Rational Investing

Advertising Agencies/Services

	Total Market Capitalization of All Firms	$101,011 mm
	Average Market Capitalization	$7,770 mm
	Average Market to Model Ratio Weighted by Log of Market Cap	1.3
	Standard Deviation of MM Ratio	0.5
	Average Beta	1.3
	Average EV To Revenue	2.0
	Average EV To EBITDAM	23.8
	Average Price To Free Cash Flow	33.2

Ticker	Company Name	Market To Model	Market Cap ($ mm)	EV to Revenue	Price To FCF	EV/EBITDAM	% Growth	Beta	As Of
4751	CyberAgent Inc	2.39	9,257	0.1	99	30	13	0.5	Sep 20
2433	Hakuhodo DY Holdings Inc	1.75	5,523	0.1	99	30	-5	1.1	Jun 20
CCO	Clear Channel Outdoor Holdings	1.75	815	4.5	2	38.1	-24	2.5	Sep 20
WPP.L	Wpp Group Plc	1.55	13,699	1.8	7.9	30	-15	1.5	Jun 20
WPP	Wpp Group Plc	1.41	13,649	1.4	11.7	12.0	-5	1.5	Jun 20
MCHX	Marchex Inc.	1.37	115	1.2	2.7	30	13	1.4	Mar 19
OMC	Omnicom Group Inc	1.28	13,776	1.4	17.2	12.7	-10	0.9	Sep 20
PUB.PA	Publicis Groupe SA	1.27	12,374	1.7	8.9	8.0	12	1.0	Jun 20
DEC.PA	JCDecaux SA	1.01	4,023	2.3	15.5	30	-22	1.5	Jun 20
4324	DENTSU INC	0.99	8,792	0.7	99	19.9	-7	1.3	Sep 20
QNST	Quinstreet, Inc.	0.74	1,107	2.1	22.1	35.7	9	1.1	Sep 20
LAMR	Lamar Advertising Co	0.68	8,366	7.3	24.3	18.5	-9	1.4	Sep 20
IPG	Interpublic Group Of Companies	0.22	9,513	1.5	22.0	14.5	0	1.0	Sep 20