Intrinsic value of Clear Channel Outdoor Holdings - CCO

Previous Close

$4.40

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

  Value-price divergence*

-56%

Previous close

$4.40

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

 
Value-price divergence*

-56%

*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 1.6

 

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
  221
  229
  238
  248
  259
  271
  285
  299
  315
  332
  349
  369
  389
  410
  433
  458
  483
  511
  539
  570
  602
  636
  671
  709
  748
  790
  834
  880
  928
Earnings before tax, $m
  241
  -110
  44
  45
  46
  46
  47
  47
  48
  48
  49
  119
  119
  119
  120
  120
  120
  121
  121
  121
  122
  122
  122
  122
  123
  123
  123
  124
  124
  124
  124
Tax expense, $m
  77
  0
  12
  12
  12
  12
  13
  13
  13
  13
  13
  32
  32
  32
  32
  32
  33
  33
  33
  33
  33
  33
  33
  33
  33
  33
  33
  33
  33
  34
  34
Net income, $m
  141
  -110
  32
  33
  33
  34
  34
  35
  35
  35
  36
  87
  87
  87
  87
  88
  88
  88
  88
  89
  89
  89
  89
  89
  90
  90
  90
  90
  90
  91
  91

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
  5,280
  5,401
  5,540
  5,696
  5,869
  6,058
  6,264
  6,488
  6,728
  6,986
  7,263
  7,557
  7,871
  8,205
  8,559
  8,934
  9,331
  9,751
  10,194
  10,663
  11,157
  11,678
  12,228
  12,807
  13,416
  14,058
  14,734
  15,445
  16,193
  16,980
Adjusted assets (=assets-cash), $m
  5,177
  5,280
  5,401
  5,540
  5,696
  5,869
  6,058
  6,264
  6,488
  6,728
  6,986
  7,263
  7,557
  7,871
  8,205
  8,559
  8,934
  9,331
  9,751
  10,194
  10,663
  11,157
  11,678
  12,228
  12,807
  13,416
  14,058
  14,734
  15,445
  16,193
  16,980
Revenue / Adjusted assets
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
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
  3,069
  3,178
  3,303
  3,443
  3,599
  3,769
  3,955
  4,156
  4,372
  4,605
  4,853
  5,119
  5,401
  5,701
  6,020
  6,357
  6,715
  7,093
  7,492
  7,914
  8,358
  8,827
  9,322
  9,843
  10,392
  10,969
  11,577
  12,217
  12,890
  13,599
Total liabilities, $m
  6,800
  4,752
  4,861
  4,986
  5,126
  5,282
  5,452
  5,638
  5,839
  6,055
  6,288
  6,536
  6,802
  7,084
  7,384
  7,703
  8,040
  8,398
  8,776
  9,175
  9,597
  10,041
  10,510
  11,005
  11,526
  12,075
  12,652
  13,260
  13,900
  14,573
  15,282
Total equity, $m
  -1,081
  528
  540
  554
  570
  587
  606
  626
  649
  673
  699
  726
  756
  787
  820
  856
  893
  933
  975
  1,019
  1,066
  1,116
  1,168
  1,223
  1,281
  1,342
  1,406
  1,473
  1,544
  1,619
  1,698
Total liabilities and equity, $m
  5,719
  5,280
  5,401
  5,540
  5,696
  5,869
  6,058
  6,264
  6,488
  6,728
  6,987
  7,262
  7,558
  7,871
  8,204
  8,559
  8,933
  9,331
  9,751
  10,194
  10,663
  11,157
  11,678
  12,228
  12,807
  13,417
  14,058
  14,733
  15,444
  16,192
  16,980
Debt-to-equity ratio
  -4.734
  5.810
  5.880
  5.960
  6.050
  6.130
  6.220
  6.310
  6.410
  6.500
  6.590
  6.680
  6.770
  6.860
  6.950
  7.030
  7.120
  7.200
  7.270
  7.350
  7.420
  7.490
  7.560
  7.620
  7.690
  7.750
  7.800
  7.860
  7.910
  7.960
  8.010
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
  -110
  32
  33
  33
  34
  34
  35
  35
  35
  36
  87
  87
  87
  87
  88
  88
  88
  88
  89
  89
  89
  89
  89
  90
  90
  90
  90
  90
  91
  91
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
  386
  394
  403
  412
  423
  434
  446
  459
  473
  469
  485
  502
  519
  538
  558
  579
  602
  625
  650
  676
  704
  733
  764
  796
  830
  866
  904
  943
  985
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
  382
  390
  398
  407
  417
  427
  439
  451
  465
  460
  475
  492
  509
  527
  546
  567
  588
  611
  635
  661
  688
  716
  746
  777
  810
  845
  881
  919
  960
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
  -94
  39
  30
  22
  13
  5
  -3
  -12
  -21
  -30
  -57
  -67
  -77
  -87
  -97
  -108
  -119
  -131
  -143
  -156
  -169
  -183
  -197
  -212
  -228
  -245
  -262
  -280
  -299
  -319
Issuance/(repayment) of debt, $m
  2
  -2,041
  109
  125
  140
  155
  171
  186
  201
  217
  232
  249
  265
  282
  300
  319
  338
  357
  378
  399
  422
  445
  469
  494
  521
  549
  578
  608
  640
  673
  708
Issuance/(repurchase) of shares, $m
  0
  2,254
  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 from financing (excl. dividends), $m  
  29
  213
  109
  125
  140
  155
  171
  186
  201
  217
  232
  249
  265
  282
  300
  319
  338
  357
  378
  399
  422
  445
  469
  494
  521
  549
  578
  608
  640
  673
  708
Total cash flow (excl. dividends), $m
  885
  119
  148
  155
  162
  169
  176
  182
  189
  196
  203
  191
  198
  206
  214
  222
  230
  238
  247
  256
  266
  276
  286
  297
  309
  321
  333
  346
  360
  374
  389
Retained Cash Flow (-), $m
  324
  -2,254
  -12
  -14
  -16
  -17
  -19
  -21
  -22
  -24
  -26
  -28
  -29
  -31
  -33
  -35
  -38
  -40
  -42
  -44
  -47
  -49
  -52
  -55
  -58
  -61
  -64
  -68
  -71
  -75
  -79
Prev. year cash balance distribution, $m
 
