LAMR:NASDAQLamar Advertising Company Analysis

Lamar Advertising (LAMR) is trading at $147.49, comfortably above its 20‑day ($141.76), 50‑day ($135.16) and 200‑day ($128.84) SMAs, with a bullish MACD crossover (line $4.07 vs signal $3.89) and an RSI of 60, indicating continued upward momentum. Revenue is expanding modestly, with total revenue up 4.4% YoY and digital billboards contributing a 5% same‑board increase, now representing just under 31% of total billings; programmatic revenue surged ~25% to $11 M. The company delivered $101.8 M of net income and $226.3 M of adjusted EBITDA in the latest quarter, supporting an operating cash flow of $883.7 M and free cash flow of $540.9 M. Dividend yield remains attractive at 4.34%, but the payout ratio exceeds 115%, raising sustainability concerns given a debt‑to‑equity ratio of 505% and $4.96 B of debt versus only $39 M of cash. Valuation metrics show a PE of 27.3 versus an industry average of 32.1, suggesting relative cheapness, yet the price‑to‑book of 14.8 and a DCF fair value of $35.1 highlight a substantial premium. Market sentiment is very positive (Fear & Greed Index “Extreme Greed”) and shares have rallied 20.3% over the past three months, but upside to the $158.69 resistance is limited to roughly 5.5%.