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NYSE:OUT

OUTFRONT Media Inc.

United StatesReal EstateReal Estate Investment TrustsNYSE
32.48
USD · Close 4 Nov 2026

Intrinsic value vs last close

Model estimate
Close above intrinsic value
−59.3%Intrinsic value vs last close
At last close+500%
Last close (USD)
32.48
Intrinsic value (USD)
13.23

Intrinsic value = sector model's value (no adjustment)

Earnings-capitalised value

9.60−70.4%vs last close

Cost of equity 11.7% · price volatility 28.8%

Last year's earnings per share, capitalised at a cost of equity that rises with this share's own price swings, growing at the sector's long-run rate.

This is a different figure from the intrinsic value above. The intrinsic value is what the sector model says the business is worth. On Vietnamese stocks this figure has ranked future returns best in our track record; this market has no track record here yet.

Model reliability
Low
Model fitInput stabilityRisk checks
High requires the model’s diagnostic criteria to be met.
Probability of outperforming peers
Not assessed
A separate peer-outperformance probability is unavailable for this valuation.
Assessed 4 Nov 2026Not updated with daily prices

These assessments address different questions. Neither establishes that the displayed valuation is correct or guarantees a future return.

Published filingsValued 4 Nov 2026Anchored to close on 4 Nov 2026The gap is recalculated when the close changes; the value updates weekly.

Valuation Breakdown

Real Estate Investment Trusts→Real Estate
Classified as real estate from the industry its market data reports: “Real Estate Investment Trusts”.
ModelRNAV + DCF Blend
Intrinsic = 40% x RNAV proxy + 60% x DCF Value

Developers often carry land banks at historical cost under US GAAP, so book value can understate asset value. This model blends two approaches: an RNAV proxy (book value with its property share marked up 1.5×) weighted 40%, and a DCF on normalized cash flows weighted 60%. Highly leveraged firms receive a +2% WACC penalty.

Technical details
Why this model

RE developers carry large land inventories at historical cost; cash flows depend on project delivery timing. RNAV captures hidden land value, while DCF captures earnings power. The leverage screen guards against over-leveraged developers.

How it works

RNAV proxy: the property share of BVPS (investment property, fixed assets and inventories over total assets) × 1.5 plus the rest at book, or 1.25× all of book when that share is 10% or less or unknown, cut by up to 50% as D/E rises above 2. DCF: 5-year projection on median cash flow with CAPM-derived WACC. If D/E > 3 or interest coverage < 1.5, WACC is increased by 2%. Final value = 40% RNAV + 60% DCF.

Best for

Property developers and real estate firms with significant land banks recorded at below-market historical cost.

1
Weighted Avg Cost of Capital
Risk-Free (Rf)
4.94%
+
Betasector default
1.102
x
ERP
4.20%
+
CRP
0.22%
=
Cost of Equity (Ke)
9.79%
Ke
9.79%
x
E/(D+E)
20.66%
+
Kd(1-t)
4.84%
x
D/(D+E)
79.34%
=
WACC
7.50%
+2% WACC penalty (high leverage)
2
Growth Estimate
fundamental firm blend3.50%
Growth decays 10%/yr toward terminal
3
Model Inputs
4
Valuation

We compare the sector model's value with the last close. This market has no track record here yet, so the value is shown as the model gives it.

Last close (USD)→32.48
Intrinsic value vs last close→−59.3%

Intrinsic value = sector model's value (no adjustment)

Intrinsic value (USD)
13.23
What feeds each step— click a source to highlight it in the statements
Discount rate (WACC)9.50%high risk: yes
Growth rate3.50%growth method: fundamental firm blend
Base cash flow355.9Mone off strip ratio: 0

DCF Sensitivity

Values from the standalone DCF scenarios below. These scenarios leave out the other parts of a blended model and do not reproduce the headline value.

