Intrinsic value of Clear Channel Outdoor Holdings - CCO

Previous Close

$4.05

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

  Value-price divergence*

+38%

Previous close

$4.05

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

 
Value-price divergence*

+38%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of CCO stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -3.71
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  2,702
  2,756
  2,819
  2,892
  2,973
  3,063
  3,162
  3,270
  3,387
  3,512
  3,647
  3,791
  3,945
  4,109
  4,283
  4,468
  4,663
  4,871
  5,090
  5,321
  5,566
  5,824
  6,096
  6,383
  6,685
  7,003
  7,338
  7,691
  8,062
  8,453
  8,863
Variable operating expenses, $m
 
  2,498
  2,554
  2,618
  2,690
  2,769
  2,856
  2,951
  3,054
  3,165
  3,283
  3,341
  3,476
  3,621
  3,774
  3,937
  4,110
  4,292
  4,485
  4,689
  4,905
  5,132
  5,372
  5,625
  5,891
  6,172
  6,467
  6,778
  7,105
  7,449
  7,811
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  2,065
  2,498
  2,554
  2,618
  2,690
  2,769
  2,856
  2,951
  3,054
  3,165
  3,283
  3,341
  3,476
  3,621
  3,774
  3,937
  4,110
  4,292
  4,485
  4,689
  4,905
  5,132
  5,372
  5,625
  5,891
  6,172
  6,467
  6,778
  7,105
  7,449
  7,811
Operating income, $m
  638
  258
  265
  274
  283
  294
  306
  319
  333
  347
  364
  450
  469
  488
  509
  531
  554
  578
  604
  632
  661
  692
  724
  758
  794
  832
  871
  913
  957
  1,004
  1,053
EBITDA, $m
  982
  605
  619
  635
  653
  673
  695
  718
  744
  771
  801
  833
  866
  902
  941
  981
  1,024
  1,070
  1,118
  1,169
  1,222
  1,279
  1,339
  1,402
  1,468
  1,538
  1,612
  1,689
  1,771
  1,856
  1,947
Interest expense (income), $m
  368
  368
  257
  266
  276
  287
  299
  313
  328
  344
  361
  380
  399
  420
  443
  467
  492
  519
  548
  578
  609
  643
  678
  716
  755
  797
  840
  886
  935
  986
  1,039
Earnings before tax, $m
  241
  -111
  8
  8
  8
  7
  7
  6
  5
  4
  3
  71
  69
  68
  66
  64
  62
  59
  57
  54
  52
  49
  46
  42
  39
  35
  31
  27
  23
  18
  13
Tax expense, $m
  77
  0
  2
  2
  2
  2
  2
  2
  1
  1
  1
  19
  19
  18
  18
  17
  17
  16
  15
  15
  14
  13
  12
  11
  10
  9
  8
  7
  6
  5
  4
Net income, $m
  141
  -111
  6
  6
  6
  5
  5
  4
  4
  3
  2
  52
  51
  49
  48
  47
  45
  43
  42
  40
  38
  36
  33
  31
  28
  26
  23
  20
  17
  13
  10

