Reading CCO? Track it free: the weekly brief, plus an alert if the thesis breaks. No credit card.
Track CCO free→Reading CCO? Track it free: the weekly brief, plus an alert if the thesis breaks. No credit card.
Track CCO free→
NYSECommunication ServicesAdvertising AgenciesSnapshot 2026-06-16
Recent financial performance is holding in the top half of its industry — the reason to own it looks intact.
Recent financial performance is strong. Earnings quality cannot be assessed since the company was unprofitable over the past year. Management's recent track record has been unsteady, with frequent changes. Risk is moderate, and the sector backdrop is a headwind. Peer multiples imply a price about 47% above where it trades (it looks cheap on this basis); the read is cheap, value-trap risk. This is provisional.
Daily closes. Earnings/event dots are placed inline.
A consensus fair price across 3 valuation methods, at three horizons. Current price $2.40. Estimates are diagnostics, not price targets. Short-horizon estimates are close to coin-flips, so confidence is a method-agreement read, not a prediction.
No-growth: today's peer multiple on trailing earnings. The headline read.
Embeds projected growth. Leans optimistic by design. Upside context.
We take the 12-month fair value above and grade our own number — how the market prices this name versus what we'd justify, and where the two diverge.
At $2.40 CCO trades at 1× p/s, below its 1× p/s peer median. Our $4.51 fair value sits above the price; low confidence. Not investment advice.
One valuation read at a 12-month horizon, plus how price compares to peers and the company's own history.
The price implies about 47% below a flat-multiple fair value, below our forecast of about 1%. This describes what's priced in, not a forecast of the move.
TTM earnings are negative, so the read leans on sales- and cash-flow-based methods rather than P/E. This is a data condition, not a forward call.
No fragility gates fired. Regime (Crisis) does not concentrate fragility.
For similar setups historically (n=20,154): about 33% saw a 20%+ drawdown, and roughly 76% of those did not recover within the year. These are historical base rates for the cohort, not a forecast of this stock.
Each factor is a parallel diagnostic with a clear read of what it shows and how names like it have historically fared. Never aggregated into a single score.
Operating income rose in 2 of the last 3 quarter-over-quarter moves. Historically, Communication Services names rated strong grew net income 63% of the time over the next year (vs 52% for the rest of the cohort, n=701).
Over the trailing year it converted -1.13x of net income into operating cash flow.
Most sensitive to the broad stock market.
Not enough signal to read sensitivity to the US dollar, long-term interest rates, real (inflation-adjusted) rates, Fed net liquidity.
The next print and the backdrop around it (sector regime and the AI cycle). Context for the path, not a forecast of returns.
EPS estimate $-0.01 → $-0.01 (+17.9% / 30d). 1 raised, 1 cut, 3 covering analysts.
0 upgrades, 0 downgrades / 30d. 0% of analysts rate Buy.
0 positive, 1 negative / 30d. See F4 management tile for the event list.
How management runs the business: capital, margins, balance sheet, and how reliably they guide and deliver.
A guidance track record builds as the company issues and delivers on guidance.
What a normal day, a bad day, and the worst of the last year would mean for a $10,000 position.
On a typical day, $10k can swing ±$42.
How much price usually moves either way.
On a bad day, this stock has moved -$418.
A rough but not unusual down day (about the 95th percentile).
In the worst 12 months, $10k could have lost $1,840.
Deepest peak-to-trough drop in the last year.
Past results, not a forecast. Not investment advice.
The most important moves since the prior daily snapshot.
No material changes since the prior snapshot.
as of 2026-06-16
Specific, dated things to watch for, each with what would confirm it and what would prove it wrong.
Why it matters: The earnings report will show how Clear Channel is doing financially and what to expect.
Confirms one read:The earnings report shows revenue growth or better profits compared to last quarter.
Confirms the other:The earnings report shows revenue is still falling or losses are getting worse.
Recent news graded against this company's own objectives — whether it reinforces or challenges the thesis, and how confirmed it is.
Securing a long-term contract enhances revenue stability.
Conditional scenarios: if X happens, the view would shift in this direction. These are not predictions.
No upside scenarios in the latest snapshot.
No downside scenarios in the latest snapshot.
Recent SEC 8-K filings ranked by likely impact, confidence, and recency.
Entry into a Material Definitive Agreement. Credit Agreement Amendment On May 15, 2026, in connection with the ABL Credit Agreement, dated as of August 23, 2019, by and among Clear Channel Outdoor Holdings, Inc. (the “Company”), the other borrowers party thereto, the several lenders from time to time party thereto, Deutsche Bank AG New York Branch, as administrative agent and as collateral agent, and the other parties thereto (as amended, restated, amended and restated, supplemented or otherw…
Whether the overall read has been drifting up or down lately, and how it's changed since last week.
