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ViacomCBS Inc Class B VIAC

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Morningstar’s Analysis

Valuation
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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

ViacomCBS Poised to Capitalize with Paramount+; International Streaming Expansion Key to Growth

Neil Macker, CFA Senior Equity Analyst

Analyst Note

| Neil Macker, CFA |

In a sector where undervalued opportunities are few and far between, we think investors should consider narrow-moat ViacomCBS, which trades 30% below our $61 fair value estimate. We believe ViacomCBS is well poised to capitalize on the secular trend toward increased consumer adoption of streaming services with the relaunch of Paramount+ in March and the success of its other streaming platforms like Pluto. The flagship service offers not only a strong on-demand library from the firm’s deep library but also access to CBS and its wealth of sports rights including the NFL and March Madness which helped to drive streaming growth over the first four months of 2021. With the recent renewal of the Sunday afternoon NFL rights, ViacomCBS now controls two of its most important sports rights into the next decade.

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Company Profile

Business Description

ViacomCBS is the recombination of CBS and Viacom that has created a media conglomerate operating around the world. CBS' television assets include the CBS television network, 28 local TV stations, and 50% of CW, a joint venture between CBS and Time Warner. The company also owns Showtime and Simon & Schuster. Viacom owns several leading cable network properties, including Nickelodeon, MTV, BET, Comedy Central, VH1, CMT, and Paramount. Viacom has also built several online properties on the strength of these brands. Viacom's Paramount Pictures produces original motion pictures and owns a library of 2,500 films, including the Mission: Impossible and Transformers series.

Contact
1515 Broadway
New York, NY, 10036
T +1 212 258-6000
Sector Communication Services
Industry Entertainment
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2020
Stock Type Slow Growth
Employees 26,340

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