Intrinsic value of Clear Channel Outdoor Holdings - CCO

Previous Close

$4.40

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$4.40

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
 
  2,485
  2,537
  2,598
  2,665
  2,740
  2,822
  2,912
  3,008
  3,113
  3,225
  3,149
  3,277
  3,413
  3,557
  3,711
  3,873
  4,045
  4,228
  4,420
  4,623
  4,837
  5,063
  5,301
  5,552
  5,817
  6,095
  6,388
  6,696
  7,021
  7,362
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
  2,485
  2,537
  2,598
  2,665
  2,740
  2,822
  2,912
  3,008
  3,113
  3,225
  3,149
  3,277
  3,413
  3,557
  3,711
  3,873
  4,045
  4,228
  4,420
  4,623
  4,837
  5,063
  5,301
  5,552
  5,817
  6,095
  6,388
  6,696
  7,021
  7,362
Operating income, $m
  638
  271
  282
  294
  308
  323
  340
  358
  378
  399
  422
  642
  668
  696
  726
  757
  790
  825
  862
  902
  943
  987
  1,033
  1,081
  1,133
  1,187
  1,243
  1,303
  1,366
  1,432
  1,502
EBITDA, $m
  982
  827
  846
  868
  893
  920
  949
  982
  1,017
  1,054
  1,095
  1,138
  1,184
  1,234
  1,286
  1,341
  1,400
  1,462
  1,528
  1,598
  1,671
  1,749
  1,830
  1,916
  2,007
  2,103
  2,203
  2,309
  2,420
  2,538
  2,661
Interest expense (income), $m
  368
  374
  260
  269
  279
  290
  303
  316
  331
  348
  365
  384
  404
  425
  448
  472
  498
  525
  554
  584
  616
  650
  686
  724
  764
  806
  850
  896
  945
  997
  1,051
Earnings before tax, $m
  241
  -102
  22
  25
  29
  33
  37
  42
  47
  52
  57
  259
  265
  271
  278
  285
  292
  300
  309
  317
  327
  336
  347
  358
  369
  381
  393
  407
  421
  435
  450
Tax expense, $m
  77
  0
  6
  7
  8
  9
  10
  11
  13
  14
  15
  70
  71
  73
  75
  77
  79
  81
  83
  86
  88
  91
  94
  97
  100
  103
  106
  110
  114
  117
  122
Net income, $m
  141
  -102
  16
  19
  21
  24
  27
  31
  34
  38
  42
  189
  193
  198
  203
  208
  213
  219
  225
  232
  239
  246
  253
  261
  269
  278
  287
  297
  307
  318
  329

