The report has to be read in context of the growth expectations...

The report has to be read in context of the growth expectations and guidance. You might pay a PE of 16x fc17 - roughly $4.60 by my sums. But you aren't going to pay a PE much above 20. You might suspect that this stock had a very good year or so - even Quadrant bailed in Sep last year. So maybe digital billboards are losing their premium? Once they are everywhere - will be hard to justify paying too much more for them.