Billboard Insider enjoys reading the Media Monthly report from Solomon Partners.  Here’s a snapshot from the Solomon Partners Media Monthly November 2023 report showing how the market is valuing each public out of home company as a multiple of cashflow.

• The public out of home companies have a median total value equal to 12.1 cashflow (EBIDTA) at November 2023.
• OUTFRONT has the lowest multiple at 10.7X cashflow.  We are assuming that this is due to skepticism over how fast transit ridership and transit ad revenues will rebound.
• National Cinemedia (which runs ads in theater lobbies and on theater screens before movies) has the highest multiple at 18.1 times cashflow because revenue and cashflow have yet to rebound from sharp declines during covid.
• Lamar leads the traditional out of home companies with a valuation of 13.3 times cashflow.

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