WACC \ Growth0.5%2.0%3.5%5.0%6.5%
7.5%36.5837.3438.0939.6842.77
8.5%26.4327.0327.6428.8931.33
9.5%19.6620.1620.6721.7123.70
10.5%14.8215.2615.6916.5718.25
11.5%11.2011.5811.9612.7214.17
Above market priceBelow market priceCurrent estimate

Analysis

OUT.US: Model value well below market price as revenue remains flat

The model intrinsic value is USD 13.23 per share versus a market price of USD 32.48, implying model-estimated downside of 59.3%.

Business Overview

OUTFRONT Media Inc. is listed on the NYSE and is classified in the real estate sector. The supplied data do not detail its operating segments, revenue mix, or market position, so those aspects cannot be assessed here.

Revenue was USD 1.8 bn in each of 2023, 2024, and 2025. Total assets were USD 5.6 bn in 2023, USD 5.2 bn in 2024, and USD 5.3 bn in 2025. The company reports under US GAAP.

Key points

The model estimate is USD 13.23 per share, materially below the current price of USD 32.48. This is a model gap, not a forecast return or evidence of mispricing; the model has no track record in this market and its value is therefore unvalidated here.

Operating scale appears stable in the supplied statements: revenue was USD 1.8 bn in each of the past three fiscal years, with latest reported revenue growth of 0.0%. Net profit moved from a loss of USD 0.4 bn in 2023 to profit of USD 0.3 bn in 2024, then declined to USD 0.1 bn in 2025. Operating cash flow was USD 0.3 bn in each year.

Latest ROE was 20.7%, while net profit margin was 8.0%. These returns sit alongside leverage of 3.6 times debt to equity and valuation multiples of 40.9 times earnings, 8.0 times book value, and 18.0 times EV/EBITDA. The combination leaves the valuation sensitive to the durability of earnings and the company's ability to manage its balance sheet.

Valuation Commentary

The sector model combines discounted cash flow, a real net asset value proxy, and a leverage screen. The result is a model estimate, not a forecast of the share price.

  • Model intrinsic value is USD 13.23 per share, compared with a current price of USD 32.48.
  • The model-estimated price gap is -59.3%.
  • Revenue was USD 1.8 bn in each of 2023, 2024, and 2025.
  • Operating cash flow was USD 0.3 bn in each of those years.
  • Latest debt to equity was 3.6 times.

The model output is substantially below the market price, but should not be treated as an expected return or a demonstrated mispricing. There is no track record for the model in this market, so the estimate is unvalidated and its implied gap is uncertain.

Points in favour

  • Revenue held at USD 1.8 bn in each of 2023, 2024, and 2025, indicating stability in reported scale over that period.
  • Operating cash flow was USD 0.3 bn in each of the three years.
  • Net profit was positive in 2024 and 2025, at USD 0.3 bn and USD 0.1 bn, respectively, following a USD 0.4 bn loss in 2023.
  • Latest ROE was 20.7%, with net profit margin of 8.0%.

Points against

  • The model intrinsic value of USD 13.23 per share is 59.3% below the current price of USD 32.48.
  • Net profit declined from USD 0.3 bn in 2024 to USD 0.1 bn in 2025.
  • Debt to equity was 3.6 times, leaving the equity valuation exposed to leverage and earnings variability.
  • The stock traded at 40.9 times earnings, 8.0 times book value, and 18.0 times EV/EBITDA on the supplied latest ratios.
  • The model has no track record in this market, limiting confidence in the estimated value.

Sector Context

The company is classified in the real estate sector, but the supplied information does not describe its specific operating activities, competitive position, or exposure to particular regulatory regimes. Those industry dynamics cannot be assessed reliably from these data alone.

The company reports under US GAAP. No peer data or company-specific regulatory information was provided, so relative positioning and the effects of regulation cannot be quantified.

Risk Factors

  • Leverage risk: debt to equity of 3.6 times could amplify the effect of weaker earnings or cash generation.
  • Earnings volatility: net profit shifted from a USD 0.4 bn loss in 2023 to USD 0.3 bn profit in 2024, then fell to USD 0.1 bn in 2025.
  • Valuation risk: the supplied multiples are 40.9 times earnings, 8.0 times book value, and 18.0 times EV/EBITDA.
  • Growth risk: revenue remained USD 1.8 bn in each of 2023, 2024, and 2025; latest reported revenue growth was 0.0%.
  • Model uncertainty: the USD 13.23 intrinsic value is a model estimate with no track record in this market, and the estimated gap to price is not validated.
  • Limited operating detail: the supplied data do not provide segment, customer, or peer information, restricting assessment of concentration and competitive risks.