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
Long-thesis check; widest uncertainty.
TTM earnings are negative. P/E-based methods drop out and the estimate leans on sales- and cash-flow-based methods. A data condition, not a forward call.
Looks more expensive than peers.
Self-history needs ~20 months of data.
Trailing four: 2025-Q1, 2025-Q2, 2025-Q3, 2026-Q1
A side-by-side read on sector standing, valuation, and risk versus Advertising.
| Stock | Sector standing | Valuation | Risk |
|---|---|---|---|
CCO Clear Channel Outdoor Holdings Inc | Typical Show detailsSector percentile: 48 of 100 | inexpensive | moderate |
OMC Omnicom Group | Above typical Show detailsSector percentile: 93 of 100 | inexpensive | moderate |
TTD Trade Desk (The) | Above typical Show detailsSector percentile: 85 of 100 | inexpensive | elevated |
MGNI Magnite, Inc. | Above typical Show detailsSector percentile: 85 of 100 | expensive | high |
ZD Ziff Davis | Typical Show detailsSector percentile: 40 of 100 | fair | elevated |
16 material management or governance events in the past 24 months, led by capital-allocation actions. Historically, Communication Services names rated volatile grew net income 60% of the time over the next year (vs 59% for the rest of the cohort, n=200).
Not investment advice. As of 2026-06-16.
via XLC
Tailwind = sector leading the S&P 500; headwind = trailing. Both can be constructive. Historically, headwind regimes have averaged stronger forward returns than tailwind.
Context label only: describes the market state (e.g. real bear vs narrative panic, healthy uptrend vs late-stage froth). It is not a per-ticker buy/sell signal and does not predict factor performance.
Not investment advice. As of 2026-06-16.
Priorities management has stated in recent disclosures, with status and evidence drawn from earnings calls, filings, and press releases.
Management is prioritizing capital allocation strategies, including mergers and credit agreements.
Stated in 3 of last 3 quarters. Management has consistently emphasized capital allocation strategies, including mergers and credit agreements. However, financials show a net income decline from $8.0M in 2025-Q4 to -$48.6M in 2026-Q1, indicating limited progress in improving financial outcomes through these strategies.
“Management discussed the Merger and credit agreements.”
“Entered into a Merger Agreement with Madison Parent Inc.”
“Discussed capital allocation strategies including mergers.”
Management aims to manage operating income effectively amidst fluctuating revenues.
Stated in 3 of last 3 quarters. Operating income decreased from $107.5M in 2025-Q4 to $39.5M in 2026-Q1, reflecting challenges in managing costs effectively. Despite management's focus, the trajectory shows declining operating income, indicating limited progress.
Management is focused on improving cash flow from operating activities to support financial stability.
Stated in 3 of last 3 quarters. Cash from operating activities fell sharply from $56.3M in 2025-Q4 to $3.2M in 2026-Q1, indicating significant challenges in improving cash flow. Despite management's focus, the trajectory shows declining cash flow, suggesting limited progress.
Why it matters: Strong retail sales can mean more advertising spending, which helps Clear Channel.
Confirms:Retail sales report shows an increase greater than 0.5% month over month.
Disproves:Retail sales report shows a decrease or flat growth.
Cautionary Statement Concerning Forward-Looking Statements Certain statements in this Current Report on Form 8-K, including statements regarding the Merger, any expected timetable for completing the Merger, the expected benefits of the Merger and any other statements regarding the Company’s future expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or performance that are not historical fact constitute “forward-looking statements” within the meaning of…
Results of Operations and Financial Condition On May 6, 2026, Clear Channel Outdoor Holdings, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended March 31, 2026. A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference. In accordance with General Instruction B.2 of Form 8-K, the information under this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for the purposes of Section 18 of t…
Entry into a Material Definitive Agreement. Supplemental Indentures On April 9, 2026, Clear Channel Outdoor Holdings, Inc. (the “Company”), certain subsidiary guarantors (the “Subsidiary Guarantors”), and U.S. Bank Trust Company, National Association, as trustee (in such capacity, the “Trustee”) and notes collateral agent (in such capacity, the “Notes Collateral Agent”), entered into certain supplemental indentures, including (i) a supplemental indenture (the “2030 Notes Supplemental Indentur…
of this Current Report on Form 8-K, including Exhibit 99.1, is being furnished and is not deemed to be “filed” with the Securities and Exchange Commission (the “SEC”) for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section and is not incorporated by reference into any of the Company’s filings under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, whether m…
“Operating income was $39.5M, down from $107.5M in 2025-Q4.”
“Operating income reached $107.5M.”
“Operating income was $80.7M.”
“Cash from operating activities was $3.2M, down from $56.3M in 2025-Q4.”
“Cash from operating activities was $56.3M.”
“Cash from operating activities was $56.2M.”