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  542
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  5,719
  5,839
  5,973
  6,127
  6,299
  6,490
  6,700
  6,928
  7,175
  7,441
  7,727
  8,032
  8,358
  8,705
  9,074
  9,465
  9,880
  10,319
  10,784
  11,274
  11,792
  12,339
  12,915
  13,523
  14,163
  14,837
  15,547
  16,295
  17,081
  17,908
  18,778
Adjusted assets (=assets-cash), $m
  5,177
  5,839
  5,973
  6,127
  6,299
  6,490
  6,700
  6,928
  7,175
  7,441
  7,727
  8,032
  8,358
  8,705
  9,074
  9,465
  9,880
  10,319
  10,784
  11,274
  11,792
  12,339
  12,915
  13,523
  14,163
  14,837
  15,547
  16,295
  17,081
  17,908
  18,778
Revenue / Adjusted assets
  0.522
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
Average production assets, $m
  2,808
  2,864
  2,929
  3,005
  3,089
  3,183
  3,286
  3,398
  3,519
  3,649
  3,789
  3,939
  4,099
  4,269
  4,450
  4,642
  4,845
  5,061
  5,288
  5,529
  5,783
  6,051
  6,334
  6,632
  6,946
  7,276
  7,625
  7,991
  8,377
  8,782
  9,209
Working capital, $m
  699
  168
  172
  176
  181
  187
  193
  199
  207
  214
  222
  231
  241
  251
  261
  273
  284
  297
  310
  325
  340
  355
  372
  389
  408
  427
  448
  469
  492
  516
  541
Total debt, $m
  5,117
  3,572
  3,693
  3,831
  3,986
  4,158
  4,347
  4,552
  4,774
  5,014
  5,271
  5,546
  5,839
  6,152
  6,484
  6,836
  7,209
  7,604
  8,022
  8,464
  8,930
  9,422
  9,941
  10,488
  11,064
  11,671
  12,310
  12,982
  13,690
  14,434
  15,217
Total liabilities, $m
  6,800
  5,255
  5,376
  5,514
  5,669
  5,841
  6,030
  6,235
  6,457
  6,697
  6,954
  7,229
  7,522
  7,835
  8,167
  8,519
  8,892
  9,287
  9,705
  10,147
  10,613
  11,105
  11,624
  12,171
  12,747
  13,354
  13,993
  14,665
  15,373
  16,117
  16,900
Total equity, $m
  -1,081
  584
  597
  613
  630
  649
  670
  693
  717
  744
  773
  803
  836
  871
  907
  947
  988
  1,032
  1,078
  1,127
  1,179
  1,234
  1,292
  1,352
  1,416
  1,484
  1,555
  1,629
  1,708
  1,791
  1,878
Total liabilities and equity, $m
  5,719
  5,839
  5,973
  6,127
  6,299
  6,490
  6,700
  6,928
  7,174
  7,441
  7,727
  8,032
  8,358
  8,706
  9,074
  9,466
  9,880
  10,319
  10,783
  11,274
  11,792
  12,339
  12,916
  13,523
  14,163
  14,838
  15,548
  16,294
  17,081
  17,908
  18,778
Debt-to-equity ratio
  -4.734
  6.120
  6.180
  6.250
  6.330
  6.410
  6.490
  6.570
  6.650
  6.740
  6.820
  6.900
  6.990
  7.070
  7.150
  7.220
  7.300
  7.370
  7.440
  7.510
  7.570
  7.640
  7.700
  7.760
  7.810
  7.870
  7.920
  7.970
  8.010
  8.060
  8.100
Adjusted equity ratio
  -0.314
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  141
  -111
  6
  6
  6
  5
  5
  4
  4
  3
  2
  52
  51
  49
  48
  47
  45
  43
  42
  40
  38
  36
  33
  31
  28
  26
  23
  20
  17
  13
  10
Depreciation, amort., depletion, $m
  344
  348
  354
  361
  370
  379
  389
  399
  411
  424
  437
  382
  398
  414
  432
  451
  470
  491
  513
  537
  561
  587
  615
  644
  674
  706
  740
  776
  813
  853
  894
Funds from operations, $m
  335
  237
  360
  367
  375
  384
  393
  404
  415
  427
  439
  434
  448
  464
  480
  497
  515
  535
  555
  576
  599
  623
  648
  675
  703
  732
  763
  796
  830
  866
  904
Change in working capital, $m
  25
  3
  4
  4
  5
  5
  6
  7
  7
  8
  8
  9
  9
  10
  11
  11
  12
  13
  13
  14
  15
  16
  17
  17
  18
  19
  20
  22
  23
  24
  25
Cash from operations, $m
  310
  234
  356
  363
  370
  378
  387
  397
  408
  419
  431
  425
  439
  454
  469
  486
  503
  522
  542
  562
  584
  607
  632
  657
  684
  713
  743
  774
  807
  842
  879
Maintenance CAPEX, $m
  0
  -273
  -278
  -284
  -292
  -300
  -309
  -319
  -330
  -342
  -354
  -368
  -382
  -398
  -414
  -432
  -451
  -470
  -491
  -513
  -537
  -561
  -587
  -615
  -644
  -674
  -706
  -740
  -776
  -813
  -853
New CAPEX, $m
  -232
  -56
  -66
  -75
  -85
  -94
  -103
  -112
  -121
  -130
  -140
  -150
  -160
  -170
  -181
  -192
  -203
  -215
  -228
  -241
  -254
  -268
  -283
  -298
  -314
  -331
  -348
  -366
  -386
  -406
  -427
Cash from investing activities, $m
  552
  -329
  -344
  -359
  -377
  -394
  -412
  -431
  -451
  -472
  -494
  -518
  -542
  -568
  -595
  -624
  -654
  -685
  -719
  -754
  -791
  -829
  -870
  -913
  -958
  -1,005
  -1,054
  -1,106
  -1,162
  -1,219
  -1,280
Free cash flow, $m
  862
  -95
  12
  3
  -6
  -15
  -24
  -34
  -43
  -53
  -63
  -92
  -103
  -114
  -126
  -138
  -151
  -164
  -177
  -192
  -207
  -222
  -239
  -256
  -274
  -292
  -312
  -333
  -354
  -377
  -401
Issuance/(repayment) of debt, $m
  2
  -1,545
  121
  138
  155
  172
  189
  205
  222
  239
  257
  275
  293
  312
  332
  352
  373
  395
  418
  442
  466
  492
  519
  547
  576
  607
  639
  673
  708
  745
  783
Issuance/(repurchase) of shares, $m
  0
  1,776
  8
  10
  12
  14
  16
  19
  21
  24
  27
  0
  0
  0
  0
  0
  0
  1
  5
  9
  14
  19
  24
  30
  36
  42
  48
  55
  62
  69
  77
Cash from financing (excl. dividends), $m  
  29
  231
  129
  148
  167
  186
  205
  224
  243
  263
  284
  275
  293
  312
  332
  352
  373
  396
  423
  451
  480
  511
  543
  577
  612
  649
  687
  728
  770
  814
  860
Total cash flow (excl. dividends), $m
  885
  136
  141
  151
  161
  171
  180
  190
  200
  210
  220
  183
  190
  198
  206
  214
  223
  232
  245
  259
  274
  289
  305
  321
  338
  356
  375
  395
  415
  437
  460
Retained Cash Flow (-), $m
  324
  -1,776
  -13
  -15
  -17
  -19
  -21
  -23
  -25
  -27
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -44
  -46
  -49
  -52
  -55
  -58
  -61
  -64
  -67
  -71
  -75
  -79
  -83
  -87
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  -1,639
  127
  135
  143
  151
  159
  167
  175
  184
  192
  152
  158
  163
  169
  175
  181
  188
  199
  210
  222
  234
  247
  260
  274
  289
  304
  320
  337
  354
  373
Discount rate, %
 