What could change the picture

  • A sustained improvement in net profit from the USD 0.1 bn reported for 2025 could affect investor assessment of earnings durability.
  • A change in revenue from the USD 1.8 bn level reported in each of 2023, 2024, and 2025 could provide evidence on the direction of operating performance.
  • Further reporting on operating cash flow relative to net profit could clarify cash conversion, which cannot be assessed from the supplied three-year aggregate check.

Forensic Assessment

The earnings-quality score is 62.5 out of 100. Operating cash flow was USD 0.3 bn in each of 2023, 2024, and 2025, while net profit varied materially across those years; the supplied three-year cash-conversion ratio is unavailable, so the relationship cannot be quantified from the aggregate measure. The company had no consecutive net-loss years in the supplied checks, and equity without minority interests was not negative.

No year-on-year M-Score change was supplied, so no directional conclusion can be drawn from that measure. The available checks do not flag consecutive net losses or negative equity without minority interests, but the earnings swing and missing aggregate cash-conversion statistic warrant caution.

Track Record

This market has no track record of the model yet, so the model value is not validated here. The estimated price gap should be treated as uncertain rather than as a forecast.

Written by a language model on 2026-11-04 from this page’s own model outputs and financial statements, and may quote figures from that date. Descriptive analysis, not investment advice — no buy, sell or hold recommendation is given or implied.

Feeds valuation:Cost of capitalGrowthModel inputsFinal calculation
Line item2026202520242023202220212020201920182017201620152014201320122011
Cash and cash equivalentsNet debt bridge
·1004736404257105953486510229302038
Fixed assets
·644649658700648634666653662665702783755··
TOTAL ASSETS
·5,3125,2155,5835,9905,9255,8975,3823,8293,8083,7393,8454,0243,3563,465·
Short-term borrowingsDiscount rate (WACC) +1
·0.001065300.0080195160800.00·····
Long-term borrowingsDiscount rate (WACC) +1
·2,5832,4832,6772,6262,6212,6212,2222,1502,1452,1372,2522,1981,600··
OWNER'S EQUITYDiscount rate (WACC)
·7106496071,2259949741,1261,1451,2271,2331,2131,446···
MINORITY INTERESTSNet debt bridge
·223413273343460.10.00····
◆vnvalue Research Note
Full equity analysis · PDF · Updated 4 Nov 2026
Download

Earnings Quality

Fiscal year 2025
63
Fair
Accrual Quality
100
Cash Conversion
100
Margin Stability
0
Revenue Quality
0

Quantitative Scores

F-Score
5/9
Neutral
Sharpe
1.94
Above 1
Composite
61
50 to 69
Piotroski F-Score Breakdown
✓Net Income > 0
✓Operating CF > 0
✗ROA Rising
✓OCF > Net Income
✓Lower Leverage
✗Better Liquidity
✓No Dilution
✗Margin Up
✗Turnover Up
Price Risk
Momentum
+63.3%
Volatility
20.1%
Max Drawdown
−18.4%

Key Ratios

Fiscal year 2025
40.92P/E
P/B
8.02
P/S
3.11
ROE
20.7%
EPS
0.83
BVPS
4.23
Net Margin
8.0%
D/E
3.64
Rev Growth
+0.0%
EV/EBITDA
18.04
Div Yield
—

Company Overview

Shares outstanding
176M
Industry
Real Estate Investment Trusts
Computed 04/11/2026
Methodology & Disclosure

vnvalue is a stock research tool. Its results are calculated from public financial data with published formulas. Nothing on this page constitutes investment, financial, legal, or tax advice, nor a recommendation to buy, sell, or hold any security.

All data, models, and outputs are provided AS IS without warranty of any kind. You are solely responsible for your investment decisions. Past performance and historical valuations are not indicative of future results.

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