Intrinsic value of CBS Cl B - CBS

Previous Close

$58.83

  Intrinsic Value

$38.14

stock screener

  Rating & Target

sell

-35%

Previous close

$58.83

 
Intrinsic value

$38.14

 
Up/down potential

-35%

 
Rating

sell

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

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 23.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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, %
  4.00
  4.10
  4.19
  4.27
  4.34
  4.41
  4.47
  4.52
  4.57
  4.61
  4.65
  4.69
  4.72
  4.75
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
Revenue, $m
  14,240
  14,824
  15,445
  16,104
  16,804
  17,545
  18,329
  19,158
  20,033
  20,957
  21,932
  22,960
  24,043
  25,184
  26,385
  27,650
  28,981
  30,382
  31,856
  33,405
  35,035
  36,749
  38,550
  40,443
  42,433
  44,524
  46,722
  49,031
  51,456
  54,005
Variable operating expenses, $m
  11,390
  11,826
  12,290
  12,782
  13,305
  13,858
  14,444
  15,063
  15,716
  16,407
  16,379
  17,146
  17,955
  18,807
  19,705
  20,649
  21,644
  22,690
  23,790
  24,947
  26,164
  27,444
  28,789
  30,203
  31,689
  33,251
  34,892
  36,616
  38,428
  40,331
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
  11,390
  11,826
  12,290
  12,782
  13,305
  13,858
  14,444
  15,063
  15,716
  16,407
  16,379
  17,146
  17,955
  18,807
  19,705
  20,649
  21,644
  22,690
  23,790
  24,947
  26,164
  27,444
  28,789
  30,203
  31,689
  33,251
  34,892
  36,616
  38,428
  40,331
Operating income, $m
  2,850
  2,998
  3,155
  3,322
  3,499
  3,687
  3,885
  4,095
  4,316
  4,550
  5,553
  5,813
  6,087
  6,376
  6,681
  7,001
  7,338
  7,693
  8,066
  8,458
  8,871
  9,304
  9,761
  10,240
  10,744
  11,273
  11,830
  12,414
  13,028
  13,674
EBITDA, $m
  4,520
  4,705
  4,902
  5,111
  5,333
  5,569
  5,817
  6,080
  6,358
  6,652
  6,961
  7,287
  7,631
  7,993
  8,374
  8,776
  9,199
  9,643
  10,111
  10,603
  11,120
  11,664
  12,235
  12,836
  13,468
  14,132
  14,829
  15,562
  16,332
  17,141
Interest expense (income), $m
  407
  549
  583
  627
  673
  721
  773
  828
  886
  947
  1,012
  1,080
  1,152
  1,228
  1,309
  1,393
  1,482
  1,575
  1,674
  1,777
  1,886
  2,001
  2,122
  2,248
  2,382
  2,522
  2,669
  2,824
  2,986
  3,157
  3,336
Earnings before tax, $m
  2,301
  2,414
  2,528
  2,649
  2,778
  2,913
  3,057
  3,209
  3,369
  3,539
  4,473
  4,661
  4,859
  5,068
  5,288
  5,519
  5,763
  6,019
  6,288
  6,572
  6,870
  7,183
  7,512
  7,858
  8,222
  8,604
  9,006
  9,428
  9,871
  10,337
Tax expense, $m
  621
  652
  683
  715
  750
  787
  825
  866
  910
  955
  1,208
  1,258
  1,312
  1,368
  1,428
  1,490
  1,556
  1,625
  1,698
  1,774
  1,855
  1,939
  2,028
  2,122
  2,220
  2,323
  2,432
  2,546
  2,665
  2,791
Net income, $m
  1,680
  1,762
  1,846
  1,934
  2,028
  2,127
  2,232
  2,343
  2,460
  2,583
  3,265
  3,402
  3,547
  3,699
  3,860
  4,029
  4,207
  4,394
  4,590
  4,797
  5,015
  5,243
  5,484
  5,737
  6,002
  6,281
  6,574
  6,882
  7,206
  7,546

