Intrinsic value of CBS Cl B - CBS

Previous Close

$57.75

  Intrinsic Value

$50.68

stock screener

  Rating & Target

hold

-12%

Previous close

$57.75

 
Intrinsic value

$50.68

 
Up/down potential

-12%

 
Rating

hold

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of CBS 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
2016(a)
   2017
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  3.91
  2.80
  3.02
  3.22
  3.40
  3.56
  3.70
  3.83
  3.95
  4.05
  4.15
  4.23
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
Revenue, $m
  13,166
  13,535
  13,943
  14,392
  14,881
  15,410
  15,980
  16,593
  17,248
  17,947
  18,691
  19,482
  20,322
  21,212
  22,154
  23,150
  24,202
  25,314
  26,487
  27,724
  29,027
  30,401
  31,848
  33,371
  34,975
  36,662
  38,438
  40,305
  42,268
  44,333
  46,504
Variable operating expenses, $m
 
  10,679
  10,987
  11,324
  11,693
  12,091
  12,521
  12,982
  13,475
  14,001
  14,562
  14,671
  15,304
  15,974
  16,683
  17,433
  18,226
  19,063
  19,946
  20,877
  21,859
  22,894
  23,983
  25,131
  26,338
  27,609
  28,946
  30,352
  31,831
  33,385
  35,020
Fixed operating expenses, $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
Total operating expenses, $m
  10,545
  10,679
  10,987
  11,324
  11,693
  12,091
  12,521
  12,982
  13,475
  14,001
  14,562
  14,671
  15,304
  15,974
  16,683
  17,433
  18,226
  19,063
  19,946
  20,877
  21,859
  22,894
  23,983
  25,131
  26,338
  27,609
  28,946
  30,352
  31,831
  33,385
  35,020
Operating income, $m
  2,621
  2,856
  2,957
  3,068
  3,188
  3,319
  3,460
  3,611
  3,773
  3,945
  4,129
  4,811
  5,018
  5,238
  5,471
  5,717
  5,977
  6,251
  6,541
  6,846
  7,168
  7,507
  7,865
  8,241
  8,637
  9,054
  9,492
  9,953
  10,438
  10,948
  11,484
EBITDA, $m
  2,846
  3,527
  3,634
  3,751
  3,878
  4,016
  4,165
  4,324
  4,495
  4,677
  4,871
  5,077
  5,296
  5,528
  5,773
  6,033
  6,307
  6,597
  6,903
  7,225
  7,565
  7,923
  8,300
  8,697
  9,115
  9,555
  10,017
  10,504
  11,016
  11,554
  12,119
Interest expense (income), $m
  407
  409
  435
  464
  495
  529
  566
  606
  649
  695
  744
  797
  852
  911
  973
  1,039
  1,109
  1,183
  1,261
  1,343
  1,430
  1,521
  1,618
  1,719
  1,826
  1,938
  2,057
  2,181
  2,312
  2,450
  2,594
Earnings before tax, $m
  2,230
  2,446
  2,522
  2,604
  2,693
  2,790
  2,893
  3,005
  3,123
  3,250
  3,385
  4,014
  4,166
  4,327
  4,497
  4,677
  4,868
  5,068
  5,280
  5,503
  5,738
  5,986
  6,247
  6,522
  6,811
  7,115
  7,435
  7,772
  8,126
  8,498
  8,889
Tax expense, $m
  628
  661
  681
  703
  727
  753
  781
  811
  843
  878
  914
  1,084
  1,125
  1,168
  1,214
  1,263
  1,314
  1,368
  1,426
  1,486
  1,549
  1,616
  1,687
  1,761
  1,839
  1,921
  2,008
  2,098
  2,194
  2,295
  2,400
Net income, $m
  1,261
  1,786
  1,841
  1,901
  1,966
  2,036
  2,112
  2,193
  2,280
  2,373
  2,471
  2,931
  3,041
  3,159
  3,283
  3,415
  3,553
  3,700
  3,854
  4,017
  4,189
  4,370
  4,560
  4,761
  4,972
  5,194
  5,428
  5,674
  5,932
  6,204
  6,489

