Updating model post Q2
We are updating forecasts for Q2 results. A potential merger with CBS remains the most significant driver of the stock although CBS appears to be an unwilling partner and major questions persist over the surviving management team. Nevertheless, results have improved under CEO Bob Bakish with declines in domestic advertising and affiliate fees easing while film losses have moderated. Following Q2, our FY18E EPS remains broadly unchanged but our FY19E EPS decreases 4% to $4.39 as film improvements flow through more slowly than anticipated. We remain Neutral.Viacom provides entertainment through television, film, digital media, live events, merchandise and solutions. The company operates through two segments: Media Networks, which provides entertainment content, services and related branded products for consumers in targeted demographics attractive to advertisers, content distributors and retailers through its media brands including Nickelodeon, MTV, BET, Comedy Central and Paramount Network; and Filmed Entertainment, which develops, produces, finances, acquires and distributes films, television programming and other entertainment content through its Paramount Pictures, Paramount Players, Paramount Animation and Paramount Television divisions.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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