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  21,674
  22,562
  23,508
  24,512
  25,577
  26,704
  27,898
  29,159
  30,492
  31,898
  33,382
  34,946
  36,595
  38,331
  40,160
  42,086
  44,112
  46,244
  48,487
  50,845
  53,326
  55,934
  58,675
  61,557
  64,586
  67,769
  71,114
  74,628
  78,320
  82,199
Adjusted assets (=assets-cash), $m
  21,674
  22,562
  23,508
  24,512
  25,577
  26,704
  27,898
  29,159
  30,492
  31,898
  33,382
  34,946
  36,595
  38,331
  40,160
  42,086
  44,112
  46,244
  48,487
  50,845
  53,326
  55,934
  58,675
  61,557
  64,586
  67,769
  71,114
  74,628
  78,320
  82,199
Revenue / Adjusted assets
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
Average production assets, $m
  9,142
  9,517
  9,915
  10,339
  10,788
  11,264
  11,767
  12,299
  12,861
  13,454
  14,080
  14,740
  15,435
  16,168
  16,939
  17,751
  18,606
  19,505
  20,451
  21,446
  22,493
  23,593
  24,749
  25,964
  27,242
  28,585
  29,995
  31,478
  33,035
  34,671
Working capital, $m
  4,656
  4,847
  5,050
  5,266
  5,495
  5,737
  5,994
  6,265
  6,551
  6,853
  7,172
  7,508
  7,862
  8,235
  8,628
  9,042
  9,477
  9,935
  10,417
  10,924
  11,456
  12,017
  12,606
  13,225
  13,876
  14,559
  15,278
  16,033
  16,826
  17,660
Total debt, $m
  10,803
  11,603
  12,454
  13,358
  14,316
  15,331
  16,405
  17,540
  18,739
  20,005
  21,341
  22,748
  24,232
  25,795
  27,441
  29,174
  30,998
  32,916
  34,935
  37,058
  39,290
  41,637
  44,105
  46,699
  49,424
  52,289
  55,299
  58,462
  61,785
  65,276
Total liabilities, $m
  19,506
  20,306
  21,157
  22,061
  23,019
  24,034
  25,108
  26,243
  27,442
  28,708
  30,044
  31,451
  32,935
  34,498
  36,144
  37,877
  39,701
  41,619
  43,638
  45,761
  47,993
  50,340
  52,808
  55,402
  58,127
  60,992
  64,002
  67,165
  70,488
  73,979
Total equity, $m
  2,167
  2,256
  2,351
  2,451
  2,558
  2,670
  2,790
  2,916
  3,049
  3,190
  3,338
  3,495
  3,659
  3,833
  4,016
  4,209
  4,411
  4,624
  4,849
  5,085
  5,333
  5,593
  5,868
  6,156
  6,459
  6,777
  7,111
  7,463
  7,832
  8,220
Total liabilities and equity, $m
  21,673
  22,562
  23,508
  24,512
  25,577
  26,704
  27,898
  29,159
  30,491
  31,898
  33,382
  34,946
  36,594
  38,331
  40,160
  42,086
  44,112
  46,243
  48,487
  50,846
  53,326
  55,933
  58,676
  61,558
  64,586
  67,769
  71,113
  74,628
  78,320
  82,199
Debt-to-equity ratio
  4.980
  5.140
  5.300
  5.450
  5.600
  5.740
  5.880
  6.020
  6.150
  6.270
  6.390
  6.510
  6.620
  6.730
  6.830
  6.930
  7.030
  7.120
  7.210
  7.290
  7.370
  7.440
  7.520
  7.590
  7.650
  7.720
  7.780
  7.830
  7.890
  7.940
Adjusted equity ratio
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,680
  1,762
  1,846
  1,934
  2,028
  2,127
  2,232
  2,343
  2,460
  2,583
  3,265
  3,402
  3,547
  3,699
  3,860
  4,029
  4,207
  4,394
  4,590
  4,797
  5,015
  5,243
  5,484
  5,737
  6,002
  6,281
  6,574
  6,882
  7,206
  7,546
Depreciation, amort., depletion, $m
  1,670
  1,707
  1,747
  1,790
  1,835
  1,882
  1,932
  1,986
  2,042
  2,101
  1,408
  1,474
  1,544
  1,617
  1,694
  1,775
  1,861
  1,951
  2,045
  2,145
  2,249
  2,359
  2,475
  2,596
  2,724
  2,858
  3,000
  3,148
  3,304
  3,467
Funds from operations, $m
  3,350
  3,470
  3,593
  3,724
  3,862
  4,009
  4,164
  4,328
  4,501
  4,684
  4,673
  4,876
  5,091
  5,316
  5,554
  5,804
  6,067
  6,344
  6,635
  6,942
  7,264
  7,603
  7,959
  8,333
  8,726
  9,140
  9,574
  10,030
  10,510
  11,013
Change in working capital, $m
  179
  191
  203
  216
  229
  242
  256
  271
  286
  302
  319
  336
  354
  373
  393
  414
  435
  458
  482
  507
  533
  560
  589
  619
  651
  684
  719
  755
  793
  833
Cash from operations, $m
  3,170
  3,279
  3,390
  3,508
  3,633
  3,767
  3,908
  4,057
  4,215
  4,382
  4,354
  4,540
  4,736
  4,943
  5,161
  5,390
  5,632
  5,886
  6,154
  6,435
  6,731
  7,042
  7,370
  7,714
  8,076
  8,456
  8,855
  9,275
  9,716
  10,180
Maintenance CAPEX, $m
  -879
  -914
  -952
  -992
  -1,034
  -1,079
  -1,126
  -1,177
  -1,230
  -1,286
  -1,345
  -1,408