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  598
  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
  24,238
  24,299
  25,033
  25,839
  26,716
  27,666
  28,690
  29,789
  30,965
  32,220
  33,557
  34,977
  36,484
  38,082
  39,773
  41,562
  43,451
  45,447
  47,553
  49,773
  52,114
  54,580
  57,178
  59,913
  62,792
  65,821
  69,008
  72,360
  75,886
  79,593
  83,490
Adjusted assets (=assets-cash), $m
  23,640
  24,299
  25,033
  25,839
  26,716
  27,666
  28,690
  29,789
  30,965
  32,220
  33,557
  34,977
  36,484
  38,082
  39,773
  41,562
  43,451
  45,447
  47,553
  49,773
  52,114
  54,580
  57,178
  59,913
  62,792
  65,821
  69,008
  72,360
  75,886
  79,593
  83,490
Revenue / Adjusted assets
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
Average production assets, $m
  5,397
  5,549
  5,717
  5,901
  6,101
  6,318
  6,552
  6,803
  7,072
  7,358
  7,663
  7,988
  8,332
  8,697
  9,083
  9,491
  9,923
  10,379
  10,860
  11,367
  11,901
  12,464
  13,058
  13,682
  14,340
  15,032
  15,759
  16,525
  17,330
  18,177
  19,067
Working capital, $m
  2,355
  2,287
  2,356
  2,432
  2,515
  2,604
  2,701
  2,804
  2,915
  3,033
  3,159
  3,293
  3,434
  3,585
  3,744
  3,912
  4,090
  4,278
  4,476
  4,685
  4,906
  5,138
  5,382
  5,640
  5,911
  6,196
  6,496
  6,812
  7,143
  7,492
  7,859
Total debt, $m
  9,375
  9,456
  10,079
  10,763
  11,508
  12,315
  13,184
  14,117
  15,116
  16,181
  17,316
  18,522
  19,801
  21,158
  22,593
  24,112
  25,716
  27,410
  29,198
  31,083
  33,071
  35,165
  37,370
  39,692
  42,136
  44,708
  47,414
  50,260
  53,253
  56,400
  59,709
Total liabilities, $m
  20,549
  20,630
  21,253
  21,937
  22,682
  23,489
  24,358
  25,291
  26,290
  27,355
  28,490
  29,696
  30,975
  32,332
  33,767
  35,286
  36,890
  38,584
  40,372
  42,257
  44,245
  46,339
  48,544
  50,866
  53,310
  55,882
  58,588
  61,434
  64,427
  67,574
  70,883
Total equity, $m
  3,689
  3,669
  3,780
  3,902
  4,034
  4,178
  4,332
  4,498
  4,676
  4,865
  5,067
  5,282
  5,509
  5,750
  6,006
  6,276
  6,561
  6,862
  7,180
  7,516
  7,869
  8,242
  8,634
  9,047
  9,482
  9,939
  10,420
  10,926
  11,459
  12,019
  12,607
Total liabilities and equity, $m
  24,238
  24,299
  25,033
  25,839
  26,716
  27,667
  28,690
  29,789
  30,966
  32,220
  33,557
  34,978
  36,484
  38,082
  39,773
  41,562
  43,451
  45,446
  47,552
  49,773
  52,114
  54,581
  57,178
  59,913
  62,792
  65,821
  69,008
  72,360
  75,886
  79,593
  83,490
Debt-to-equity ratio
  2.541
  2.580
  2.670
  2.760
  2.850
  2.950
  3.040
  3.140
  3.230
  3.330
  3.420
  3.510
  3.590
  3.680
  3.760
  3.840
  3.920
  3.990
  4.070
  4.140
  4.200
  4.270
  4.330
  4.390
  4.440
  4.500
  4.550
  4.600
  4.650
  4.690
  4.740
Adjusted equity ratio
  0.150
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,261
  1,786
  1,841
  1,901
  1,966
  2,036
  2,112
  2,193
  2,280
  2,373
  2,471
  2,931
  3,041
  3,159
  3,283
  3,415
  3,553
  3,700
  3,854
  4,017
  4,189
  4,370
  4,560
  4,761
  4,972
  5,194
  5,428
  5,674
  5,932
  6,204
  6,489
