Carson Frost's guest appearances

Carson Frost

The Billboard Insider Podcast

Justin Powell

Mike Norton

John James

Ian Dallimore

Jay Johnson

Jonathan Gudai

Stephen Johnson

Rob Jackson

Scott Wells

Allyson Baker

Ken Klein

Neil Bell

Jon Odom

Paul Wright

Anna Bager

OwlTail

Today's podcast guests are Paul Wright and Carson Frost from SignValue, the out of home appraiser and broker.Some highlights from the conversation.Are we seeing 8-14 times cashflow trading multiples in this recession?Yea.  Those multiples have held fairly constant…We’re talking about stabilized cashflows, not current cashflows.Paul Wright, SignValueFive Trends to watch in 2021. 	We’ve thought about the adoption of programmatic by the big three and how they could apply that to some of their smaller local advertisers when they’re doing a by for a traditional…vinyl display.  We think that the big three especially…should be putting the emphasis on the adoption of programmatic for their vinyl displays…The days of a pdf quote or an excel file quote and then going back and forth and signing a document…that probably ought to be all wrapped together into some kind of supply side programmatic system. 	Funds have been held back on digital deployment.  That’s just waiting to burst.  We think they’ll likely start to put in orders and start buying next year and make up for lost time. 	We are not as optimistic about the revenue potential for growth…as some of the other experts…We see numbers at 16-22% increases.  We just don’t think that’ll take place.  If we have a 4-5-6% growth next year we would be thrilled… 	 We will see a shift in market share from other media that is market based. 	More out of home in new places…malls, offices, elevators, garages, school campuses, stadiums, convention centers.  Digital displays are becoming part of the fabric of the architecture in new developments.  We are just inundated with calls from developers who want to incorporate out of home in their designs…LamarLamar was very fortunate this year…most of their revenue was coming from traditional roadside signs and so they didn’t suffer as deeply and they won’t suffer as long.  They were in perfect position to weather this storm.  Lamar’s footprint has positioned them to not be effected as harshly as the other public companies…Lamar’s focus on secondary markets has really helped them…OUTFRONT MediaOUTFRONT was hit pretty hard and that’s mostly because they have…transit assets.  They are in subways and major markets and a lot of folks just didn’t want to get down in the subways…we think it will come back, it’s just going to take a little longer and people will have a harder time trusting coming back into those places…Prior to covid you saw a lot of millennials flocking to major cities.  And that trend has taken a complete reversal due to covid…I know Florida right now is getting a lot of people that were up in New York…Clear Channel OutdoorClear Channel was obviously struggling financially before the pandemic and so they were probably the least prepared…and it was probably the hardest on them.  They have a lot of airport assets and as you know airport travel is way down.  They are struggling and will continue to struggle…Sponsor of this Billboard Insider PodcastLink MediaLink Media has weathered the storm far better than the big three.  That is apparent in their desire to remain very active in the acquisition market.Carson Frost, SignValueThe independent out of home companies.Many of our clients have told us that they’ve returned back to normal faster than the big companies have.  Some companies have even seen growth this year over their performance in 2019…We continue to see some of these larger and midsized companies remain very active in M&amp;A.  We’ve also seen some new entrants into the marketplace.  I’ve dealt with a couple of different law firms this year that are out looking for assets to purchase…What advice do you have for independent out of home companies?This year is a fantastic time for independent companies to be collecting, cleaning and managing their data…A good location list is critical to being able to analyze a billboard company’s value.

