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Boston Omaha Owner Earnings per Share (TTM)

: 4.82 (As of Jun. 2021)
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In 1986 Berkshire Hathaway Shareholder Letter, Warren Buffett defined owner earnings as follows:

"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."

Boston Omaha's Owner Earnings per Share (TTM) ended in Jun. 2021 was $4.82. It's Price-to-Owner-Earnings ratio for today is 5.8.


The historical rank and industry rank for Boston Omaha's Owner Earnings per Share (TTM) or its related term are showing as below:

NAS:BOMN' s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 5.32   Med: 7.03   Max: 489.38
Current: 5.8

5.32
489.38

During the past 6 years, the highest Price-to-Owner-Earnings ratio of Boston Omaha was 489.38. The lowest was 5.32. And the median was 7.03.


NAS:BOMN's Price-to-Owner-Earnings is ranked higher than
82% of the 442 Companies
in the Media - Diversified industry.

( Industry Median: 14.16 vs. NAS:BOMN: 5.80 )

Boston Omaha's Earnings per Share (Diluted) for the three months ended in Jun. 2021 was $0.29. Its Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Jun. 2021 was $4.22. It's PE Ratio ratio for today is 6.63.

Boston Omaha's EPS without NRI for the three months ended in Jun. 2021 was $0.29. Its EPS without NRI for the trailing twelve months (TTM) ended in Jun. 2021 was $4.22. It's PE Ratio without NRI ratio for today is 6.63.


Boston Omaha Owner Earnings per Share (TTM) Historical Data

The historical data trend for Boston Omaha's Owner Earnings per Share (TTM) can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Boston Omaha Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20
Owner Earnings per Share (TTM)
Premium Member Only - - - - 0.10

Boston Omaha Quarterly Data
Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21
Owner Earnings per Share (TTM) Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -0.38 -0.31 0.10 4.94 4.82

Competitive Comparison

For the Advertising Agencies subindustry, Boston Omaha's Owner Earnings per Share (TTM), along with its competitors' market caps and Owner Earnings per Share (TTM) data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

   

Boston Omaha Owner Earnings per Share (TTM) Distribution

For the Media - Diversified industry and Communication Services sector, Boston Omaha's Owner Earnings per Share (TTM) distribution charts can be found below:

* The bar in red indicates where Boston Omaha's Owner Earnings per Share (TTM) falls into.



Boston Omaha Owner Earnings per Share (TTM) Calculation

In 1986 Berkshire Hathaway Shareholder Letter, Warren Buffett defined owner earnings as follows:

"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume. (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."

To make it simple, then you will have:

Owner Earnings per Share (TTM) = (Net Income + Depreciation, Depletion and Amortization + Change In Deferred Tax - 5Y Average of Maintenance Capital Expenditure + Change In Working Capital) / Shares Outstanding (Diluted Average)

Boston Omaha's Owner Earnings per Share (TTM) Calculation:

TTM / Last Quarter Average of Last 20 Quarters
Net Income 114.36
Depreciation, Depletion and Amortization 13.09
Change In Deferred Tax 21.97
5Y Average of Maintenance Capital Expenditure 3.98
Change In Working Capital -3.31
Shares Outstanding (Diluted Average) 29.49

1. Start with "Net Income" from income statement. Boston Omaha's Net Income for the trailing twelve months (TTM) ended in Jun. 2021 was $114.36 Mil.

2. "Depreciation, Depletion and Amortization" is from cashflow statement. Boston Omaha's Depreciation, Depletion and Amortization for the trailing twelve months (TTM) ended in Jun. 2021 was $13.09 Mil. This needs to be added back because company does not actually need to pay cash for it. It is a non-cash item.

3. Other non-cash charges usually include "Stock Based Compensation" and "Change In Deferred Tax":
However, to be conservative, GuruFocus will not add Stock Based Compensation back to net income. Boston Omaha's Change In Deferred Tax for the trailing twelve months (TTM) ended in Jun. 2021 was $21.97 Mil.

4. Average maintenance capital expenditure over a business/industry cycle: 5-Year Average Maintenance Capital Expenditure = $3.98 Mil

It is usually best to take a long-term average of maintenance capital expenditure. Ideally this would be as long as 10 years and include at least one economic downturn. However, since many companies do not have as long as 10-year history, here GuruFocus uses the latest 5 years data to do the calculation. To smooth out unusual years but reflect recent developments, we take an average of the 5 year maintenance capital expenditure.

The following shows how to get maintenance capital expenditure.

