CreditSights logo
Forgot Password?

Outfront Media

Outfront Media is one of the largest out-of-home advertising companies. OUT has more than 400,000 displays in 140 markets in the US and Canada. U.S (92% of LTM revenues; 98% of EBITDA) has a major market focus, with displays in all of the top 25 markets. NYC (24% of US revenues) and LA (16%) are OUT's two largest markets. Other (7% of LTM revenues; 2% of EBITDA) includes Canada, the Sports Marketing business and corporate. OUT sold its LatAm business to JCDecaux (Apr 2016) for $82 mn. Billboards (70% of revenues) include static and digital displays. At the end of 2017, OUT operated more than 48,000 billboards (including 5,700 in Canada). Transit and other revenues (30% of revenues) often require OUT to make guaranteed payments regardless of revenues, which can put pressure on margins in under-performing markets. At the end of 2017, OUT operated more than 460,000 transit/other displays (including 4,000 in Canada). (31 Oct 2018)

Search Results

Excerpts only. To access full content please login or request a free trial.

US TMT: FCC To Review Local Media Ownership Rules

Sector Analysis: 13 Dec 2018, 6:03 AM ET - We review and summarize some of the key components of the FCC's Notice of Proposed Rulemaking and the local media ownership rules under review. 

VEON: Using Wind Tre Proceeds for Tender Offer

HY Note: 15 Nov 2018, 12:00 PM ET - VEON is using ~$2 bn of proceeds from the sale of its 50% stake in Wind-Tre for a tender offer for four tranches of $ bonds. VEON is also soliciting consents to amend certain covenants.
Focused

OUT: Solid 3Q18 Performance Across the Boards

Earnings Note: 05 Nov 2018, 11:54 PM ET - OUT reported strong 3Q18 results that came in ahead of consensus estimates on solid performances across the board. OUT's outlook for 4Q18 is upbeat, and OUT expects AFFO growth will be better than its previous guidance.

US IG Telco/Cable: Post-3Q18 Rel Val Update

Sector Analysis: 30 Oct 2018, 5:05 AM ET - We take a closer look at relative value across the key IG Telecom and Cable credits. Comcast, Charter, and Verizon reported a solid 3Q18 whereas AT&T fell short. Within AT&T’s business segments, WarnerMedia was the outperformer.

US TMT: Digital Advertising-More Than FB and GOOG?

Sector Analysis: 23 Oct 2018, 5:05 AM ET - In this second part of a series on US advertising, we discuss the digital advertising market. 

US TMT: Smartphones – The World is Flat

Sector Analysis: 05 Sep 2018, 5:46 AM ET - We examine the current state of the smartphone market, discuss demand trends in the US and emerging regions, and implications for industry participants across the supply chain.

US IG TMT: A Look at Possible TrouBBBle Spots

Sector Analysis: 06 Aug 2018, 4:56 AM ET - We look at the change in the agency ratings make-up of IG TMT and potential BBB trouble spots, which have ramped-up leveraged late in the cycle.

US IG Telco/Cable: Post-Earnings Publishing Recap

Worth Watching: 30 Jul 2018, 12:22 PM ET - US IG Telco/Cable: The week of July 23 brought a heavy earnings schedule, including the three IG telco and cable mega-issuers, Verizon, AT&T, and Comcast. Please see the following earnings notes for a summary of each company's 2Q18 earnings: Veriz ..

US IG Telco/Cable: Relative Value Update

Sector Analysis: 27 Jul 2018, 1:18 PM ET - On the heels of early earnings reports, we provide a relative value update on AT&T, Verizon, Comcast, Time Warner, and Charter IG.

DC Circuit Court Rules for FCC; UHF Discount Stays

Sector Analysis: 26 Jul 2018, 4:42 AM ET - The DC Circuit Court of Appeals dismissed a lawsuit challenging the FCC's decision to reinstate the UHF discount. We take a look at the ruling and what this means for the broadcasters. 

Satellite C-Band: Let the Waiting Game Begin (2/2)

Sector Analysis: 15 Jul 2018, 9:23 PM ET - The FCC voted 4-0 to approve the 3.7 to 4.2 GHz NPRM and order. Now, we wait for the comments and replies, with a final order expected between 1Q and 2Q19. We assess the potential benefits and revisit relative value of INTEL, SES, ETL.

NYC HY Conference: Gray Television

Transcript: 06 Jul 2018, 6:10 AM ET - We presented our view of local television and why we still like its position even as our video options increase. We discussed our positive view and o/p rec on GTN's 2026s with an update for its Raycom acquisition announced the next week.

5G in Focus: Rome Was Not Wired in a Day

Sector Analysis: 27 Jun 2018, 11:57 PM ET - The noise around 5G builds daily. The next generation of network technology will open the door to new use cases, but the most transformative are still a long way off.

US Media: A Top Down Look at Linear Networks

Sector Analysis: 30 May 2018, 5:39 AM ET - We all know video subscribers are declining, but that means different things for different content owners. We review cable and broadcast networks relative positioning across a number of metrics. 

US, China & ZTE: Implications for TMT

Sector Analysis: 16 May 2018, 11:51 PM ET - Given recent tensions between the US and China, we discuss potential implications to sectors and companies within our TMT coverage universe. 
Focused

LAMR & OUT: 1Q18 Results In Line With Expectations

Earnings Note: 03 May 2018, 4:22 AM ET - There were no major surprises in OUT's & LAMR's 1Q18 results. LAMR followed OUT and announced an at-the-market equity program, which provides another funding source for M&A to keep leverage at or below 4x.

HY TV Broadcasters: 4Q17 Recap; 1Q18 Outlook (1/2)

Sector Analysis: 23 Apr 2018, 3:44 AM ET - In Part 1, we review 4Q17 results and our outlook for 1Q18. We focus on: ad revenue trends; expectations for political; retrans, subscriber levels and OTT services; leverage trends; and M&A (and why there haven't been more deals).

EUR IG TMT RV: Reverse Yankee Value

Euro TMT RV: 17 Apr 2018, 10:42 PM ET - An overview of the EUR IG TMT sector, comprising recommendation overview, performance update and relative value ideas. In this report, we cover the continued value we see in Reverse Yankee EUR telecom bonds.

USD Relative Value: Euro Telecoms

Sector Analysis: 15 Apr 2018, 11:05 PM ET - European telecom issuers have underperformed the USD telecoms index over the last 3 months. With better value on offer, we update our relative value views.

Ad Agencies 4Q: Don Draper Wants his Job Back

Sector Analysis: 09 Apr 2018, 10:49 PM ET - The ad agency holdcos had a tough end to 2017 and questions about secular pressure have been raised. Though uncertainty has increased, the spread pick-up on offer has as well. 

Request A Free Trial

CreditSights offers free trials to individuals in qualified institutions.

Sign up now >>

Sector

Refine Results