Download PDF

1. Company Snapshot

1.a. Company Description

Clear Channel Outdoor Holdings, Inc.owns, operates, and sells advertising displays in the United States and internationally.It operates through two segments, Americas and Europe.


The company offers advertising services through billboards, including bulletins and posters; transit displays, which are advertising surfaces on various types of vehicles or within transit systems; street furniture displays, such as advertising surfaces on bus shelters, information kiosks, freestanding units, and other public structures; spectaculars, which are customized display structures that incorporate videos, multidimensional lettering and figures, mechanical devices and moving parts, and other embellishments; wallscape, a display that drapes over or is suspended from the sides of buildings or other structures.It also provides street furniture equipment, cleaning and maintenance services, operation of public bike programs, and production services; and a public bicycle rental program, which offers bicycles for rent to the general public in various municipalities.As of December 31, 2021, it owned or operated approximately 69,000 advertising displays in the Americas; and 430,000 advertising displays in Europe.


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 founded in 1901 and is headquartered in San Antonio, Texas.

Show Full description

1.b. Last Insights on CCO

Clear Channel Outdoor Holdings, Inc.'s recent performance was driven by a 7% revenue growth in Q2 2025, led by increases in its America and Airports segments. The company's solid financial results, within its guidance range, reflect progress in executing its strategic plan. Additionally, Clear Channel Outdoor's sale of its business in Brazil to an affiliate of Eletromidia S.A. marks the completion of its divestiture of Latin American businesses, streamlining its operations. Partnerships, such as the one with Blood Cancer United, also contribute to its growth.

1.c. Company Highlights

2. Clear Channel Outdoor Holdings, Inc.: A Promising Outlook Despite Mixed Q2 Results

Clear Channel Outdoor Holdings, Inc. reported its second-quarter 2025 earnings, with consolidated revenue of $402.8 million, up 7% year-over-year, and adjusted EBITDA of $128.6 million, up 7.7%. The company's Americas segment delivered record revenue of $303.1 million, up 4.4%, driven by digital and local sales growth, while Airports revenue was $99.7 million, up 15.6%, with strong performance across sales channels. The company's EPS came in at -$0.04, in line with estimates. The company's revenue growth was driven by digital and local sales growth, with the Americas segment experiencing a lag in growth pace in Q2.

Publication Date: Aug -19

📋 Highlights
  • Revenue and EBITDA Growth:: Consolidated revenue reached $402.8 million (+7% YoY), and adjusted EBITDA hit $128.6 million (+7.7% YoY).
  • Americas Segment Performance:: Generated record revenue of $303.1 million (+4.4% YoY), driven by digital and local sales growth.
  • Airports Revenue Surge:: Airports revenue grew to $99.7 million (+15.6% YoY) with strong sales across all channels.
  • Capital Structure Optimizations:: Reduced annual interest by $17.5 million via debt refinancing and senior note buybacks, extending credit facilities to 2030.
  • Digital Advertising Momentum:: Digital investments are accelerating growth, with digital formats outpacing static due to advertiser demand for flexibility, while static remains strong in iconic locations.

Financial Performance and Guidance

The company expects a strong second half of the year, with consolidated revenue and adjusted EBITDA guidance reiterated, and AFFO expected to be $75-85 million, up 28-45% year-over-year. The company has nearly 90% of its Q3 revenue guidance under contract, and its business pipeline remains solid. The company generated $395 million in cash interest and expects to be free cash flow positive this year, driven by EBITDA growth, working capital management, and careful CapEx investment. According to the company's management, "we don't see our Q2 performance as a sign of weakness, but rather a reflection of our guidance taking into account 90% of expectations."

Segment Performance and Trends

The Americas segment delivered record revenue, driven by digital and local sales growth, while Airports revenue experienced strong performance across sales channels. The static business has shown improvement sequentially, with certain formats and verticals performing better than others, but the company doesn't see a significant change in trends. The company is focused on having a robust digital offer, which benefits both advertisers and media owners. As digital is made more available, it enables creative and interesting campaigns, growing the business.

Valuation and Outlook

The company's valuation metrics suggest that there is room for growth, with a P/S Ratio of 0.5 and an EV/EBITDA of 13.47. The company's Free Cash Flow Yield is 10.69%, which is attractive. Analysts estimate next year's revenue growth at 3.6%, which is a positive outlook. With an Investor Day on September 9 to discuss long- and mid-term plans, the management team is focused on realizing value for shareholders.

