Intrinsic value of Viacom Cl B - VIAB

Previous Close

$33.50

  Intrinsic Value

$96.87

stock screener

  Rating & Target

str. buy

+189%

Previous close

$33.50

 
Intrinsic value

$96.87

 
Up/down potential

+189%

 
Rating

str. buy

We calculate the intrinsic value of VIAB stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  6.21
  2.90
  3.11
  3.30
  3.47
  3.62
  3.76
  3.88
  4.00
  4.10
  4.19
  4.27
  4.34
  4.41
  4.47
  4.52
  4.57
  4.61
  4.65
  4.68
  4.72
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
Revenue, $m
  13,263
  13,648
  14,072
  14,536
  15,041
  15,585
  16,171
  16,799
  17,471
  18,186
  18,948
  19,756
  20,614
  21,522
  22,484
  23,500
  24,573
  25,706
  26,901
  28,162
  29,490
  30,889
  32,363
  33,914
  35,546
  37,264
  39,071
  40,972
  42,970
  45,072
  47,281
Variable operating expenses, $m
 
  9,247
  9,498
  9,773
  10,071
  10,394
  10,741
  11,113
  11,510
  11,934
  12,384
  11,697
  12,204
  12,742
  13,311
  13,913
  14,549
  15,219
  15,927
  16,673
  17,459
  18,288
  19,160
  20,079
  21,045
  22,062
  23,132
  24,257
  25,441
  26,685
  27,992
Fixed operating expenses, $m
 
  1,545
  1,583
  1,623
  1,663
  1,705
  1,748
  1,791
  1,836
  1,882
  1,929
  1,977
  2,027
  2,077
  2,129
  2,183
  2,237
  2,293
  2,350
  2,409
  2,469
  2,531
  2,594
  2,659
  2,726
  2,794
  2,864
  2,935
  3,009
  3,084
  3,161
Total operating expenses, $m
  10,489
  10,792
  11,081
  11,396
  11,734
  12,099
  12,489
  12,904
  13,346
  13,816
  14,313
  13,674
  14,231
  14,819
  15,440
  16,096
  16,786
  17,512
  18,277
  19,082
  19,928
  20,819
  21,754
  22,738
  23,771
  24,856
  25,996
  27,192
  28,450
  29,769
  31,153
Operating income, $m
  2,774
  2,856
  2,991
  3,141
  3,306
  3,487
  3,683
  3,896
  4,125
  4,371
  4,634
  6,082
  6,383
  6,703
  7,043
  7,404
  7,788
  8,194
  8,624
  9,079
  9,561
  10,070
  10,608
  11,176
  11,775
  12,408
  13,075
  13,779
  14,521
  15,303
  16,127
EBITDA, $m
  2,997
  4,067
  4,202
  4,354
  4,521
  4,703
  4,901
  5,116
  5,347
  5,595
  5,861
  6,146
  6,449
  6,772
  7,115
  7,479
  7,866
  8,276
  8,710
  9,170
  9,655
  10,169
  10,712
  11,284
  11,889
  12,527
  13,200
  13,910
  14,659
  15,447
  16,278
Interest expense (income), $m
  635
  611
  638
  669
  703
  740
  780
  822
  868
  917
  970
  1,025
  1,085
  1,147
  1,214
  1,284
  1,358
  1,437
  1,520
  1,607
  1,699
  1,796
  1,899
  2,006
  2,120
  2,239
  2,365
  2,497
  2,636
  2,782
  2,936
Earnings before tax, $m
  2,212
  2,246
  2,353
  2,472
  2,603
  2,747
  2,903
  3,073
  3,256
  3,453
  3,664
  5,057
  5,298
  5,555
  5,829
  6,120
  6,429
  6,757
  7,104
  7,472
  7,862
  8,274
  8,709
  9,170
  9,656
  10,169
  10,711
  11,282
  11,885
  12,521
  13,192
Tax expense, $m
  293
  606
  635
  667
  703
  742
  784
  830
  879
  932
  989
  1,365
  1,430
  1,500
  1,574
  1,652
  1,736
  1,824
  1,918
  2,018
  2,123
  2,234
  2,352
  2,476
  2,607
  2,746
  2,892
  3,046
  3,209
  3,381
  3,562
Net income, $m
  1,874
  1,640
  1,718
  1,804
  1,900
  2,005
  2,119
  2,243
  2,377
  2,521
  2,675
  3,691
  3,868
  4,055
  4,255
  4,468
  4,693
  4,933
  5,186
  5,455
  5,739
  6,040
  6,358
  6,694
  7,049
  7,423
  7,819
  8,236
  8,676
  9,140
  9,630

