Intrinsic value of Clear Channel Outdoor Holdings - CCO

Previous Close

$5.28

  Intrinsic Value

$5.92

stock screener

  Rating & Target

hold

+12%

Previous close

$5.28

 
Intrinsic value

$5.92

 
Up/down potential

+12%

 
Rating

hold

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 0001), $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 0.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.31
  5.28
  5.25
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
Revenue, $m
  2,744
  2,904
  3,070
  3,244
  3,425
  3,614
  3,812
  4,019
  4,236
  4,462
  4,700
  4,948
  5,208
  5,480
  5,765
  6,064
  6,378
  6,706
  7,051
  7,412
  7,790
  8,188
  8,604
  9,041
  9,500
  9,981
  10,486
  11,016
  11,572
  12,155
Variable operating expenses, $m
  2,154
  2,267
  2,386
  2,510
  2,639
  2,774
  2,915
  3,063
  3,217
  3,379
  3,352
  3,529
  3,714
  3,908
  4,112
  4,325
  4,548
  4,783
  5,028
  5,286
  5,556
  5,839
  6,136
  6,448
  6,775
  7,118
  7,478
  7,856
  8,252
  8,669
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
  2,154
  2,267
  2,386
  2,510
  2,639
  2,774
  2,915
  3,063
  3,217
  3,379
  3,352
  3,529
  3,714
  3,908
  4,112
  4,325
  4,548
  4,783
  5,028
  5,286
  5,556
  5,839
  6,136
  6,448
  6,775
  7,118
  7,478
  7,856
  8,252
  8,669
Operating income, $m
  591
  636
  684
  734
  786
  840
  897
  956
  1,019
  1,083
  1,348
  1,419
  1,494
  1,572
  1,654
  1,739
  1,829
  1,924
  2,022
  2,126
  2,235
  2,348
  2,468
  2,593
  2,725
  2,863
  3,008
  3,160
  3,319
  3,486
EBITDA, $m
  1,032
  1,092
  1,155
  1,220
  1,288
  1,360
  1,434
  1,512
  1,593
  1,679
  1,768
  1,861
  1,959
  2,061
  2,169
  2,281
  2,399
  2,523
  2,652
  2,788
  2,930
  3,080
  3,236
  3,401
  3,573
  3,754
  3,944
  4,144
  4,353
  4,572
Interest expense (income), $m
  368
  384
  221
  240
  260
  280
  302
  324
  348
  372
  398
  425
  453
  482
  513
  545
  579
  614
  651
  690
  731
  774
  819
  866
  915
  967
  1,021
  1,078
  1,138
  1,200
  1,266
Earnings before tax, $m
  206
  415
  444
  474
  506
  538
  573
  609
  646
  686
  923
  966
  1,012
  1,059
  1,109
  1,161
  1,215
  1,272
  1,332
  1,395
  1,461
  1,530
  1,602
  1,678
  1,758
  1,842
  1,930
  2,022
  2,119
  2,220
Tax expense, $m
  56
  112
  120
  128
  136
  145
  155
  164
  175
  185
  249
  261
  273
  286
  299
  313
  328
  343
  360
  377
  394
  413
  433
  453
  475
  497
  521
  546
  572
  599
Net income, $m
  150
  303
  324
  346
  369
  393
  418
  444
  472
  501
  674
  706
  739
  773
  809
  847
  887
  929
  972
  1,018
  1,066
  1,117
  1,170
  1,225
  1,283
  1,345
  1,409
  1,476
  1,547
  1,621