  -1,474
  -1,544
  -1,617
  -1,694
  -1,775
  -1,861
  -1,951
  -2,045
  -2,145
  -2,249
  -2,359
  -2,475
  -2,596
  -2,724
  -2,858
  -3,000
  -3,148
  -3,304
New CAPEX, $m
  -354
  -375
  -399
  -423
  -449
  -476
  -503
  -532
  -562
  -593
  -626
  -660
  -695
  -733
  -771
  -812
  -855
  -899
  -946
  -995
  -1,046
  -1,100
  -1,156
  -1,216
  -1,278
  -1,343
  -1,411
  -1,482
  -1,557
  -1,636
Cash from investing activities, $m
  -1,233
  -1,289
  -1,351
  -1,415
  -1,483
  -1,555
  -1,629
  -1,709
  -1,792
  -1,879
  -1,971
  -2,068
  -2,169
  -2,277
  -2,388
  -2,506
  -2,630
  -2,760
  -2,897
  -3,040
  -3,191
  -3,349
  -3,515
  -3,691
  -3,874
  -4,067
  -4,269
  -4,482
  -4,705
  -4,940
Free cash flow, $m
  1,937
  1,990
  2,039
  2,093
  2,150
  2,212
  2,278
  2,348
  2,423
  2,503
  2,383
  2,472
  2,567
  2,667
  2,773
  2,884
  3,002
  3,126
  3,257
  3,395
  3,540
  3,693
  3,854
  4,023
  4,202
  4,389
  4,586
  4,793
  5,011
  5,240
Issuance/(repayment) of debt, $m
  641
  800
  851
  904
  958
  1,015
  1,074
  1,135
  1,199
  1,266
  1,335
  1,408
  1,484
  1,563
  1,646
  1,733
  1,824
  1,919
  2,019
  2,123
  2,232
  2,347
  2,467
  2,594
  2,726
  2,865
  3,010
  3,163
  3,323
  3,491
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  641
  800
  851
  904
  958
  1,015
  1,074
  1,135
  1,199
  1,266
  1,335
  1,408
  1,484
  1,563
  1,646
  1,733
  1,824
  1,919
  2,019
  2,123
  2,232
  2,347
  2,467
  2,594
  2,726
  2,865
  3,010
  3,163
  3,323
  3,491
Total cash flow (excl. dividends), $m
  2,579
  2,790
  2,890
  2,996
  3,109
  3,227
  3,352
  3,484
  3,622
  3,769
  3,718
  3,880
  4,051
  4,230
  4,419
  4,617
  4,826
  5,045
  5,276
  5,518
  5,773
  6,040
  6,322
  6,617
  6,927
  7,254
  7,596
  7,956
  8,334
  8,731
Retained Cash Flow (-), $m
  -189
  -89
  -95
  -100
  -106
  -113
  -119
  -126
  -133
  -141
  -148
  -156
  -165
  -174
  -183
  -193
  -203
  -213
  -224
  -236
  -248
  -261
  -274
  -288
  -303
  -318
  -334
  -351
  -369
  -388
Prev. year cash balance distribution, $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 flow adjustment, $m
  178
  185
  193
  201
  209
  218
  228
  238
  249
  260
  272
  285
  298
  313
  327
  343
  359
  377
  395
  414
  434
  455
  478
  501
  526
  552
  579
  607
  637
  669
Cash available for distribution, $m
  2,389
  2,701
  2,796
  2,896
  3,002
  3,114
  3,233
  3,358
  3,489
  3,628
  3,570
  3,724
  3,886
  4,056
  4,236
  4,425
  4,623
  4,832
  5,051
  5,282
  5,525
  5,779
  6,047
  6,329
  6,625
  6,935
  7,262
  7,605
  7,965
  8,344
Discount rate, %
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.21
  20.17
  21.18
  22.23
  23.35
  24.51
  25.74
  27.03
  28.38
  29.80
  31.29
  32.85
  34.49
  36.22
  38.03
  39.93
  41.93
  44.02
  46.22
  48.53
  50.96
  53.51
PV of cash for distribution, $m
  2,115
  2,091
  1,871
  1,653
  1,442
  1,240
  1,050
  876
  718
  578
  432
  335
  254
  188
  136
  96
  66
  44
  29
  18
  11
  6
  4
  2
  1
  1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  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 19.2
Price to Sales 1.8
Price to Book 6.6
Price to Tangible Book
Price to Cash Flow 14.4
Price to Free Cash Flow 16.3
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 $13692 million for the last fiscal year's total revenue generated by CBS Cl B. The default revenue input number comes from 2017 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 4% 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 13%, 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 80.2%.

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 5.4% 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 1.3%.

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 64.2%.

Life of production assets of 10 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 32.7%. 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 - $1978 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 400 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 $23.5 billion.

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