CBS (Follow-Up)
CBS Corp
TMT
09/20/2017
Presented
| Date | 09/19/2017 |
| Price | $58.85 |
| Market Cap | $23.65B |
| Ent Value | N/A |
| P/E Ratio | 149.75x |
| Book Value | $149.75 |
| Div Yield | 1.24% |
| Shares O/S | 364.06M |
| Ave Daily Vol | 2,700,143 |
| Short Int | N/A |
Current
| Price | $10.50 |
| Market Cap | $7.00B |
| CBS Corporation operates as a mass media company worldwide. The company operates through four segments: Entertainment, Cable Networks, Publishing, and Local Media. The Entertainment segment distributes a schedule of news and public affairs broadcasts, and sports and entertainment programming; produces, acquires, and/or distributes programming, including series, specials, news, and public affairs; operates online content networks for information and entertainment; produces, acquires, and distributes theatrical motion pictures; and digital streaming services. The Cable Networks segment offers subscription program services, such as original series, theatrical feature films, documentaries, boxing and other sports-related programming, and special events. This segment also operates CBS Sports Network, a 24-hour cable program service that provides college sports and related content; and Smithsonian Networks, which operates a channel featuring cultural, historical, scientific, and educational programs. The Publishing segment publishes and distributes adult and childrens consumer books in printed, digital, and audio formats; develops special imprints and publishes titles based on the products of the company, as well as that of third parties; and distributes products for other publishers. This segment also delivers content; and promotes its products on its Websites, social media, and general Internet sites, as well as those related to individual titles. The Local Media segment owns 30 broadcast television stations; and operates local Websites, including content from the companys television stations, and news and sports radio stations. The company was founded in 1986 and is headquartered in New York, New York. |
Please note, this is an update to CBS - Long, which was originally presented on 4/7/2017 at $68.67.
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Publicly traded companies mentioned herein: CBS Corp (CBS), DISH Network Corp (DISH)
Highlights
The presenter remains long shares of CBS Corp (CBS), maintaining his thesis of 16% earnings growth over the next year as the strength of CBS’s core assets asserts itself. Though he does not think CBS is fully immune to the secular headwinds facing the media industry, he does think CBS is more agnostic to shifts in the broader environment than the market perceives. By his model, CBS is trading at under 12x 2018 EPS, which is “quite cheap.” Should his thesis play out and CBS show strong earnings growth to the tune of $5.20 in 2018 EPS, the stock could rerate positively.
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