  535
  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
 
  -1,600
  136
  141
  146
  151
  157
  162
  167
  172
  177
  164
  169
  175
  180
  186
  192
  199
  205
  212
  219
  227
  234
  242
  251
  260
  269
  278
  288
  299
  310
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
 
  -1,389
  101
  89
  77
  65
  54
  44
  35
  28
  21
  14
  11
  8
  5
  4
  2
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Clear Channel Outdoor Holdings, Inc. is an outdoor advertising company. 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. Its segments include Americas outdoor advertising (Americas) and International outdoor advertising (International). The Americas segment consists of operations primarily in the United States, Canada and Latin America. Its Americas assets consist of printed and digital billboards, street furniture and transit displays, airport displays and wallscapes and other spectaculars, which the Company owns or operates under lease management agreements. International segment primarily includes operations in Europe and Asia. The International assets consist of street furniture and transit displays, billboards, mall displays, Smartbike programs, and other spectaculars, which the Company owns or operates under lease agreements.

FINANCIAL RATIOS  of  Clear Channel Outdoor Holdings (CCO)

Valuation Ratios
P/E Ratio 11.3
Price to Sales 0.6
Price to Book -1.5
Price to Tangible Book
Price to Cash Flow 5.1
Price to Free Cash Flow 20.4
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 358.025 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 $1.6 billion.

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COMPANY NEWS

▶ [$$] iHeart Opens Debt Restructuring Talks With Creditors   [Oct-11-17 08:34PM  The Wall Street Journal]
▶ The Most Undervalued And Overvalued Sectors Are   [Sep-28-17 10:01AM  Barrons.com]
▶ Clear Channel Outdoor names new regional president for Midwest   [Sep-21-17 04:15PM  American City Business Journals]
▶ Should You Buy Clear Channel Outdoor Holdings Inc (CCO) Now?   [Sep-12-17 08:55PM  Simply Wall St.]
▶ Clear Channel Outdoor reports 2Q loss   [Aug-04-17 02:36AM  Associated Press]
▶ [$$] 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]
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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