Depreciation, amort., depletion, $m
  225
  671
  677
  683
  690
  697
  705
  713
  722
  732
  742
  266
  278
  290
  303
  316
  331
  346
  362
  379
  397
  415
  435
  456
  478
  501
  525
  551
  578
  606
  636
Funds from operations, $m
  1,018
  2,457
  2,518
  2,584
  2,656
  2,733
  2,817
  2,907
  3,002
  3,104
  3,213
  3,197
  3,319
  3,449
  3,586
  3,731
  3,884
  4,046
  4,216
  4,396
  4,586
  4,785
  4,996
  5,217
  5,450
  5,695
  5,953
  6,224
  6,510
  6,810
  7,125
Change in working capital, $m
  -667
  62
  69
  76
  83
  89
  96
  103
  111
  118
  126
  134
  142
  150
  159
  168
  178
  188
  198
  209
  220
  232
  245
  257
  271
  285
  300
  316
  332
  349
  367
Cash from operations, $m
  1,685
  2,395
  2,449
  2,508
  2,573
  2,644
  2,721
  2,803
  2,892
  2,986
  3,087
  3,063
  3,177
  3,298
  3,427
  3,563
  3,706
  3,858
  4,018
  4,187
  4,365
  4,553
  4,751
  4,960
  5,179
  5,410
  5,653
  5,909
  6,178
  6,461
  6,758
Maintenance CAPEX, $m
  0
  -180
  -185
  -191
  -197
  -203
  -211
  -218
  -227
  -236
  -245
  -255
  -266
  -278
  -290
  -303
  -316
  -331
  -346
  -362
  -379
  -397
  -415
  -435
  -456
  -478
  -501
  -525
  -551
  -578
  -606
New CAPEX, $m
  -196
  -153
  -168
  -184
  -200
  -217
  -234
  -251
  -269
  -287
  -305
  -324
  -344
  -365
  -386
  -408
  -432
  -456
  -481
  -507
  -535
  -563
  -593
  -625
  -657
  -692
  -728
  -766
  -805
  -847
  -890
Cash from investing activities, $m
  -340
  -333
  -353
  -375
  -397
  -420
  -445
  -469
  -496
  -523
  -550
  -579
  -610
  -643
  -676
  -711
  -748
  -787
  -827
  -869
  -914
  -960
  -1,008
  -1,060
  -1,113
  -1,170
  -1,229
  -1,291
  -1,356
  -1,425
  -1,496
Free cash flow, $m
  1,345
  2,062
  2,096
  2,134
  2,176
  2,224
  2,276
  2,334
  2,396
  2,464
  2,537
  2,483
  2,567
  2,656
  2,751
  2,851
  2,958
  3,071
  3,191
  3,318
  3,452
  3,593
  3,742
  3,900
  4,066
  4,240
  4,424
  4,618
  4,822
  5,036
  5,262
Issuance/(repayment) of debt, $m
  2,259
  554
  623
  684
  745
  807
  869
  933
  998
  1,066
  1,135
  1,206
  1,280
  1,356
  1,436
  1,518
  1,604
  1,694
  1,788
  1,885
  1,987
  2,094
  2,205
  2,322
  2,444
  2,572
  2,706
  2,846
  2,993
  3,147
  3,309
Issuance/(repurchase) of shares, $m
  -2,976
  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  
  -758
  554
  623
  684
  745
  807
  869
  933
  998
  1,066
  1,135
  1,206
  1,280
  1,356
  1,436
  1,518
  1,604
  1,694
  1,788
  1,885
  1,987
  2,094
  2,205
  2,322
  2,444
  2,572
  2,706
  2,846
  2,993
  3,147
  3,309
Total cash flow (excl. dividends), $m
  587
  2,616
  2,719
  2,818
  2,921
  3,030
  3,145
  3,267
  3,395
  3,529
  3,671
  3,689
  3,847
  4,012
  4,186
  4,370
  4,563
  4,766
  4,979
  5,203
  5,439
  5,687
  5,948
  6,222
  6,510
  6,812
  7,130
  7,464
  7,815
  8,184
  8,571
Retained Cash Flow (-), $m
  1,874
  -105
  -111
  -122
  -133
  -143
  -155
  -166
  -178
  -190
  -202
  -214
  -228
  -241
  -255
  -270
  -285
  -301
  -318
  -335
  -353
  -372
  -392
  -413
  -435
  -457
  -481
  -506
  -532
  -560
  -588
Prev. year cash balance distribution, $m
 