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  4,944
  5,232
  5,531
  5,844
  6,171
  6,512
  6,869
  7,242
  7,632
  8,041
  8,468
  8,915
  9,383
  9,874
  10,388
  10,927
  11,491
  12,083
  12,704
  13,354
  14,037
  14,752
  15,503
  16,291
  17,117
  17,984
  18,893
  19,848
  20,850
  21,901
Adjusted assets (=assets-cash), $m
  4,944
  5,232
  5,531
  5,844
  6,171
  6,512
  6,869
  7,242
  7,632
  8,041
  8,468
  8,915
  9,383
  9,874
  10,388
  10,927
  11,491
  12,083
  12,704
  13,354
  14,037
  14,752
  15,503
  16,291
  17,117
  17,984
  18,893
  19,848
  20,850
  21,901
Revenue / Adjusted assets
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
Average production assets, $m
  2,525
  2,671
  2,824
  2,984
  3,151
  3,325
  3,507
  3,698
  3,897
  4,105
  4,324
  4,552
  4,791
  5,042
  5,304
  5,579
  5,868
  6,170
  6,487
  6,819
  7,167
  7,533
  7,916
  8,318
  8,740
  9,182
  9,647
  10,134
  10,646
  11,183
Working capital, $m
  184
  195
  206
  217
  229
  242
  255
  269
  284
  299
  315
  332
  349
  367
  386
  406
  427
  449
  472
  497
  522
  549
  576
  606
  636
  669
  703
  738
  775
  814
Total debt, $m
  3,031
  3,289
  3,559
  3,840
  4,135
  4,442
  4,763
  5,099
  5,450
  5,817
  6,202
  6,604
  7,026
  7,467
  7,930
  8,415
  8,923
  9,456
  10,014
  10,600
  11,214
  11,858
  12,533
  13,242
  13,986
  14,766
  15,585
  16,444
  17,345
  18,291
Total liabilities, $m
  4,450
  4,709
  4,978
  5,260
  5,554
  5,861
  6,182
  6,518
  6,869
  7,236
  7,621
  8,024
  8,445
  8,887
  9,349
  9,834
  10,342
  10,875
  11,433
  12,019
  12,633
  13,277
  13,953
  14,661
  15,405
  16,185
  17,004
  17,863
  18,765
  19,711
Total equity, $m
  494
  523
  553
  584
  617
  651
  687
  724
  763
  804
  847
  892
  938
  987
  1,039
  1,093
  1,149
  1,208
  1,270
  1,335
  1,404
  1,475
  1,550
  1,629
  1,712
  1,798
  1,889
  1,985
  2,085
  2,190
Total liabilities and equity, $m
  4,944
  5,232
  5,531
  5,844
  6,171
  6,512
  6,869
  7,242
  7,632
  8,040
  8,468
  8,916
  9,383
  9,874
  10,388
  10,927
  11,491
  12,083
  12,703
  13,354
  14,037
  14,752
  15,503
  16,290
  17,117
  17,983
  18,893
  19,848
  20,850
  21,901
Debt-to-equity ratio
  6.130
  6.290
  6.430
  6.570
  6.700
  6.820
  6.930
  7.040
  7.140
  7.230
  7.320
  7.410
  7.490
  7.560
  7.630
  7.700
  7.760
  7.830
  7.880
  7.940
  7.990
  8.040
  8.080
  8.130
  8.170
  8.210
  8.250
  8.280
  8.320
  8.350
Adjusted equity ratio
  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
  150
  303
  324
  346
  369
  393
  418
  444
  472
  501
  674
  706
  739
  773
  809
  847
  887
  929
  972
  1,018
  1,066
  1,117
  1,170
  1,225
  1,283
  1,345
  1,409
  1,476
  1,547
  1,621
Depreciation, amort., depletion, $m
  442
  456
  471
  486
  502
  519
  537
  556
  575
  595
  420
  442
  465
  489
  515
  542
  570
  599
  630
  662
  696
  731
  769
  808
  849
  891
  937
  984
  1,034
  1,086
Funds from operations, $m
  592
  759
  795
  832
  871
  912
  955
  1,000
  1,047
  1,096
  1,094
  1,147
  1,204
  1,263
  1,324
  1,389
  1,457
  1,528
  1,602
  1,680
  1,762
  1,848
  1,938
  2,033
  2,132
  2,236
  2,345
  2,460
  2,580
  2,706
Change in working capital, $m
  10
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
  27
  28
  29
  31
  32
  34
  35
  37
  39
Cash from operations, $m
  582
  748
  784
  821
  859
  900
  942
  986
  1,032
  1,080
  1,078
  1,131
  1,186
  1,244
  1,305
  1,369
  1,436
  1,506
  1,579
  1,656
  1,737
  1,822
  1,910
  2,004
  2,101
  2,204
  2,311
  2,424
  2,543
  2,667
Maintenance CAPEX, $m
  -231
  -245
  -259
  -274
  -290
  -306
  -323
  -341
  -359
  -378
  -399
  -420
  -442
  -465
  -489
  -515
  -542
  -570
  -599
  -630
  -662
  -696
  -731
  -769
