In short: "A name that we like" — an income play and one of the two dominant outdoor-advertising franchises (a former Berkshire holding — "boring is good"); you can't just build a new billboard, and the shift to digital favors it. Revenue, earnings, EBITDA up. Watch a recession cutting ad budgets, higher leverage than other REITs, capital-intensive digital conversion.
Lamar owns billboards — and because zoning makes new billboards nearly impossible to build, the existing ones are a protected, near-duopoly asset. Turning static boards into digital screens lets it sell more ads per sign. It is an income play (Berkshire Hathaway once owned it — "boring is good"). The risk: in a recession companies cut ad budgets, and it carries more debt than most REITs.
20:38So, what are your thoughts? — A formal holding of Berkshire Hathaway, if that gives you any sense of boring, how boring is good. It's one of those income type of plays. It is one of the two dominant outdoor advertising franchises. Think about it. It's not like you can just build a new outdoor billboard.
In short: Downgraded to neutral from buy at Citi (target $160, ~where it trades). Harrington owns it in the dividend strategy and is torn: +30% ytd, a huge capital gain, dividend down to 4%, "pretty expensive… not much upside left" (the analyst agrees) — but a high-quality, "indelible" billboard business. "I'm not selling it yet, but I'm not too far off."
Lamar owns billboards and is structured as a REIT (a real-estate company that pays out most income as dividends). Citi just downgraded it to neutral. Jenny Harrington owns it and is genuinely torn: it's up over 30% this year (leaving her a big taxable gain), the dividend yield has fallen to 4%, and both she and the analyst see limited upside left because it's gotten expensive.
But she loves the business — billboards are the one ad medium people can't skip — with excellent management. So she's stuck between banking the gain (and swapping into a higher 5% yield) and holding a great company: "I'm not selling it yet, but I'm not too far off."
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