  125
  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
 
  2,636
  2,608
  2,696
  2,789
  2,887
  2,991
  3,101
  3,217
  3,340
  3,469
  3,475
  3,619
  3,771
  3,931
  4,100
  4,277
  4,464
  4,661
  4,868
  5,086
  5,315
  5,556
  5,809
  6,075
  6,355
  6,649
  6,958
  7,283
  7,624
  7,982
Discount rate, %
 
  8.90
  9.35
  9.81
  10.30
  10.82
  11.36
  11.93
  12.52
  13.15
  13.81
  14.50
  15.22
  15.98
  16.78
  17.62
  18.50
  19.43
  20.40
  21.42
  22.49
  23.61
  24.80
  26.03
  27.34
  28.70
  30.14
  31.65
  33.23
  34.89
  36.63
PV of cash for distribution, $m
 
  2,421
  2,182
  2,036
  1,884
  1,727
  1,568
  1,409
  1,252
  1,099
  952
  784
  661
  549
  448
  359
  283
  218
  165
  122
  88
  62
  42
  28
  18
  12
  7
  4
  2
  1
  1
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

CBS Corporation is a mass media company. The Company operates through four segment: Entertainment, Cable Networks, Publishing, Local Media. The Entertainment segment comprises the CBS TV Network; CBS TV Studios; CBS Studios International and CBS TV Distribution; CBS Interactive; CBS Films; and the Company's digital streaming services, CBS All Access and CBSN. The Cable Networks segment comprises Showtime Networks, which operates its subscription program services, Showtime, The Movie Channel, and Flix. The Publishing segment comprises Simon & Schuster, which publishes and distributes consumer books under imprints such as Simon & Schuster, Pocket Books, Scribner and Gallery Books. The Local Media segment comprises CBS TV Stations, it owns 30 broadcast TV stations; and CBS Local Digital Media. Its businesses span the media and entertainment industries, including the CBS TV Network, cable networks and content production and distribution.

FINANCIAL RATIOS  of  CBS Cl B (CBS)

Valuation Ratios
P/E Ratio 18.9
Price to Sales 1.8
Price to Book 6.4
Price to Tangible Book
Price to Cash Flow 14.1
Price to Free Cash Flow 16
Growth Rates
Sales Growth Rate 3.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 1.6%
Cap. Spend. - 3 Yr. Gr. Rate -1.6%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 241.3%
Total Debt to Equity 254.1%
Interest Coverage 6
Management Effectiveness
Return On Assets 6.5%
Ret/ On Assets - 3 Yr. Avg. 9%
Return On Total Capital 9.3%
Ret/ On T. Cap. - 3 Yr. Avg. 12.9%
Return On Equity 27.3%
Return On Equity - 3 Yr. Avg. 28.3%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 39.6%
Gross Margin - 3 Yr. Avg. 39.5%
EBITDA Margin 21.7%
EBITDA Margin - 3 Yr. Avg. 22.4%
Operating Margin 19.9%
Oper. Margin - 3 Yr. Avg. 19.8%
Pre-Tax Margin 16.9%
Pre-Tax Margin - 3 Yr. Avg. 16.8%
Net Profit Margin 9.6%
Net Profit Margin - 3 Yr. Avg. 14.1%
Effective Tax Rate 28.2%
Eff/ Tax Rate - 3 Yr. Avg. 31.1%
Payout Ratio 22.8%

CBS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CBS stock intrinsic value calculation we used $13166 million for the last fiscal year's total revenue generated by CBS Cl B. The default revenue input number comes from 2016 income statement of CBS 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 CBS stock valuation model: a) initial revenue growth rate of 2.8% 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 8.9%, whose default value for CBS is calculated based on our internal credit rating of CBS 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 CBS 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 CBS stock the variable cost ratio is equal to 79%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for CBS 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 4.6% for CBS Cl B.

Corporate tax rate of 27% is the nominal tax rate for CBS 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 CBS 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 CBS are equal to 41%.

Life of production assets of 49.2 years is the average useful life of capital assets used in CBS 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 CBS is equal to 16.9%. 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 - $3689 million for CBS 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 402.203 million for CBS 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 CBS Cl B at the current share price and the inputted number of shares is $23.2 billion.

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Financial statements of CBS
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