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,389
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  23,698
  22,937
  23,651
  24,431
  25,278
  26,194
  27,179
  28,234
  29,363
  30,565
  31,845
  33,204
  34,645
  36,172
  37,788
  39,495
  41,299
  43,204
  45,213
  47,331
  49,563
  51,915
  54,391
  56,998
  59,742
  62,629
  65,666
  68,860
  72,219
  75,751
  79,463
Adjusted assets (=assets-cash), $m
  22,309
  22,937
  23,651
  24,431
  25,278
  26,194
  27,179
  28,234
  29,363
  30,565
  31,845
  33,204
  34,645
  36,172
  37,788
  39,495
  41,299
  43,204
  45,213
  47,331
  49,563
  51,915
  54,391
  56,998
  59,742
  62,629
  65,666
  68,860
  72,219
  75,751
  79,463
Revenue / Adjusted assets
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
Average production assets, $m
  1,269
  1,310
  1,351
  1,395
  1,444
  1,496
  1,552
  1,613
  1,677
  1,746
  1,819
  1,897
  1,979
  2,066
  2,158
  2,256
  2,359
  2,468
  2,583
  2,704
  2,831
  2,965
  3,107
  3,256
  3,412
  3,577
  3,751
  3,933
  4,125
  4,327
  4,539
Working capital, $m
  2,048
  696
  718
  741
  767
  795
  825
  857
  891
  928
  966
  1,008
  1,051
  1,098
  1,147
  1,198
  1,253
  1,311
  1,372
  1,436
  1,504
  1,575
  1,650
  1,730
  1,813
  1,900
  1,993
  2,090
  2,191
  2,299
  2,411
Total debt, $m
  11,119
  11,599
  12,164
  12,781
  13,451
  14,175
  14,954
  15,789
  16,682
  17,633
  18,645
  19,720
  20,860
  22,068
  23,346
  24,697
  26,124
  27,630
  29,219
  30,895
  32,660
  34,520
  36,479
  38,541
  40,712
  42,995
  45,398
  47,924
  50,581
  53,375
  56,311
Total liabilities, $m
  17,663
  18,143
  18,708
  19,325
  19,995
  20,719
  21,498
  22,333
  23,226
  24,177
  25,189
  26,264
  27,404
  28,612
  29,890
  31,241
  32,668
  34,174
  35,763
  37,439
  39,204
  41,064
  43,023
  45,085
  47,256
  49,539
  51,942
  54,468
  57,125
  59,919
  62,855
Total equity, $m
  6,035
  4,794
  4,943
  5,106
  5,283
  5,475
  5,680
  5,901
  6,137
  6,388
  6,656
  6,940
  7,241
  7,560
  7,898
  8,255
  8,632
  9,030
  9,449
  9,892
  10,359
  10,850
  11,368
  11,913
  12,486
  13,089
  13,724
  14,392
  15,094
  15,832
  16,608
Total liabilities and equity, $m
  23,698
  22,937
  23,651
  24,431
  25,278
  26,194
  27,178
  28,234
  29,363
  30,565
  31,845
  33,204
  34,645
  36,172
  37,788
  39,496
  41,300
  43,204
  45,212
  47,331
  49,563
  51,914
  54,391
  56,998
  59,742
  62,628
  65,666
  68,860
  72,219
  75,751
  79,463
Debt-to-equity ratio
  1.842
  2.420
  2.460
  2.500
  2.550
  2.590
  2.630
  2.680
  2.720
  2.760
  2.800
  2.840
  2.880
  2.920
  2.960
  2.990
  3.030
  3.060
  3.090
  3.120
  3.150
  3.180
  3.210
  3.240
  3.260
  3.280
  3.310
  3.330
  3.350
  3.370
  3.390
Adjusted equity ratio
  0.208
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,874
  1,640
  1,718
  1,804
  1,900
  2,005
  2,119
  2,243
  2,377
  2,521
  2,675
  3,691
  3,868
  4,055
  4,255
  4,468
  4,693
  4,933
  5,186
  5,455
  5,739
  6,040
  6,358
  6,694
  7,049
  7,423
  7,819
  8,236
  8,676
  9,140
