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1. Company Snapshot

1.a. Company Description

Clear Channel Outdoor Holdings, Inc.owns, operates, and sells advertising displays in the United States and internationally.It operates through two segments, Americas and Europe.


The company offers advertising services through billboards, including bulletins and posters; transit displays, which are advertising surfaces on various types of vehicles or within transit systems; street furniture displays, such as advertising surfaces on bus shelters, information kiosks, freestanding units, and other public structures; spectaculars, which are customized display structures that incorporate videos, multidimensional lettering and figures, mechanical devices and moving parts, and other embellishments; wallscape, a display that drapes over or is suspended from the sides of buildings or other structures.It also provides street furniture equipment, cleaning and maintenance services, operation of public bike programs, and production services; and a public bicycle rental program, which offers bicycles for rent to the general public in various municipalities.As of December 31, 2021, it owned or operated approximately 69,000 advertising displays in the Americas; and 430,000 advertising displays in Europe.


The company was formerly known as Eller Media Company and changed its name to Clear Channel Outdoor Holdings, Inc.in August 2005.Clear Channel Outdoor Holdings, Inc.


was founded in 1901 and is headquartered in San Antonio, Texas.

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1.b. Last Insights on CCO

Clear Channel Outdoor Holdings, Inc. is poised for potential growth, driven by its transformation into a pure-play US out-of-home advertising operator. The company's divestment of international assets and debt reduction have improved its operational efficiency. A potential sale is also on the horizon, with strategic and private equity interest emerging, and activist pressure on the board to act, as noted by MarketBeat. Additionally, the company's upcoming earnings release and conference call may provide further insight into its financial health.

1.c. Company Highlights

2. Outperforming Expectations with Robust Revenue Growth

The company reported revenue of $405.6 million, representing a year-over-year increase of 8.1%, driven by record third-quarter revenue levels in both segments. The Americas segment grew 5.9% with its 18th consecutive quarter of year-over-year local revenue growth, while Airports delivered another strong quarter with 16.1% year-over-year revenue growth. The company's adjusted EPS loss was $0.03, beating estimates of a loss of $0.04.

Publication Date: Nov -21

📋 Highlights
  • Revenue Growth:: Q3 revenue reached $405.6 million, up 8.1% YoY, driven by record performance in both segments.
  • Segment Performance:: Airports segment grew 16.1% YoY, outpacing the 5.9% growth in the Americas segment.
  • Cost Savings Progress:: On track to achieve $50 million in corporate cost savings via international divestitures and zero-based budgeting.
  • Q4 Guidance:: Projected revenue of $441–$456 million (3–7% YoY growth), with 90% of revenue under contract.
  • Liquidity & Debt:: Ended Q3 with $366 million liquidity and extended debt maturity to 4.8 years post-$2.05 billion refinancing.

Segment Performance

The company's growth was driven by key markets, including New York and San Francisco, as well as national and local sales channels and digital and programmatic sales. Categories that continue to perform well across the company include banking, legal services, and technology, including AI. As Scott Wells noted, "We really like what we're seeing in the marketplace right now. The year has built how we expected it would, and we've seen it both in local and in national."

Guidance and Outlook

The company expects consolidated revenue to be within $441 million to $456 million for the fourth quarter, representing a 3% to 7% increase over the same period in the prior year. For the full year, the company continues to expect adjusted EBITDA to be within $490 million to $505 million, up 3% to 6% from last year, and now expects AFFO to be within $85 million to $95 million, up 45% to 62% from last year. Analysts estimate next year's revenue growth at 4.4%.

Valuation and Metrics

With a P/S Ratio of 0.54 and an EV/EBITDA of 27.39, the company's valuation appears reasonable considering its growth prospects. The company's ROE is 0.14%, and ROIC is 8.21%, indicating a relatively efficient use of capital. The Net Debt/EBITDA ratio is 24.12, which is high and may be a concern for investors. The company's Free Cash Flow Yield is 8.83%, which is a positive.

Strategic Initiatives

The company is making progress on its expense reduction efforts, with a target to reduce corporate expenses to the mid-$80s range by 2026. The company's transition into a U.S.-focused company has improved its risk profile, and its efforts to address measurement challenges in the out-of-home advertising industry are ongoing. The company is participating in an industry effort to develop a next-generation outdoor measurement system, expected to be finalized in Q1 2026.

