What should your annual capital expenditures be excluding large one-time acquisitions? We’ve heard OUTFRONT’s CFO Matt Siegel mention that OUTFRONT spends approx 5% of revenue on capital projects on investor calls. Look at this analysis prepared by Jeff Seddon of Moorgate Capital Partners. Capital spending (excluding acquisitions) averages 5.75% […]
Moorgate Capital Partners produces an outstanding quarterly report on the out of home advertising industry. Here are some charts from Moorgate’s 2Q 2026 report which caught our eye. The weighted average cost of debt was stable for the public out of home companies during the second quarter of 2026. Clear […]
Moorgate Capital Partners produces an outstanding quarterly report on the out of home advertising industry. Here are some charts from Moorgate’s 1Q 2026 report which caught our eye. Public out of home company valuations are at an all time high. Lamar is trading at 16.8 times forward cashflow (EBIDTA). Outfront […]
Moorgate Capital just issued its 2025 State of the OOH industry report. This table caught Billboard Insider’s eye. The public US out of home companies have been adding approximately 500 new digital billboards a year. Lamar leads in installations. During 2025 Lamar installed three times as many digital displays as […]
Moorgate Capital Partners produces an outstanding quarterly report on the out of home advertising industry. Here are some charts from Moorgate’s 4Q 2025 report which caught our eye. In the past year you can see that debt costs have risen slightly at Clear Channel Outdoor and have declined at Outfront […]
Moorgate Capital Partners produces an outstanding quarterly report on the the of home advertising industry. This chart on public company M&A activity over the past 5 years shows that Lamar has returned to the market but OUTFRONT and Clear Channel are staying on the sidelines. Lamar closed $104 million in […]
Moorgate Capital Partners produces an outstanding quarterly report on the the of home advertising industry. Here are some charts from Moorgate’s 2Q 2025 report. Clear Channel’s debt costs about 200-250 basis points more than OUTFRONT or Lamar due to high leverage. Clear Channel Outdoor has the highest leverage with debt/cashflow […]
Moorgate Partners recently advised Premier Outdoor Media on the sale of 200 billboard faces, including nearly 50 digital, to Lamar Advertising. Premier had been backed by private equity investor Caruth Capital Partners. Billboard Insider talked with Moorgate Partners’ Director Jeff Seddon to learn more about the private equity market. […]
Moorgate Capital Partners produces an outstanding quarterly report on the out of home advertising industry. Here are some charts in Moorgate’s 4Q 2024 State of the OOH Industry report which caught our eye. A muted acquisitions market. Here’s a breakout of Public company OOH acquisitions from 2019 to 2024. […]
Moorgate Capital Partners produces an outstanding quarterly report on the out of home advertising industry. Here are some charts in the third quarter 2024 report that caughtBillboard Insider’s eye. Debt costs are moderating Debt costs have been stable at the public out of home companies. Lamar has a 5% weighted […]