Today's podcast guests are Paul Wright and Carson Frost from SignValue, the out of home appraiser and broker. Some highlights from the conversation. Are we seeing 8-14 times cashflow trading multiples in this recession? Yea.  Those multiples have held fairly constant…We’re talking about stabilized cashflows, not current cashflows. Paul Wright, SignValue Five Trends to watch in 2021. 	We’ve thought about the adoption of programmatic by the big three and how they could apply that to some of their smaller local advertisers when they’re doing a by for a traditional…vinyl display.  We think that the big three especially…should be putting the emphasis on the adoption of programmatic for their vinyl displays…The days of a pdf quote or an excel file quote and then going back and forth and signing a document…that probably ought to be all wrapped together into some kind of supply side programmatic system. 	Funds have been held back on digital deployment.  That’s just waiting to burst.  We think they’ll likely start to put in orders and start buying next year and make up for lost time. 	We are not as optimistic about the revenue potential for growth…as some of the other experts…We see numbers at 16-22% increases.  We just don’t think that’ll take place.  If we have a 4-5-6% growth next year we would be thrilled… 	 We will see a shift in market share from other media that is market based. 	More out of home in new places…malls, offices, elevators, garages, school campuses, stadiums, convention centers.  Digital displays are becoming part of the fabric of the architecture in new developments.  We are just inundated with calls from developers who want to incorporate out of home in their designs… Lamar Lamar was very fortunate this year…most of their revenue was coming from traditional roadside signs and so they didn’t suffer as deeply and they won’t suffer as long.  They were in perfect position to weather this storm.  Lamar’s footprint has positioned them to not be effected as harshly as the other public companies…Lamar’s focus on secondary markets has really helped them… OUTFRONT Media OUTFRONT was hit pretty hard and that’s mostly because they have…transit assets.  They are in subways and major markets and a lot of folks just didn’t want to get down in the subways…we think it will come back, it’s just going to take a little longer and people will have a harder time trusting coming back into those places…Prior to covid you saw a lot of millennials flocking to major cities.  And that trend has taken a complete reversal due to covid…I know Florida right now is getting a lot of people that were up in New York… Clear Channel Outdoor Clear Channel was obviously struggling financially before the pandemic and so they were probably the least prepared…and it was probably the hardest on them.  They have a lot of airport assets and as you know airport travel is way down.  They are struggling and will continue to struggle… Sponsor of this Billboard Insider Podcast Link Media Link Media has weathered the storm far better than the big three.  That is apparent in their desire to remain very active in the acquisition market. Carson Frost, SignValue The independent out of home companies. Many of our clients have told us that they’ve returned back to normal faster than the big companies have.  Some companies have even seen growth this year over their performance in 2019…We continue to see some of these larger and midsized companies remain very active in M&amp;A.  We’ve also seen some new entrants into the marketplace.  I’ve dealt with a couple of different law firms this year that are out looking for assets to purchase… What advice do you have for independent out of home companies? This year is a fantastic time for independent companies to be collecting, cleaning and managing their data…A good location list is critical to being able to analyze a billboard company’s value.

SignValue’s 2021 Out of Home Forecast with Paul Wright and Carson Frost

Today’s podcast guests - Paul Wright and Carson Frost -  talk about out of home values, who's buying what, how to conduct a smooth sale and trends to look for during 2020. Paul is the founder of SignValue.com and the Co-author of Billboard Appraisal: The Valuation of Off Premise Advertising Signs.  Carson is a sales consultant for SignValue.Some highlights.Paul Wright (left) and Carson Frost (right) of SignValueWhat trends have you seen in the out of home transactions market during 2019.2019 has been a very strong market.  I get calls just about every week from buyers who want to know what’s available for sale.  What’s really interesting about the transactions market this year is that we’re not just seeing transactions which are coming from the big three that are buying independents.  We’re seeing a lot of independent owners that are also actively looking to grow their footprints.  Some of these independent buyers are trying to break into new markets while others are looking to sell off pieces of their footprint that don’t fit and to consolidate and buy in places that will create synergies.Values have historically been in an 8-12 times cashflow range.  Are we there?I would say that we’re still in that range.  We are probably pushing at the top end of it.  This is a very good time to think about selling.  It’s a very good time to think about consolidating a footprint or to get rid of those things that don’t fit in your current footprint…We’ve seen some things in the southeast that are in the lower end of that range.  We’ve seen some things in the major markets that exceed that range.On LamarWe think that Lamar got the best group of assets from Fairway…They came in early…we expect that they may have paid a little more than others and we think that they were the best of what was available.  Lamar has a good company culture.  I listened to your podcast with Sean Reilly.  Their general managers have a long tenure with Lamar and I think that’s because of the way the company is run…OutfrontOutfront has had strong revenue growth recently.  In the past year their revenues have shot up quite a bit and I think that has something to do with their focus on major markets.  There’s a lot of movement right now with millennials moving to some of those larger major markets…I would add that Outfront still has some cost-cutting to do.  I think they have some opportunities to look at their expense growth…Clear Channel OutdoorWe have been in talks with Clear Channel a few times and have noticed that they have been extremely conservative with their spending domestically…Link Media OutdoorWe have seen a lot of big acquisitions come from Link Media.  I think that they are in the process of digesting some of those large recent acquisitions…because of their quick growth…they have missed out on some perfect opportunities.Fairway/AdamsThey do have one remaining group down in the Southeast.  And we anticipate that moving in the next six months.  In terms of the mix of assets and the way they’ve been managed we like Adams markets better than the Fairway markets.  That’s a good opportunity…JCDecauxJCDecaux is predominately transit oriented here in the United States.  They control a number of large airport contracts and I think that’s probably the direction they are going to be staying…They are good global citizens and are making a large push to be earth friendly and the make that part of their company culture…I think it’s going to take something like Clear Channel selling their assets to make them jump in.Other companiesWe’ve seen Reagan make the acquisition of some of the Fairway assets.  And we’ve seen Lindmark making some moves.  There are certainly some independents who are seeking opportunities to grow.[wpforms id="9787"]Paid Advertisement