3. NewsRoom

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Alaska Air Group CCO Sells 5500 Shares After Company Invests $3B into Hub Airports

Feb -22

Source: fool.com

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Urban Outfitters CCO Sells 18,666 Shares for $1.3 Million

Feb -22

Source: fool.com

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Traders Buy Large Volume of Put Options on Cameco (NYSE:CCJ)

Feb -20

Source: defenseworld.net

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Clear Channel Outdoor Sees Unusually Large Options Volume (NYSE:CCO)

Feb -20

Source: defenseworld.net

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Clear Channel Outdoor (NYSE:CCO) versus Banzai International (NASDAQ:BNZI) Head to Head Analysis

Feb -19

Source: defenseworld.net

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CCO Alert: Monsey Firm of Wohl & Fruchter Investigating Fairness of the Sale of Clear Channel Outdoor to Mubadala Capital and TWG Global

Feb -17

Source: globenewswire.com

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Cameco Corporation (CCO:CA) Q4 2025 Earnings Call Transcript

Feb -13

Source: seekingalpha.com

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Cameco Sees Unusually High Options Volume (NYSE:CCJ)

Feb -13

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.74%)

6. Segments

America

Expected Growth: 3.8%

Strong advertising demand, increased digital adoption, and strategic partnerships drive growth for Clear Channel Outdoor Holdings, Inc. in America. The 3.8% growth rate is attributed to the company's focus on innovative outdoor advertising solutions, expansion into new markets, and effective cost management.

Europe-North

Expected Growth: 3.5%

Europe-North growth of 3.5% driven by increasing outdoor advertising spend in key markets like UK and Netherlands, fueled by economic recovery and urbanization. Additionally, Clear Channel Outdoor Holdings, Inc.'s strategic investments in digital displays and data analytics capabilities are enhancing its offerings, attracting more advertisers and contributing to growth.

Airports

Expected Growth: 4.2%

Airports segment growth of 4.2% driven by increasing passenger traffic, higher advertising spend, and strategic partnerships with airport authorities. Additionally, Clear Channel Outdoor's digital transformation efforts, including the installation of digital displays and smart kiosks, are enhancing the passenger experience and attracting more advertisers.

Other

Expected Growth: 3.2%

Clear Channel Outdoor Holdings, Inc.'s 3.2% growth is driven by increasing demand for out-of-home advertising, strategic acquisitions, and expansion into digital displays. Additionally, the company's focus on programmatic buying and data analytics has improved operational efficiency, contributing to revenue growth.

7. Detailed Products

Billboards

Large format outdoor advertising displays, typically located in high-traffic areas, such as highways, city centers, and shopping districts.

Transit Shelters

Advertising displays located at bus shelters, train stations, and other public transportation hubs.

Mall Displays

Indoor advertising displays located in shopping malls and retail centers.

Airport Displays

Advertising displays located in airport terminals, concourses, and baggage claim areas.

Digital Displays

Electronic displays that can be updated remotely, often used for real-time messaging and dynamic content.

Spectaculars

Large, high-impact displays that can be customized to fit unique locations and designs.

Street Furniture

Advertising displays integrated into urban infrastructure, such as benches, kiosks, and waste receptacles.

8. Clear Channel Outdoor Holdings, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Clear Channel Outdoor Holdings, Inc. is medium. While there are some substitutes for outdoor advertising, such as online advertising, they are not perfect substitutes and the company's large scale and presence in key markets provide some protection.

Bargaining Power Of Customers

The bargaining power of customers for Clear Channel Outdoor Holdings, Inc. is low. The company's large scale and presence in key markets give it significant bargaining power over its customers.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Clear Channel Outdoor Holdings, Inc. is low. The company's large scale and presence in key markets give it significant bargaining power over its suppliers.

Threat Of New Entrants

The threat of new entrants for Clear Channel Outdoor Holdings, Inc. is low. The company's large scale and presence in key markets, as well as the significant capital requirements for entry, make it difficult for new entrants to compete.

Intensity Of Rivalry

The intensity of rivalry for Clear Channel Outdoor Holdings, Inc. is high. The outdoor advertising industry is highly competitive, with several large players competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 245.17%
Debt Cost 6.52%
Equity Weight -145.17%
Equity Cost 18.57%
WACC -10.98%
Leverage -168.88%

11. Quality Control: Clear Channel Outdoor Holdings, Inc. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Travelzoo

A-Score: 4.2/10

Value: 8.8

Growth: 6.2

Quality: 7.2

Yield: 0.0

Momentum: 0.0

Volatility: 2.7

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Clear Channel Outdoor

A-Score: 4.0/10

Value: 7.0

Growth: 2.8

Quality: 4.0

Yield: 0.0

Momentum: 7.5

Volatility: 2.7

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Quality: 5.5

Yield: 0.0

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Quality: 4.6

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A-Score: 2.8/10

Value: 9.8

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Quality: 3.4

Yield: 0.0

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

-36.75$

Current Price

2.4$

Potential

-1628.10%

Expected Cash-Flows