Outdoor is trading at a higher multiple than most other forms of media.  This chart from investment banker Mark Boidman’s presentation at this months’s FEPE convention titled OOH and M&A shows that public outdoor advertising companies are valued at an average of 11.7 times cashflow which is well above TV, Radio, Retail Digital Signage and Newspapers.  The only sector which is valued higher than outdoor is digital media.

Source:  Mark Boidman, Managing Director, Peter J Solomon Company, OOH and M&A – A Look Ahead, June 2016.