CA - Outfront Media: A Great Point To Cash Out

2024-03-28 14:58:14 ET

Summary

• Outfront Media Inc. has sold its Canadian business to BCE at a nice multiple.
• The base business of Outfront Media remains under pressure, with a decline in adjusted OIBDA despite a rise in revenues.
• Dividend coverage for Outfront Media is relatively weak, with free cash flow just around the dividend level.
• We go over why we think this is a nice exit point.

On our last coverage of Outfront Media Inc. ( OUT ), we saw the potential but unfortunately did not bite. On the bright side, we at least did not join the sell wagon at what turned out to be the bottom....

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