  15.20
  15.96
  16.76
  17.60
  18.48
  19.40
  20.37
  21.39
  22.46
  23.58
  24.76
  26.00
  27.30
  28.66
  30.09
  31.60
  33.18
  34.84
  36.58
  38.41
  40.33
  42.35
  44.46
  46.69
  49.02
  51.47
  54.05
  56.75
  59.59
  62.57
PV of cash for distribution, $m
 
  -1,423
  95
  85
  75
  65
  55
  46
  37
  30
  23
  13
  10
  7
  5
  3
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  49.4
  48.6
  47.7
  46.7
  45.5
  44.3
  43.0
  41.6
  40.1
  40.1
  40.1
  40.1
  40.1
  40.1
  40.1
  40.1
  39.9
  39.6
  39.1
  38.5
  37.7
  36.9
  35.9
  34.9
  33.8
  32.6
  31.5
  30.2
  29.0

Clear Channel Outdoor Holdings, Inc., an outdoor advertising company, owns and operates advertising display faces. It operates in two segments, Americas Outdoor Advertising (Americas) and International Outdoor Advertising (International). The company offers advertising services through billboards comprising bulletins and posters; street furniture displays, including advertising surfaces on bus shelters, information kiosks, freestanding units, and other public structures; transit displays, which are advertising surfaces on various types of vehicles or within transit systems; and other out-of-home advertising displays, such as wallscapes and spectaculars, as well as mall displays and other small displays. It also operates SmartBike bicycle rental program, which provides bicycles for rent to the general public in various municipalities; and sells street furniture equipment, as well as provides cleaning and maintenance, and production and creative services. Clear Channel Outdoor Holdings, Inc. serves business services, technology, beverage, travel, retail, entertainment, telecommunications, food and food products, and automotive accessories and equipment industries. As of December 31, 2016, it owned or operated approximately 590,000 advertising displays worldwide. 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 incorporated in 1995 and is headquartered in San Antonio, Texas. Clear Channel Outdoor Holdings, Inc. is a subsidiary of iHeartCommunications, Inc.