  9,630
Depreciation, amort., depletion, $m
  223
  1,210
  1,212
  1,213
  1,215
  1,216
  1,218
  1,220
  1,222
  1,225
  1,227
  63
  66
  69
  72
  75
  79
  82
  86
  90
  94
  99
  104
  109
  114
  119
  125
  131
  138
  144
  151
Funds from operations, $m
  -3,007
  2,850
  2,929
  3,017
  3,115
  3,221
  3,338
  3,464
  3,599
  3,745
  3,902
  3,755
  3,934
  4,124
  4,327
  4,543
  4,772
  5,015
  5,272
  5,545
  5,834
  6,139
  6,461
  6,802
  7,162
  7,543
  7,944
  8,367
  8,814
  9,285
  9,781
Change in working capital, $m
  -4,678
  20
  22
  24
  26
  28
  30
  32
  34
  36
  39
  41
  44
  46
  49
  52
  55
  58
  61
  64
  68
  71
  75
  79
  83
  88
  92
  97
  102
  107
  113
Cash from operations, $m
  1,671
  2,830
  2,908
  2,994
  3,089
  3,194
  3,308
  3,432
  3,565
  3,709
  3,863
  3,713
  3,890
  4,078
  4,278
  4,491
  4,717
  4,957
  5,211
  5,481
  5,766
  6,067
  6,386
  6,723
  7,079
  7,455
  7,852
  8,270
  8,712
  9,177
  9,668
Maintenance CAPEX, $m
  0
  -42
  -44
  -45
  -47
  -48
  -50
  -52
  -54
  -56
  -58
  -61
  -63
  -66
  -69
  -72
  -75
  -79
  -82
  -86
  -90
  -94
  -99
  -104
  -109
  -114
  -119
  -125
  -131
  -138
  -144
New CAPEX, $m
  -195
  -41
  -41
  -45
  -48
  -52
  -56
  -60
  -64
  -69
  -73
  -78
  -82
  -87
  -92
  -98
  -103
  -109
  -115
  -121
  -128
  -134
  -141
  -149
  -157
  -165
  -173
  -182
  -192
  -202
  -212
Cash from investing activities, $m
  329
  -83
  -85
  -90
  -95
  -100
  -106
  -112
  -118
  -125
  -131
  -139
  -145
  -153
  -161
  -170
  -178
  -188
  -197
  -207
  -218
  -228
  -240
  -253
  -266
  -279
  -292
  -307
  -323
  -340
  -356
Free cash flow, $m
  2,000
  2,747
  2,823
  2,904
  2,994
  3,093
  3,202
  3,319
  3,447
  3,584
  3,732
  3,575
  3,744
  3,925
  4,117
  4,322
  4,539
  4,770
  5,014
  5,274
  5,548
  5,839
  6,146
  6,471
  6,814
  7,176
  7,559
  7,963
  8,389
  8,838
  9,312
Issuance/(repayment) of debt, $m
  -783
  499
  564
  617
  670
  724
  779
  835
  892
  951
  1,012
  1,075
  1,140
  1,208
  1,278
  1,351
  1,427
  1,506
  1,589
  1,675
  1,766
  1,860
  1,959
  2,062
  2,170
  2,284
  2,402
  2,527
  2,657
  2,793
  2,937
Issuance/(repurchase) of shares, $m
  172
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -691
  499
  564
  617
  670
  724
  779
  835
  892
  951
  1,012
  1,075
  1,140
  1,208
  1,278
  1,351
  1,427
  1,506
  1,589
  1,675
  1,766
  1,860
  1,959
  2,062
  2,170
  2,284
  2,402
  2,527
  2,657
  2,793
  2,937
Total cash flow (excl. dividends), $m
  1,329
  3,246
  3,387
  3,521
  3,665
  3,818
  3,981
  4,154
  4,339
  4,536
  4,744
  4,650
  4,884
  5,132
  5,395
  5,672
  5,966
  6,276
  6,603
  6,949
  7,314
  7,699
  8,105
  8,533
  8,984
  9,460
  9,961
  10,489
  11,046
  11,632
  12,249
Retained Cash Flow (-), $m
  -1,758
  -129
  -149
  -163
  -177
  -191
  -206
  -221
  -236
  -251
  -267
  -284
  -301
  -319
  -338
  -357
  -377
  -398
  -420
  -443
  -467
  -491
  -518
  -545
  -573
  -603
  -635
  -668
  -702
  -738
  -776
Prev. year cash balance distribution, $m
 