Today’s podcast guests - Paul Wright and Carson Frost -  talk about out of home values, who's buying what, how to conduct a smooth sale and trends to look for during 2020. Paul is the founder of <a href="http://SignValue.com" rel="nofollow" target="_blank">SignValue.com</a> and the Co-author of Billboard Appraisal: The Valuation of Off Premise Advertising Signs.  Carson is a sales consultant for SignValue. Some highlights. Paul Wright (left) and Carson Frost (right) of SignValue What trends have you seen in the out of home transactions market during 2019. 2019 has been a very strong market.  I get calls just about every week from buyers who want to know what’s available for sale.  What’s really interesting about the transactions market this year is that we’re not just seeing transactions which are coming from the big three that are buying independents.  We’re seeing a lot of independent owners that are also actively looking to grow their footprints.  Some of these independent buyers are trying to break into new markets while others are looking to sell off pieces of their footprint that don’t fit and to consolidate and buy in places that will create synergies. Values have historically been in an 8-12 times cashflow range.  Are we there? I would say that we’re still in that range.  We are probably pushing at the top end of it.  This is a very good time to think about selling.  It’s a very good time to think about consolidating a footprint or to get rid of those things that don’t fit in your current footprint…We’ve seen some things in the southeast that are in the lower end of that range.  We’ve seen some things in the major markets that exceed that range. On Lamar We think that Lamar got the best group of assets from Fairway…They came in early…we expect that they may have paid a little more than others and we think that they were the best of what was available.  Lamar has a good company culture.  I listened to your podcast with Sean Reilly.  Their general managers have a long tenure with Lamar and I think that’s because of the way the company is run… Outfront Outfront has had strong revenue growth recently.  In the past year their revenues have shot up quite a bit and I think that has something to do with their focus on major markets.  There’s a lot of movement right now with millennials moving to some of those larger major markets…I would add that Outfront still has some cost-cutting to do.  I think they have some opportunities to look at their expense growth… Clear Channel Outdoor We have been in talks with Clear Channel a few times and have noticed that they have been extremely conservative with their spending domestically… Link Media Outdoor We have seen a lot of big acquisitions come from Link Media.  I think that they are in the process of digesting some of those large recent acquisitions…because of their quick growth…they have missed out on some perfect opportunities. Fairway/Adams They do have one remaining group down in the Southeast.  And we anticipate that moving in the next six months.  In terms of the mix of assets and the way they’ve been managed we like Adams markets better than the Fairway markets.  That’s a good opportunity… JCDecaux JCDecaux is predominately transit oriented here in the United States.  They control a number of large airport contracts and I think that’s probably the direction they are going to be staying…They are good global citizens and are making a large push to be earth friendly and the make that part of their company culture…I think it’s going to take something like Clear Channel selling their assets to make them jump in. Other companies We’ve seen Reagan make the acquisition of some of the Fairway assets.  And we’ve seen Lindmark making some moves.  There are certainly some independents who are seeking opportunities to grow. [wpforms id="9787"] Paid Advertisement

Paul Wright and Carson Frost on Out of Home Values and Who’s Buying What