FINANCIAL RATIOS  of  Clear Channel Outdoor Holdings (CCO)

Valuation Ratios
P/E Ratio 10.4
Price to Sales 0.5
Price to Book -1.4
Price to Tangible Book
Price to Cash Flow 4.7
Price to Free Cash Flow 18.8
Growth Rates
Sales Growth Rate -3.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -4.1%
Cap. Spend. - 3 Yr. Gr. Rate 1.3%
Financial Strength
Quick Ratio 77
Current Ratio 0.1
LT Debt to Equity -472.7%
Total Debt to Equity -473.4%
Interest Coverage 2
Management Effectiveness
Return On Assets 6.5%
Ret/ On Assets - 3 Yr. Avg. 11.7%
Return On Total Capital 3.4%
Ret/ On T. Cap. - 3 Yr. Avg. 0.3%
Return On Equity -15.3%
Return On Equity - 3 Yr. Avg. 2.4%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 46.9%
Gross Margin - 3 Yr. Avg. 46.6%
EBITDA Margin 35.3%
EBITDA Margin - 3 Yr. Avg. 28.8%
Operating Margin 23.6%
Oper. Margin - 3 Yr. Avg. 14.1%
Pre-Tax Margin 8.9%
Pre-Tax Margin - 3 Yr. Avg. 2.8%
Net Profit Margin 5.2%
Net Profit Margin - 3 Yr. Avg. 0.5%
Effective Tax Rate 32%
Eff/ Tax Rate - 3 Yr. Avg. -106.2%
Payout Ratio 536.2%

CCO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CCO stock intrinsic value calculation we used $2702 million for the last fiscal year's total revenue generated by Clear Channel Outdoor Holdings. The default revenue input number comes from 2016 income statement of Clear Channel Outdoor Holdings. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CCO stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 15.2%, whose default value for CCO is calculated based on our internal credit rating of Clear Channel Outdoor Holdings, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Clear Channel Outdoor Holdings.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CCO stock the variable cost ratio is equal to 90.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for CCO stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 7.2% for Clear Channel Outdoor Holdings.

Corporate tax rate of 27% is the nominal tax rate for Clear Channel Outdoor Holdings. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CCO stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CCO are equal to 103.9%.

Life of production assets of 10.3 years is the average useful life of capital assets used in Clear Channel Outdoor Holdings operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CCO is equal to 6.1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $-1081 million for Clear Channel Outdoor Holdings - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 365.657 million for Clear Channel Outdoor Holdings is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Clear Channel Outdoor Holdings at the current share price and the inputted number of shares is $1.5 billion.

RELATED COMPANIES Price Int.Val. Rating
OUT Outfront Media 21.99 11.12  str.sell
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COMPANY NEWS

▶ Clear Channel Outdoor reports 2Q loss   [Aug-04-17 02:36AM  Associated Press]
▶ [$$] iHeartMedia Faces Limits on Cash From Clear Channel: Executive   [Aug-03-17 02:19PM  The Wall Street Journal]
▶ Clear Channel Outdoor reports 2Q loss   [08:43AM  Associated Press]
▶ Morten Gotterup Named President for Clear Channel Airports   [May-15-17 07:00AM  Business Wire]
▶ Clear Channel Outdoor reports 1Q loss   [May-04-17 09:52AM  Associated Press]
▶ [$$] Radio Station Owner iHeartMedia Warns It May Not Survive   [Apr-25-17 04:17PM  The Wall Street Journal]
▶ iHeartRadio parent warns it may not survive another year   [Apr-23-17 10:41AM  MarketWatch]
▶ [$$] Parent of iHeartRadio Warns It May Not Survive Another Year   [Apr-21-17 05:01PM  The Wall Street Journal]
▶ Clear Channel Outdoor tops 4Q profit forecasts   [Feb-23-17 10:07AM  Associated Press]
▶ Clear Media Announces Annual Results for 2016   [Jan-24-17 08:55AM  PR Newswire]
▶ Clear Channel to Sell Digital Billboard Ads 'Programatically'   [07:01AM  at The Wall Street Journal]
▶ Roseville company gets contract for Kings' electronic billboards   [Nov-18-16 04:45PM  at bizjournals.com]
Stock chart of CCO Financial statements of CCO
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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