  -808
  -849
  -891
  -937
  -984
  -1,034
New CAPEX, $m
  -140
  -147
  -153
  -160
  -167
  -174
  -182
  -190
  -199
  -208
  -218
  -228
  -239
  -251
  -262
  -275
  -288
  -302
  -317
  -332
  -348
  -365
  -383
  -402
  -422
  -443
  -464
  -487
  -511
  -537
Cash from investing activities, $m
  -371
  -392
  -412
  -434
  -457
  -480
  -505
  -531
  -558
  -586
  -617
  -648
  -681
  -716
  -751
  -790
  -830
  -872
  -916
  -962
  -1,010
  -1,061
  -1,114
  -1,171
  -1,230
  -1,292
  -1,355
  -1,424
  -1,495
  -1,571
Free cash flow, $m
  210
  356
  371
  387
  403
  419
  437
  455
  474
  494
  461
  483
  505
  529
  553
  579
  606
  634
  663
  694
  726
  760
  796
  833
  872
  913
  956
  1,000
  1,048
  1,097
Issuance/(repayment) of debt, $m
  -2,236
  259
  270
  282
  294
  307
  321
  336
  351
  367
  385
  403
  422
  442
  463
  485
  508
  533
  558
  586
  614
  644
  676
  709
  744
  780
  819
  859
  902
  946
Issuance/(repurchase) of shares, $m
  2,359
  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  
  123
  259
  270
  282
  294
  307
  321
  336
  351
  367
  385
  403
  422
  442
  463
  485
  508
  533
  558
  586
  614
  644
  676
  709
  744
  780
  819
  859
  902
  946
Total cash flow (excl. dividends), $m
  333
  615
  641
  668
  697
  727
  758
  791
  825
  861
  846
  885
  927
  970
  1,016
  1,064
  1,114
  1,166
  1,222
  1,280
  1,341
  1,404
  1,471
  1,542
  1,615
  1,693
  1,774
  1,860
  1,949
  2,043
Retained Cash Flow (-), $m
  -2,510
  -29
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -59
  -62
  -65
  -68
  -72
  -75
  -79
  -83
  -87
  -91
  -95
  -100
  -105
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
  -2,176
  586
  611
  637
  664
  693
  722
  753
  786
  820
  803
  841
  880
  921
  964
  1,010
  1,057
  1,107
  1,160
  1,215
  1,272
  1,333
  1,396
  1,463
  1,533
  1,606
  1,683
  1,764
  1,849
  1,938
Discount rate, %
  15.40
  16.17
  16.98
  17.83
  18.72
  19.65
  20.64
  21.67
  22.75
  23.89
  25.08
  26.34
  27.66
  29.04
  30.49
  32.02
  33.62
  35.30
  37.06
  38.92
  40.86
  42.90
  45.05
  47.30
  49.67
  52.15
  54.76
  57.50
  60.37
  63.39
PV of cash for distribution, $m
  -1,886
  434
  382
  330
  282
  236
  194
  157
  124
  96
  68
  51
  37
  26
  18
  12
  8
  5
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  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 13.6
Price to Sales 0.7
Price to Book -1.8
Price to Tangible Book
Price to Cash Flow 6.2
Price to Free Cash Flow 24.5
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 $2591.265 million for the last fiscal year's total revenue generated by Clear Channel Outdoor Holdings. The default revenue input number comes from 0001 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 5.9% 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 15.4%, 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 78.9%.

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%.

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 92%.

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 6.7%. 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 - $-2015.334 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 49.036 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 $0.3 billion.

RELATED COMPANIES Price Int.Val. Rating
OUT Outfront Media 20.87 19.91  hold
LAMR Lamar Advertis 75.52 59.09  sell
BCE BCE 41.70 56.78  buy

COMPANY NEWS

▶ Clear Channel Outdoor: 3Q Earnings Snapshot   [07:39AM  Associated Press]
▶ Clear Channel Outdoor: 2Q Earnings Snapshot   [09:16AM  Associated Press]
▶ Earnings Outlook For Clear Channel Outdoor   [Jul-30-18 03:14PM  Benzinga]
▶ 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.]

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