Methodology — segment EV/EBITDA + investments at market:
(1) Billboards (Link Media) — outdoor industry EV/EBITDA mid-teens given good ROIC and contracted revenue.
(2) Surety insurance (General Indemnity) — P/BV plus float credit; combined ratio ~80% historically.
(3) Broadband (FibAire/AireBeam + UBB JV) — multiple per subscriber + EBITDA multiple of mature regions.
(4) Investments (BOAM = Boston Omaha Asset Mgmt) + Sky Harbour stake at market.
(5) Q1'26 results not yet released (May 14). Defaults use Q1'25 segment data — refresh once filing drops.
Valuation presets
Live SOTP per share
Operating segments
$0
+ Public/private investments
$0
+ Cash & equivalents
$0
– Debt
$0
Equity value
$0
÷ Shares
SOTP / share
BOC mkt price
$15
Tilson intrinsic (ref)
~$22
Book value
~$17
1. Operating segments (TTM × multiple)
| Segment | What it is | TTM EBITDA ($M) | Multiple | Implied EV ($M) |
|---|---|---|---|---|
| Total segment EV | — | |||
Billboard comps: OUT/LAMR trade at 12-15x. Surety: P/BV in insurance is the right metric — handled in §2.
2. Insurance equity (General Indemnity at P/BV)
| Item | Note | Value ($M) |
|---|---|---|
| Insurance segment value | — | |
3. Investments (BOAM + Sky Harbour + other)
| Investment | Ticker / type | Carrying value ($M) | Haircut % | SOTP value ($M) |
|---|---|---|---|---|
| Total investments | — | |||
4. Cash & debt
| Item | Note | Value ($M) |
|---|
Share count & market
| Shares outstanding (M) | M | |
| Current BOC price ($) | $ |
Not investment advice. Sources: Q1'25 10-Q (latest available); BOC investor presentations; Tilson research notes.