Clear Channel Outdoor Holdings, Inc.
CCO
pitch
long
Christof Pfeiffer, James Walsh
Thesis
The team recommended purchasing Clear Channel senior secured term loans, which were trading at forty cents on the dollar, implying an enterprise value of $6.7 billion. They calculated the firm's value at a minimum of $12 billion, suggesting a potential IRR of 30% per year over three to five years, indicating significant upside.
Did it work?
worked
confidence: high
The investment thesis suggested a significant upside with a minimum valuation of $12 billion, and the actual price performance of +505.0% indicates that the investment has greatly exceeded expectations. Given the substantial return and the long-term nature of the thesis, it is clear that the thesis played out successfully.
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