LAMR - Lamar Advertising Company
Price:
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CONSENSUS:
Buy
DETAILS
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PRICE TARGET:
$155.00
DETAILS
HIGH:
$160.00
LOW:
$150.00
MEDIAN:
$155.00
CONSENSUS:
$155.00
UPSIDE:
1.24%
AlphaVal
Deterministic, archetype-aware fair value
Real Estate Investment Trust
85% confidence
Primary model: P/FFO × Specialty REIT Multiple
Adjust Assumptions
35.1x
$
Key Value Driver
FFO/share ($9.00) × specialty P/FFO multiple
Implied Market Multiple
17.0x
Plain-Language Summary
Our base-case estimate uses P/FFO × Specialty REIT Multiple. We then blend that result with the average analyst price target of $155.00 from 20 analysts, using a 25% weight on analyst consensus. That produces an estimated intrinsic value of $303.54 per share.
Warnings
Standard profit figures are misleading for real estate companies — large non-cash accounting charges make profits look artificially low. Dividend yield and funds from operations are better measures.
Wall Street's average price target is $155.00 (from 20 analysts). Our estimate is 128% above the consensus -- consider that gap carefully.
Key Risks
- P/E and EV/EBITDA are structurally wrong for REITs — use P/FFO and NAV
- Interest rate sensitivity: REIT multiples compress when rates rise
- FFO approximation (NI + D&A) may include gains on property sales — verify