First, calculate the revenue change regarding to the previous year. If the revenue decreased from the previous year, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
Second, if the revenue increased from the previous year, then calculate the percentage of Net PPE as of corresponding Revenue.
Growth Capital Expenditure = Percentage of Property, Plant and Equipment as of corresponding Revenue * Revenue Increase
Third, calculate Capital Expenditure (positive) - Growth Capital Expenditure.
If [Capital Expenditure (positive) - Growth Capital Expenditure] was negative, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
If [Capital Expenditure (positive) - Growth Capital Expenditure] was positive, then the Maintenance Capital Expenditure = Capital Expenditure (positive) - Growth Capital Expenditure.
Fourth, get the average of the 5 years maintenance capital expenditure.

Boston Omaha's 5-Year Average Maintenance Capital Expenditure = $3.98 Mil

5. "Change In Working Capital" is from cashflow statement. Boston Omaha's Change In Working Capital for the trailing twelve months (TTM) ended in Jun. 2021 was $-3.31 Mil.
Note: GuruFocus' Change in Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And sometimes it includes non-current parts of assets and liabilities.

6. Boston Omaha's Shares Outstanding (Diluted Average) for the months ended in Jun. 2021 was 29.493 Mil.

Boston Omaha's Onwer Earnings Per Share for Jun. 2021 is calculated as:

Owner Earnings per Share (TTM)
=( Net Income+Depreciation, Depletion and Amortization+Change In Deferred Tax
=( 114.359 +13.094+21.967
-5Y Avg of Maintenance CAPEX+Change In Working Capital )/Shares Outstanding (Diluted Average)
-3.9824382327492+-3.305)/29.493
=4.82

Price-to-Owner-Earnings=Current Price/Owner Earnings per Share (TTM)
=27.95/4.82
=5.8

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.


Be Aware

Assumption: Companies usually do not report maintenance capital expenditures and growth capital expenditures separately. Here we use estimated numbers and average them over 5 years. The method to estimate maintenance capital expenditures can be found in above part 4.

Note: GuruFocus' Change In Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And it includes non-current parts of assets and liabilities.


Boston Omaha Owner Earnings per Share (TTM) Related Terms

Thank you for viewing the detailed overview of Boston Omaha's Owner Earnings per Share (TTM) provided by GuruFocus.com. Please click on the following links to see related term pages.


Boston Omaha Business Description

Boston Omaha logo
Industry
Traded in Other Exchanges
Address
1601 Dodge Street, Suite 3300, Omaha, NE, USA, 68102
Boston Omaha Corp is a US-based company which invests in real estate. Its operations include its ownership of multiple billboards in Florida, Georgia, Wisconsin, and Alabama and equity method investments in several real estate companies. The company operates three separate lines of business, outdoor billboard advertising, surety insurance and related brokerage activities, and broadband services. It also engages in investments in real estate management and related activities. The company generates the majority of the revenue from billboard rentals.
Executives
Weisenburger Joshua Paul officer: Chief Financial Officer 1411 HARNEY ST. SUITE 200 OMAHA NE 68102
Briner Bradford B director 705 GIMGHOUL ROAD CHAPEL HILL NC 27514
Keating Brendan Joseph director 8918 SPANISH RIDGE AVENUE, SUITE 100 LAS VEGAS NV 89148
Boulderado Partners, Llc 10 percent owner 292 NEWBURY STREET SUITE 333 BOSTON MA 02115
Boulderado Group, Llc other: Manager is Director and Co-CEO 304 NEWBURY STREET SUITE 333 BOSTON MA 02115
Boulderado Capital, Llc 10 percent owner 292 NEWBURY STREET BOSTON MA 02115
Rozek Alexander Buffett director, 10 percent owner, officer: Co-Chief Executive Officer 292 NEWBURY ST #333 BOSTON MA 02115
Magnolia Group, Llc 10 percent owner 1411 HARNEY STREET SUITE 200 OMAHA NE 68102
Magnolia Boc Ii, Lp 10 percent owner 1411 HARNEY ST. SUITE 200 OMAHA NE 68102
Magnolia Boc I, Lp 10 percent owner 1411 HARNEY ST. SUITE 200 OMAHA NE 68102
Peterson Adam K director, 10 percent owner, officer: Co-Chief Executive Officer 1411 HARNEY STREET, SUITE 200 OMAHA NE 68102
Magnolia Capital Fund, Lp 10 percent owner 1411 HARNEY ST., SUITE 200 OMAHA NE 68102
Lafoy William Scott officer: CEO of Link Media Holdings,LLC C/O LINK MEDIA OUTDOOR 200 MANSELL CT. EAST, BLDG 200 STE. 360 ROSWELL GA 30076
Royal Jeffrey C director 5420 NICHOLAS STREET OMAHA NE 68132
Kenan Frank H. Ii director C/O BOSTON OMAHA CORPORATION., 292 NEWBURY ST. SUITE 333 BOSTON MA 02115

Boston Omaha Headlines

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