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David Beard - And then Lamar -- it's a billboard company. It's all in small markets. Their business has been turning and coming back and it's trading at 15 times free cash flow, ... We think it's worth $20 (per share) and can get taken up between $60 and $70 a share ... You're starting to see the rebound in advertising. The billboard business, for them, continues to be pretty steady and it's rebounding. So, it's more specific for Lamar but the industry is performing better.

And then Lamar -- it's a billboard company. It's all in small markets. Their business has been turning and coming back and it's trading at 15 times free cash flow, ... We think it's worth $20 (per share) and can get taken up between $60 and $70 a share ... You're starting to see the rebound in advertising. The billboard business, for them, continues to be pretty steady and it's rebounding. So, it's more specific for Lamar but the industry is performing better.

David Beard
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