  1,370
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  4,487
  3,238
  3,358
  3,487
  3,626
  3,775
  3,934
  4,104
  4,284
  4,477
  4,366
  4,583
  4,813
  5,057
  5,316
  5,589
  5,878
  6,184
  6,506
  6,847
  7,207
  7,587
  7,988
  8,411
  8,857
  9,326
  9,822
  10,344
  10,894
  11,473
Discount rate, %
 
  5.40
  5.67
  5.95
  6.25
  6.56
  6.89
  7.24
  7.60
  7.98
  8.38
  8.80
  9.24
  9.70
  10.18
  10.69
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.04
  15.80
  16.59
  17.42
  18.29
  19.20
  20.16
  21.17
  22.23
PV of cash for distribution, $m
 
  4,257
  2,900
  2,823
  2,736
  2,639
  2,531
  2,412
  2,284
  2,147
  2,003
  1,727
  1,588
  1,445
  1,301
  1,158
  1,019
  884
  757
  638
  530
  433
  348
  274
  211
  160
  118
  86
  60
  42
  28
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Viacom Inc. offers global media brands that create television programs, motion pictures, short-form content, applications, games, consumer products, social media experiences and other entertainment content. As of September 30, 2016, the Company offered its services for audiences in more than 180 countries. The Company operates through two segments: Media Networks and Filmed Entertainment. The Media Networks segment creates, acquires and distributes programming and other content for audiences The Media Networks segment provides entertainment content and related branded products for advertisers, content distributors and retailers. The Filmed Entertainment segment produces, finances, acquires and distributes motion pictures, television programming and other entertainment content under the Paramount Pictures, Paramount Vantage, Paramount Classics, Paramount Animation, Insurge Pictures, Nickelodeon Movies, MTV Films and Paramount Television brands.

FINANCIAL RATIOS  of  Viacom Cl B (VIAB)

Valuation Ratios
P/E Ratio 7.2
Price to Sales 1
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow 8.1
Price to Free Cash Flow 9.1
Growth Rates
Sales Growth Rate 6.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 13.4%
Cap. Spend. - 3 Yr. Gr. Rate 9.7%
Financial Strength
Quick Ratio 73
Current Ratio 0
LT Debt to Equity 183.9%
Total Debt to Equity 184.2%
Interest Coverage 4
Management Effectiveness
Return On Assets 10.5%
Ret/ On Assets - 3 Yr. Avg. 9.9%
Return On Total Capital 11.2%
Ret/ On T. Cap. - 3 Yr. Avg. 10.7%
Return On Equity 36.3%
Return On Equity - 3 Yr. Avg. 42%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 43.9%
Gross Margin - 3 Yr. Avg. 46.2%
EBITDA Margin 23.1%
EBITDA Margin - 3 Yr. Avg. 23.7%
Operating Margin 20.9%
Oper. Margin - 3 Yr. Avg. 21.5%
Pre-Tax Margin 16.7%
Pre-Tax Margin - 3 Yr. Avg. 17.2%
Net Profit Margin 14.1%
Net Profit Margin - 3 Yr. Avg. 13.4%
Effective Tax Rate 13.2%
Eff/ Tax Rate - 3 Yr. Avg. 19.8%
Payout Ratio 17%

