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Boston Omaha September Idea Competition
For this stock idea competition, I chose Boston Omaha. My bullet point analysis is below and a full deep dive is linked at the bottom:
Run by Co-CEOs Adam Peterson and Alex Rozek since its founding Boston Omaha ($BOC) went public in 2017. The holding company spans many sectors, but they try to focus on ventures that have 1-3 variables to optimize and then go and optimize them.
Let's break it down:
- Billboards
The biggest business and one of the best cash-flowing branches of Boston Omaha is the billboard business. The company owns Link Outdoor Media the 4th biggest billboard brand with ~7,400 faces
- Broadband/Fiber
One of the fastest growing branches of the company. They own AireBeam, Utah Broadband, Fiber Fast Homes, and InfoWest (fiber/broadband companies). Between them they have 40k users that have a LTV of $3,000-$7,000.
- Insurance
General Indemnity focuses on Surety Insurance a type that insures a “promise” made from one party to another in the event that one party doesn’t follow through.
- SkyHarbour $SKYH
A fast growing REIT for private jet hangars. The company holding is from the Yellowstone SPAC which was sponsored by Boston Omaha as well as a holding of warrants in the company.
- Boston Omaha Asset Management
Boston Omaha has BOAM to hold many of its other investments and ventures including a significant Dream Finders Homes holding. Also build for rent venture called “Build For Rent”, 24th Street Asset Management (Real Estate), Crescent Bank, Logic Commercial Real Estate, and breezeway.
- Stocks
Boston Omaha has an equity portfolio that is not disclosed because it is under $100mm, but with some research it can be deduced that the only holding (and there is only one) Nelnet $NNI. This is a very interesting company that deserves its own deep dive (no spoilers).
- Check out the deep dive on $BOC here
- Bringing it together
This is very much a bet on management (Adam and Alex). They are still newish, but they have demonstrated strong capital allocation skills and have kept debt to a minimum. They follow the most if not all the pillars and profits have already begun.
pillarsandprofits.substack.com
Boston Omaha: Baby Berkshire or Brookfield (Issue #20)
Boston Omaha Corp BOC: $27.87 Market Cap: $827.69 million Enterprise Value: $839.47 million Boston Omaha was started by two former fund managers originally from, you guessed it, Boston and Omaha. The company went public in 2017. The Co-CEOs and Co-Chair Alex Rozek and Adam Peterson focus on capital allocation: the firm holds stocks, private holdings, whole companies, and even sponsored a SPAC that converted earlier this year.
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