Boston Omaha Corporation

BOC

Communication ServicesAdvertising AgenciesNYSE

$11.36

Market Cap: $346.90M

Boston Omaha Corporation (BOC) Valuation Summary

Updated May 10, 2026 04:30

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.08 – $53.34	$11.12	-2.1%
Revenue DCF 10Y	$1.97 – $46.36	$4.28	-62.3%
▸ Trading Multiples
EV/Revenue	$0.74 – $4.34	$1.52	-86.7%

Valuation History

DCF Analysis

Boston Omaha Corporation (BOC) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$4.28

Market Price

$11.36

Upside / Downside

-62.3%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -3.4% to a target of 10.4% over 5 years, discounted at a WACC of 6.5%, Boston Omaha Corporation (BOC) has an intrinsic value of $4.28 per share (range: $1.97 – $46.36).

Key Assumptions

Current Operating Margin

-3.4%

Target Operating Margin

10.4%

WACC

6.5%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

38.8%

Target CapEx/Rev

32.1%

D&A/Revenue

21.4%

Tax Rate

0.0%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	120	4.7%	-0.7%	-1	-1	26	(46)	-65	44	43
2027	126	4.8%	2.1%	3	3	27	(47)	-3	-15	-13
2028	149	19.0%	4.9%	7	7	32	(55)	-13	-3	-3
2029	178	19.0%	7.6%	14	14	38	(64)	-15	2	2
2030	212	19.0%	10.4%	22	22	45	(75)	-18	10	8
2031	246	16.4%	10.4%	26	26	53	(86)	-18	11	8
2032	280	13.7%	10.4%	29	29	60	(96)	-18	11	7
2033	311	11.0%	10.4%	32	32	67	(104)	-16	11	7
2034	337	8.3%	10.4%	35	35	72	(110)	-14	10	6
2035	356	5.7%	10.4%	37	37	76	(114)	-10	9	5

Enterprise Value Bridge

Sum of PV(FCFF)69

Terminal Value (Gordon Growth at 3.0%)264

PV of Terminal Value145

Enterprise Value214

(–) Net Debt80

Equity Value135

(÷) Shares Outstanding31

Fair Value per Share$4.28

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.4%	7.4%	10.4%	13.4%	16.4%
4.5%	$-3	$-2	$13	$30	$46
5.5%	$-3	$-2	$7	$17	$26
6.5%	$-3	$-2	$4	$11	$18
7.5%	$-3	$-2	$3	$8	$13
8.5%	$-3	$-2	$2	$6	$10

Current price: $11.36. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at -52.4% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Boston Omaha Corporation (BOC) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$11.12

Market Price

$11.36

Upside / Downside

-2.1%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-3.4%

Target Operating Margin

10.4%

WACC

6.5%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

38.8%

Target CapEx/Rev

32.1%

D&A/Revenue

21.4%

Tax Rate

0.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	120	4.7%	-0.7%	-1	-1	26	(45)	-65	45	43
2027	126	4.8%	2.1%	3	3	27	(45)	-3	-13	-12
2028	149	19.0%	4.9%	7	7	32	(52)	-13	-0	-0
2029	178	19.0%	7.6%	14	14	38	(60)	-15	7	6
2030	212	19.0%	10.4%	22	22	45	(68)	-18	17	13

Enterprise Value Bridge

Sum of PV(FCFF)50

Terminal Value (Gordon Growth at 3.0%)503

PV of Terminal Value379

Enterprise Value429

(–) Net Debt80

Equity Value349

(÷) Shares Outstanding31

Fair Value per Share$11.12

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.4%	7.4%	10.4%	13.4%	16.4%
4.5%	$6	$18	$30	$42	$53
5.5%	$3	$10	$17	$24	$31
6.5%	$1	$6	$11	$16	$21
7.5%	$1	$4	$8	$12	$15
8.5%	$0	$3	$6	$9	$12

Current price: $11.36. Green = undervalued, Red = overvalued.

Working Capital Assumption

Trading Multiples

Fair Value

$1.52

Market Price

$11.36

Upside / Downside

-86.7%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Boston Omaha Corporation (BOC) has a fair value of $1.52 based on 8 comparable companies in the Advertising Agencies industry.