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
  5,827
  5,961
  6,114
  6,286
  6,476
  6,686
  6,913
  7,160
  7,425
  7,710
  8,015
  8,340
  8,687
  9,055
  9,445
  9,859
  10,298
  10,761
  11,250
  11,767
  12,313
  12,888
  13,494
  14,133
  14,806
  15,514
  16,260
  17,045
  17,870
  18,739
Adjusted assets (=assets-cash), $m
  5,177
  5,827
  5,961
  6,114
  6,286
  6,476
  6,686
  6,913
  7,160
  7,425
  7,710
  8,015
  8,340
  8,687
  9,055
  9,445
  9,859
  10,298
  10,761
  11,250
  11,767
  12,313
  12,888
  13,494
  14,133
  14,806
  15,514
  16,260
  17,045
  17,870
  18,739
Revenue / Adjusted assets
  0.522
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
Average production assets, $m
  2,808
  3,605
  3,688
  3,783
  3,889
  4,007
  4,136
  4,277
  4,430
  4,594
  4,770
  4,959
  5,160
  5,374
  5,602
  5,844
  6,100
  6,371
  6,658
  6,960
  7,280
  7,618
  7,974
  8,349
  8,744
  9,160
  9,599
  10,060
  10,545
  11,056
  11,593
Working capital, $m
  699
  -579
  -592
  -607
  -624
  -643
  -664
  -687
  -711
  -738
  -766
  -796
  -828
  -863
  -899
  -938
  -979
  -1,023
  -1,069
  -1,118
  -1,169
  -1,223
  -1,280
  -1,340
  -1,404
  -1,471
  -1,541
  -1,615
  -1,693
  -1,775
  -1,861
Total debt, $m
  5,117
  3,561
  3,682
  3,820
  3,974
  4,146
  4,334
  4,539
  4,761
  5,000
  5,256
  5,531
  5,824
  6,135
  6,467
  6,818
  7,191
  7,585
  8,002
  8,443
  8,908
  9,399
  9,916
  10,462
  11,037
  11,643
  12,280
  12,951
  13,657
  14,400
  15,182
Total liabilities, $m
  6,800
  5,244
  5,365
  5,503
  5,657
  5,829
  6,017
  6,222
  6,444
  6,683
  6,939
  7,214
  7,506
  7,818
  8,149
  8,501
  8,873
  9,268
  9,685
  10,125
  10,591
  11,082
  11,599
  12,145
  12,720
  13,325
  13,963
  14,634
  15,340
  16,083
  16,865
Total equity, $m
  -1,081
  583
  596
  611
  629
  648
  669
  691
  716
  743
  771
  802
  834
  869
  905
  945
  986
  1,030
  1,076
  1,125
  1,177
  1,231
  1,289
  1,349
  1,413
  1,481
  1,551
  1,626
  1,704
  1,787
  1,874
Total liabilities and equity, $m
  5,719
  5,827
  5,961
  6,114
  6,286
  6,477
  6,686
  6,913
  7,160
  7,426
  7,710
  8,016
  8,340
  8,687
  9,054
  9,446
  9,859
  10,298
  10,761
  11,250
  11,768
  12,313
  12,888
  13,494
  14,133
  14,806
  15,514
  16,260
  17,044
  17,870
  18,739
Debt-to-equity ratio
  -4.734
  6.110
  6.180
  6.250
  6.320
  6.400
  6.480
  6.570
  6.650
  6.730
  6.820
  6.900
  6.980
  7.060
  7.140
  7.220
  7.290
  7.370
  7.440
  7.500
  7.570
  7.630
  7.690
  7.750
  7.810
  7.860
  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
  -102
  16
  19
  21
  24
  27
  31
  34
  38
  42
  189
  193
  198
  203
  208
  213
  219
  225
  232
  239
  246
  253
  261
  269
  278
  287
  297
  307
  318
  329
Depreciation, amort., depletion, $m
  344
  556
  564
  574
  585
  596
  609
  623
  639
  655
  673
  496
  516
  537
  560
  584
  610
  637
  666
  696
  728
  762
  797
  835
  874
  916
  960
  1,006
  1,055
  1,106
  1,159
Funds from operations, $m
  335
  454
  581
  593
  606
  621
  637
  654
  673
  693
  714
  685
  709
  735
  763
  792
  823
  856
  891
  928
  967
  1,007
  1,050
  1,096
  1,144
  1,194
  1,247
  1,303
  1,362
  1,423
  1,488
Change in working capital, $m
  25
  -11
  -13
  -15
  -17
  -19
  -21
  -23
  -24
  -26
  -28
  -30
  -32
  -34
  -37
  -39
  -41
  -44
  -46
  -49
  -51
  -54
  -57
  -60
  -63
  -67
  -70
  -74
  -78
  -82
  -86
Cash from operations, $m
  310
  465
  594
  608
  623
  640
  657
  677
  697
  719
  743
  715
  742
  770
  800
  831
  865
  900
  937
  976
  1,018
  1,062
  1,108
  1,156
  1,207
  1,261
  1,317
  1,377
  1,439
  1,505
  1,574
Maintenance CAPEX, $m
  0
  -354
  -360
  -369
  -378
  -389
  -401
  -414
  -428
  -443
  -459
  -477
  -496
  -516
  -537
  -560
  -584
  -610
  -637
  -666
  -696
  -728
  -762
  -797
  -835
  -874
  -916
  -960
  -1,006
  -1,055
  -1,106
New CAPEX, $m
  -232
  -70
  -83
  -95
  -106
  -118
  -129
  -141
  -152
  -164
  -176
  -189
  -201
  -214
  -228
  -242
  -256
  -271
  -287
  -303
  -320
  -337
  -356
  -375
  -395
  -416
  -438
  -461
  -485
  -511
  -537
Cash from investing activities, $m
  552
  -424
  -443
  -464
  -484
  -507
  -530
  -555
  -580
  -607
  -635
  -666
  -697
  -730
  -765
  -802
  -840
  -881
  -924
  -969
  -1,016
  -1,065
  -1,118
  -1,172
  -1,230
  -1,290
  -1,354
  -1,421
  -1,491
  -1,566
  -1,643
Free cash flow, $m
  862
  42
  150
  144
  138
  133
  127
  122
  117
  112
  107
  49
  44
  39
  34
  29
  24
  19
  13
  8
  2
  -4
  -10
  -16
  -23
  -30
  -37
  -44
  -52
  -60
  -68
Issuance/(repayment) of debt, $m
  2
  -1,556
  121
  138
  155
  172
  188
  205
  222
  239
  256
  274
  293
  312
  331
  352
  373
  394
  417
  441
  465
  491
  518
  546
  575
  606
  638
  671
  706
  743
  781
Issuance/(repurchase) of shares, $m
  0
  1,766
  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
  210
  121
  138
  155
  172
  188
  205
  222
  239
  256
  274
  293
  312
  331
  352
  373
  394
  417
  441
  465
  491
  518
  546
  575
  606
  638
  671
  706
  743
  781
Total cash flow (excl. dividends), $m
  885
  252
  271
  282
  293
  304
  316
  327
  339
  351
  364
  324
  337
  351
  366
  381
  397
  413
  430
  448
  467
  487
  508
  529
  552
  576
  601
  627
  654
  683
  713
Retained Cash Flow (-), $m
  324
  -1,766
  -13
  -15
  -17
  -19
  -21
  -23
  -25
  -27
  -28
  -30
  -33
  -35
  -37
  -39
  -41
  -44
  -46
  -49
  -52
  -55
  -58
  -61
  -64
  -67
  -71
  -75
  -78
  -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
 