3. NewsRoom

Card image cap

Atlantic Union Bankshares Corp Purchases New Position in Cameco Corporation $CCJ

Nov -11

Source: defenseworld.net

Card image cap

Clear Channel Outdoor Holdings, Inc. (CCO) Q3 2025 Earnings Call Transcript

Nov -06

Source: seekingalpha.com

Card image cap

Compared to Estimates, Clear Channel Outdoor (CCO) Q3 Earnings: A Look at Key Metrics

Nov -06

Source: zacks.com

Card image cap

Clear Channel Outdoor (CCO) Reports Q3 Loss, Beats Revenue Estimates

Nov -06

Source: zacks.com

Card image cap

Clear Channel Outdoor Holdings, Inc. Reports Results for the Third Quarter of 2025

Nov -06

Source: prnewswire.com

Card image cap

Cameco Corporation (CCO:CA) Q3 2025 Earnings Call Transcript

Nov -05

Source: seekingalpha.com

Card image cap

Oppenheimer Asset Management Inc. Buys Shares of 3,598 Cameco Corporation $CCJ

Nov -03

Source: defenseworld.net

Card image cap

Clear Channel Outdoor (CCO) Projected to Post Earnings on Thursday

Oct -30

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.74%)

6. Segments

America

Expected Growth: 3.8%

Strong advertising demand, increased digital adoption, and strategic partnerships drive growth for Clear Channel Outdoor Holdings, Inc. in America. The 3.8% growth rate is attributed to the company's focus on innovative outdoor advertising solutions, expansion into new markets, and effective cost management.

Europe-North

Expected Growth: 3.5%

Europe-North growth of 3.5% driven by increasing outdoor advertising spend in key markets like UK and Netherlands, fueled by economic recovery and urbanization. Additionally, Clear Channel Outdoor Holdings, Inc.'s strategic investments in digital displays and data analytics capabilities are enhancing its offerings, attracting more advertisers and contributing to growth.

Airports

Expected Growth: 4.2%

Airports segment growth of 4.2% driven by increasing passenger traffic, higher advertising spend, and strategic partnerships with airport authorities. Additionally, Clear Channel Outdoor's digital transformation efforts, including the installation of digital displays and smart kiosks, are enhancing the passenger experience and attracting more advertisers.

Other

Expected Growth: 3.2%

Clear Channel Outdoor Holdings, Inc.'s 3.2% growth is driven by increasing demand for out-of-home advertising, strategic acquisitions, and expansion into digital displays. Additionally, the company's focus on programmatic buying and data analytics has improved operational efficiency, contributing to revenue growth.

7. Detailed Products

Billboards

Large format outdoor advertising displays, typically located in high-traffic areas, such as highways, city centers, and shopping districts.

Transit Shelters

Advertising displays located at bus shelters, train stations, and other public transportation hubs.

Mall Displays

Indoor advertising displays located in shopping malls and retail centers.

Airport Displays

Advertising displays located in airport terminals, concourses, and baggage claim areas.

Digital Displays

Electronic displays that can be updated remotely, often used for real-time messaging and dynamic content.

Spectaculars

Large, high-impact displays that can be customized to fit unique locations and designs.

Street Furniture

Advertising displays integrated into urban infrastructure, such as benches, kiosks, and waste receptacles.

8. Clear Channel Outdoor Holdings, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Clear Channel Outdoor Holdings, Inc. is medium. While there are some substitutes for outdoor advertising, such as online advertising, they are not perfect substitutes and the company's large scale and presence in key markets provide some protection.

Bargaining Power Of Customers

The bargaining power of customers for Clear Channel Outdoor Holdings, Inc. is low. The company's large scale and presence in key markets give it significant bargaining power over its customers.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Clear Channel Outdoor Holdings, Inc. is low. The company's large scale and presence in key markets give it significant bargaining power over its suppliers.

Threat Of New Entrants

The threat of new entrants for Clear Channel Outdoor Holdings, Inc. is low. The company's large scale and presence in key markets, as well as the significant capital requirements for entry, make it difficult for new entrants to compete.

Intensity Of Rivalry

The intensity of rivalry for Clear Channel Outdoor Holdings, Inc. is high. The outdoor advertising industry is highly competitive, with several large players competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 245.17%
Debt Cost 6.52%
Equity Weight -145.17%
Equity Cost 18.57%
WACC -10.98%
Leverage -168.88%

11. Quality Control: Clear Channel Outdoor Holdings, Inc. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Travelzoo

A-Score: 4.5/10

Value: 8.6

Growth: 6.3

Quality: 7.5

Yield: 0.0

Momentum: 2.0

Volatility: 2.3

1-Year Total Return ->

View Full Report
Stock-Card
Innovid

A-Score: 3.7/10

Value: 3.2

Growth: 4.7

Quality: 4.6

Yield: 0.0

Momentum: 9.0

Volatility: 0.7

1-Year Total Return ->

View Full Report
Stock-Card
Clear Channel Outdoor

A-Score: 3.5/10

Value: 6.8

Growth: 2.8

Quality: 4.1

Yield: 0.0

Momentum: 5.0

Volatility: 2.3

1-Year Total Return ->

View Full Report
Stock-Card
Direct Digital Holdings

A-Score: 3.4/10

Value: 10.0

Growth: 3.0

Quality: 5.4

Yield: 0.0

Momentum: 1.5

Volatility: 0.3

1-Year Total Return ->

View Full Report
Stock-Card
AdTheorent Holding Company

A-Score: 2.9/10

Value: 4.2

Growth: 2.0

Quality: 4.6

Yield: 0.0

Momentum: 5.0

Volatility: 1.3

1-Year Total Return ->

View Full Report
Stock-Card
Cardlytics

A-Score: 2.7/10

Value: 8.8

Growth: 3.0

Quality: 3.4

Yield: 0.0

Momentum: 1.0

Volatility: 0.0

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

-40.19$

Current Price

1.96$

Potential

-2150.73%

Expected Cash-Flows