VIAB stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the VIAB stock intrinsic value calculation we used $13263 million for the last fiscal year's total revenue generated by Viacom Cl B. The default revenue input number comes from 2017 income statement of Viacom Cl B. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our VIAB stock valuation model: a) initial revenue growth rate of 2.9% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 5.4%, whose default value for VIAB is calculated based on our internal credit rating of Viacom Cl B, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Viacom Cl B.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of VIAB stock the variable cost ratio is equal to 68%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1507 million in the base year in the intrinsic value calculation for VIAB stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.5% for Viacom Cl B.

Corporate tax rate of 27% is the nominal tax rate for Viacom Cl B. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the VIAB stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for VIAB are equal to 9.6%.

Life of production assets of 57.4 years is the average useful life of capital assets used in Viacom Cl B operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for VIAB is equal to 5.1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $6035 million for Viacom Cl B - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 408.634 million for Viacom Cl B is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Viacom Cl B at the current share price and the inputted number of shares is $13.7 billion.

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COMPANY NEWS

▶ [$$] CBS Profits Add to Case For Independence   [05:30AM  The Wall Street Journal]
▶ [$$] CBS Revenue Up 11% on Higher Fees for Content   [Feb-15-18 08:24PM  The Wall Street Journal]
▶ [$$] CBS Revenue Up 11% on Higher Fees for Content   [07:42PM  The Wall Street Journal]
▶ THE BET SOCIAL AWARDS Owned Social   [Feb-14-18 04:13PM  Business Wire]
▶ 'Fifty Shades Freed' commands $38.8 million to top charts   [Feb-11-18 03:22PM  Associated Press]
▶ Viacom Gets Ratings Boost On CBS Merger Prospects   [Feb-09-18 04:14PM  Benzinga]
▶ Apple launches new live news app   [02:10PM  Yahoo Finance Video]
▶ Viacom Inches Closer to a Deal   [05:39AM  The Wall Street Journal]
▶ Hanesbrands and iRobot stumble while Twitter, Woodward gain   [Feb-08-18 04:28PM  Associated Press]
▶ Why Viacom Shares Popped Today   [03:38PM  Motley Fool]
▶ Viacom posts 1Q profit   [07:26AM  Associated Press]
▶ Viacom tops 1Q profit forecasts   [07:23AM  Associated Press]
▶ Viacom revenue drops 7.6 pct   [07:07AM  Reuters]
▶ Viacom Reports First Quarter Results   [07:00AM  Business Wire]
▶ Why Viacom bought VidCon   [01:35PM  American City Business Journals]
▶ [$$] Viacom Shakes Up Leadership at Nickelodeon   [Feb-06-18 08:23PM  The Wall Street Journal]
▶ Viacom continues to cut costs, lays off employees   [04:35PM  American City Business Journals]
▶ Viacom in talks to buy Vidcon   [Feb-05-18 06:25PM  American City Business Journals]
▶ CBS, Viacom in special deal talks   [09:36AM  CNBC Videos]
▶ CBS-Viacom Saga Presses On   [08:14AM  TheStreet.com]
▶ CBS, Viacom consider possible reunion   [07:32AM  CNBC Videos]
▶ [$$] CBS, Viacom Again Explore Deal to Recombine   [05:56PM  The Wall Street Journal]
▶ CBS Board Plans to Discuss Viacom at Thursday Meeting   [Jan-31-18 05:53PM  Bloomberg]
▶ Are These the Next Buyout Targets in Hollywood?   [Jan-30-18 04:05PM  Motley Fool]
Financial statements of VIAB
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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