  11
  11
  11
  12
  12
  12
  13
  13
  14
  14
  15
  15
  16
  16
  17
  18
  19
  19
  20
  21
  22
  23
  24
  26
  27
  28
  29
  31
  32
  34
Cash available for distribution, $m
 
  -1,514
  258
  267
  276
  285
  295
  304
  314
  324
  335
  293
  305
  316
  329
  342
  355
  369
  384
  399
  416
  432
  450
  469
  488
  508
  530
  552
  576
  600
  626
Discount rate, %
 
  14.90
  15.65
  16.43
  17.25
  18.11
  19.02
  19.97
  20.97
  22.01
  23.11
  24.27
  25.48
  26.76
  28.10
  29.50
  30.98
  32.52
  34.15
  35.86
  37.65
  39.53
  41.51
  43.59
  45.77
  48.05
  50.46
  52.98
  55.63
  58.41
  61.33
PV of cash for distribution, $m
 
  -1,317
  193
  169
  146
  124
  104
  85
  69
  54
  42
  27
  20
  15
  10
  7
  5
  3
  2
  1
  1
  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 14.9%, 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 90.3%.

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 7.3% 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 0.4%.

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 130.8%.

Life of production assets of 10 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 -21%. 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 360 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

▶ Houlihan Lokey's Gold on Next Distress Cycle   [May-31-18 12:50PM  Bloomberg Video]
▶ Houlihan Lokey CEO on Next Distress Cycle   [01:32AM  Bloomberg Video]
▶ Clear Channel Outdoor: 1Q Earnings Snapshot   [06:51AM  Associated Press]
▶ [$$] Radio Giant iHeartMedia Files for Bankruptcy   [12:59PM  The Wall Street Journal]
▶ [$$] iHeartMedia Extends Forbearance Agreement to March 12   [Mar-08-18 09:09AM  The Wall Street Journal]
▶ 125 billboards (in and) outside of Boston, Mass.: MBTA mulls digitizing signs   [Mar-07-18 03:27PM  American City Business Journals]
▶ [$$] Clear Channel Shareholder Takes Another Run at iHeart   [Jan-04-18 04:01PM  The Wall Street Journal]
▶ [$$] iHeartCommunications Eying Sale of Stake in Billboard Unit   [Dec-11-17 05:12PM  The Wall Street Journal]
▶ Clear Channel Outdoor reports 3Q loss   [Nov-08-17 10:12AM  Associated Press]
▶ [$$] IHeartMedia Discloses Wide Gulf in Talks With Creditors   [Oct-26-17 05:25PM  The Wall Street Journal]
▶ [$$] 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]
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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