First quarter was a tough for stocks and even worse for out of home.  The S&P 500 fell by 20% – the worst first quarter in history.  Lamar declined 43%, Outfront declined 50% and Clear Channel declined 78% although all three companies have rallied from their lows last week.

US Public Out of Home Stocks Jan-March 2020 

Source: Yahoo Finance

Here’s the chart for Lamar, OUTFRONT and the S&P 500 for the past five years.  Clear Channel Outdoor isn’t on this chart because it just started trading as an independent company.  If you think along with Insider that coronavirus is a temporary event and that revenues will return to 2018-2019 levels once we’re past the virus, then now’s the time to buy.

US Public Out of Home Stocks 2015-2020

Source: Yahoo Finance

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