Boston Omaha Corporation

AI-generated fair value estimate for this company.

Method: Sum-of-the-parts: (1) Insurance (General Indemnity Group) valued at the actual agreed cash sale price to CopperPoint Insurance of $84.3M; (2) Billboard/outdoor-advertising segment (Link Media Holdings) valued at 9x an estimated segment EBITDA of ~$16.1M (FY2025 segment revenue of $45.9M x an assumed 35% EBITDA margin, in line with public billboard peers Lamar/Outfront), i.e. ~$144.6M; (3) Broadband/fiber segment valued at 3.0x FY2025 segment revenue of $41.2M (~$123.6M), reflecting a growth-stage fiber overbuilder still scaling EBITDA through heavy capex, so valued on revenue rather than suppressed current EBITDA; (4) Sky Harbour Group equity stake (14.8%, 11.3M shares) marked to its quoted fair value of ~$111.6M as of June 30, 2026; less consolidated net debt of ~$31.4M ($47.6M debt less $16.2M cash); total equity value of ~$432.7M divided by 30.13M shares outstanding.

Reasoning: Boston Omaha is a diversified holding company spanning businesses of very different character (mature cash-generating billboards, a growth-stage capital-intensive broadband buildout, an insurance unit now sold for a known cash price, and a marked-to-market minority stake in a public company), so a single blended DCF or multiple would obscure real value, whereas a sum-of-the-parts using an actual agreed sale price, a public market mark, and segment-appropriate multiples is materially more accurate.