings call. Net revenue increased 8.3% to $535 during the fourth quarter […]
“We’re proud to deliver on our original guidance especially in light of some of the headwinds in the macro environment and the rapid rise in interest rates,” was how OUTFRONT CEO Jeremy Male led off the fourth quarter 2022 earnings call. Here are the results from the OUTFRONT 4Q 22 […]
Hoya Capital published a decent out of home review titled Billboard Reits: We’re Paying Attention (Lamar Vs Outfront). Forward a copy to your banker. The article explains how out of home works and summarizes industry strengths (e.g. regulatory barriers to entry, digital billboard upside, attractive CPM versus other media, low […]
By Ken Altena, Partner, Billboard Loans LLC. I track the Federal Reserve Senior Loan Officer Survey on Bank Lending Practices to determine if credit is tight or loose. Banks have been tightening their lending standards for small firms (revenue less than $50 million) for four consecutive quarters due to recession […]
Private equity funds and family offices remain interested in out of home. Billboard Insider gets a steady stream of phone calls from investors looking to enter out of home. Private equity investors like out of home’s barriers to entry, low technology risk, digital billboard upside as well as the fact […]
This slide from the recent Solomon Partners Media and Entertainment Summit Presentation caught Billboard Insider’s eye. It shows that public out of home companies are trading at a 9-14 times current cashflow (2022 EBIDTA). Billboard Insider’s take: Lamar has the highest valuation multiple because it has the longest weighted […]
Digital billboard manufacturer Daktronics stock rose 8% yesterday to close at $4.01. The stock has recovered any losses which occurred after the December going concern announcement and is now back to where it was last August. Billboard Insider’s take: Daktronics stock has more than recovered from any losses […]
