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 average remaining lease term and the highest margins.  OUTFRONT’s value is less than Lamar because it is dependent on transit advertising contracts which have a relatively short life and lower margins than roadside billboards.  Clear Channel’s value is less than OUTFRONT because high leverage makes it risky.  JCDecaux has the lowest valuation because it’s business is almost entirely  transit and street furniture with short contract terms.  It also has the lowest margins.  Who is APG|SGA?  A public out of home advertising company in Switzerland with 160,000 out of home faces.

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