Appraising Billboard Companies
American Society of Appraisers
Business Valuation Review™
Volume 22, Issue 3
Jeffrey P. Wright, ASA, CFA
Billbard companies are usually worth surprisingly high prices on the market. Buyers and sellers rely almost exclusively on market multiples that are widely recognized as the best meaures of fair market value. Discount rates and capitalization rates in this industry are more closely aligned with real estate yields than returns on operating businesses.
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