Appraising Billboard Companies

BVResearch Pro
American Society of Appraisers Business Valuation Review™
Fall 2003 Volume 22, Issue 3 pp. 142-148
Jeffrey P. Wright, ASA, CFA

Summary

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.
Appraising Billboard Companies
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