Report
Neil Macker
EUR 101.80 For Business Accounts Only

CBS is monetizing its TV content in a growing number of windows beyond its broadcast network.

CBS posted an in line fourth quarter as the company prepares to spin out its radio division. Affiliate and subscription fees continue to expand as the company benefits from persistent retrans and reverse comp revenue growth. 
We reiterate our narrow moat rating and plan to raise our fair value estimate to $65 from $59 due to rolling our model forward one year and a lower dependence on ad revenue due to the radio unit spin out. With the stock trading in 3-star territory, we would wait for a large...
Underlying
ViacomCBS Inc. Class B

CBS is a mass media company, which operates the following segments: Entertainment, which is consists of the CBS Television Network, CBS Television Studios, CBS Global Distribution Group, Network 10, CBS Interactive, CBS Sports Network, and CBS Films as well as the company's digital streaming services CBS All Access and CBSN; Cable Networks, which consists of Showtime Networks and its digital subscription streaming offering, and Smithsonian Networks; Publishing, which consists of Simon & Schuster's consumer book publishing business with imprints such as Simon & Schuster, Pocket Books, Scribner and Atria Books; and Local Media, which consists of CBS Television Stations and CBS Local Digital Media.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Neil Macker

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