Discounted Cash Flow

Lamar Advertising Co./New REIT

LAMR · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $1.5b $298.8m $414.2m 19.9% $3.07
2017 $1.5b (2.7%) $317.7m (6.3%) $397.7m (-4.0%) 20.6% (3.5%) $3.24 (5.5%)
2018 $1.6b (5.6%) $305.2m (-3.9%) $447.2m (12.5%) 18.8% (-9.0%) $3.09 (-4.6%)
2019 $1.8b (7.8%) $372.1m (21.9%) $489.9m (9.5%) 21.2% (13.1%) $3.71 (20.1%)
2020 $1.6b (-10.5%) $243.4m (-34.6%) $507.6m (3.6%) 15.5% (-26.9%) $2.41 (-35.0%)
2021 $1.8b (13.9%) $388.1m (59.5%) $608.3m (19.8%) 21.7% (40.0%) $3.83 (58.9%)
2022 $2.0b (13.7%) $438.6m (13.0%) $614.5m (1.0%) 21.6% (-0.6%) $4.32 (12.8%)
2023 $2.1b (3.9%) $495.8m (13.0%) $605.3m (-1.5%) 23.5% (8.8%) $4.86 (12.5%)
2024 $2.2b (4.6%) $361.9m (-27.0%) $748.3m (23.6%) 16.4% (-30.2%) $3.54 (-27.2%)
2025 $2.3b (2.7%) $587.2m (62.3%) $683.2m (-8.7%) 25.9% (58.0%) $5.78 (63.3%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model