CCO - Embedded Expectations Analysis - 2018 01 31
─ Clear Channel Outdoor Holdings, Inc. (CCO:USA) currently trades near historical lows relative to UAFRS-based (Uniform) Assets with a 1.5x Uniform P/B. However, even at these levels, the market has fairly bullish expectations for the firm, although management has concerns about revenue, growth, and investments─ Specifically, management may be concerned about flat revenues after the sales of certain outdoor businesses, and may lack confidence in the sustainability of revenue growth in their International Outdoor segment. Additionally, they may lack confidence in the value of their capital expenditures on street furniture and transit advertising structures
Clear Channel Outdoor Holdings is a holding company. Through its subsidiaries, the company provides clients with advertising opportunities through billboards, street furniture displays, transit displays and other out-of-home advertising displays, such as wallscapes, and spectaculars, which the company owns or operates in key markets worldwide. The company's business consists of two reportable operating segments: Americas outdoor advertising (Americas) and International outdoor advertising (International). The Americas segment consists of operations primarily in the U.S. and Latin America. The International segment includes the company's operations in Europe and Asia.
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