EV/Revenue Valuation — Advertising Agencies

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Boston Omaha CorporationBOC	357	3.8x	4.3x
Anterix Inc.ATEX	1,048	166.7x	—
iHeartMedia, Inc.IHRT	738	1.7x	1.7x
Advantage Solutions Inc.ADV	529	0.1x	0.1x
TechTarget, Inc.TTGT	468	1.1x	2.4x
Perion Network Ltd.PERI	445	0.9x	0.8x
Nexxen International Ltd.NEXN	428	0.9x	0.9x
Gray Media, Inc.GTN	402	1.9x	1.9x
National CineMedia, Inc.NCMI	342	1.2x	1.2x
Industry Median		1.1x	1.2x
(*) Revenue		114	102
= Enterprise Value		131	124
(-) Net Debt		80	80
Equity Value		52	44
(/) Outstanding shares		31	31
Fair Price		$2	$1

Selected Fair Value (avg of trailing + forward)

$1.52

-86.7%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$0.08 – $53.34

$11.12

-2.1%

Revenue DCF 10Y

$1.97 – $46.36

$4.28

-62.3%

▸ Trading Multiples

EV/Revenue

$0.74 – $4.34

$1.52

-86.7%

DCF Analysis

Boston Omaha Corporation (BOC) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$4.28

Market Price

$11.36

Upside / Downside

-62.3%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-3.4%

Target Operating Margin

10.4%

WACC

6.5%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

38.8%

Target CapEx/Rev

32.1%

D&A/Revenue

21.4%

Tax Rate

0.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	120	4.7%	-0.7%	-1	-1	26	(46)	-65	44	43
2027	126	4.8%	2.1%	3	3	27	(47)	-3	-15	-13
2028	149	19.0%	4.9%	7	7	32	(55)	-13	-3	-3
2029	178	19.0%	7.6%	14	14	38	(64)	-15	2	2
2030	212	19.0%	10.4%	22	22	45	(75)	-18	10	8
2031	246	16.4%	10.4%	26	26	53	(86)	-18	11	8
2032	280	13.7%	10.4%	29	29	60	(96)	-18	11	7
2033	311	11.0%	10.4%	32	32	67	(104)	-16	11	7
2034	337	8.3%	10.4%	35	35	72	(110)	-14	10	6
2035	356	5.7%	10.4%	37	37	76	(114)	-10	9	5

Enterprise Value Bridge

Sum of PV(FCFF)69

Terminal Value (Gordon Growth at 3.0%)264

PV of Terminal Value145

Enterprise Value214

(–) Net Debt80

Equity Value135

(÷) Shares Outstanding31

Fair Value per Share$4.28

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.4%	7.4%	10.4%	13.4%	16.4%
4.5%	$-3	$-2	$13	$30	$46
5.5%	$-3	$-2	$7	$17	$26
6.5%	$-3	$-2	$4	$11	$18
7.5%	$-3	$-2	$3	$8	$13
8.5%	$-3	$-2	$2	$6	$10

Current price: $11.36. Green = undervalued, Red = overvalued.

Working Capital Assumption

Trading Multiples

Fair Value

$1.52

Market Price

$11.36

Upside / Downside

-86.7%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Boston Omaha Corporation (BOC) has a fair value of $1.52 based on 8 comparable companies in the Advertising Agencies industry.

EV/Revenue Valuation — Advertising Agencies

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Boston Omaha CorporationBOC	357	3.8x	4.3x
Anterix Inc.ATEX	1,048	166.7x	—
iHeartMedia, Inc.IHRT	738	1.7x	1.7x
Advantage Solutions Inc.ADV	529	0.1x	0.1x
TechTarget, Inc.TTGT	468	1.1x	2.4x
Perion Network Ltd.PERI	445	0.9x	0.8x
Nexxen International Ltd.NEXN	428	0.9x	0.9x
Gray Media, Inc.GTN	402	1.9x	1.9x
National CineMedia, Inc.NCMI	342	1.2x	1.2x
Industry Median		1.1x	1.2x
(*) Revenue		114	102
= Enterprise Value		131	124
(-) Net Debt		80	80
Equity Value		52	44
(/) Outstanding shares		31	31
Fair Price		$2	$1

Selected Fair Value (avg of trailing + forward)

$1.52

-86.7%