Viacom VIA'B
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valuez
Nov 22, 2005, 11:11:58 AM11/22/05
to Columbia Value Investing Alumni
11-22-2005 4:57 am from cleone@....com
i will buy viacom. 10x ebit, buying back stock, spinning of mtv from
more boring radio assets to highlight the hidden value in the
exceptionally high ROIC cable networks. cable networks will trade at
15x ebit, radio at 10x ebit. Stock will trade above 40. At current
prices it is 15x next year's cash earnings. with almost zero maint
capex and all cash flow being used to buy back stock.
i will buy viacom. 10x ebit, buying back stock, spinning of mtv from
more boring radio assets to highlight the hidden value in the
exceptionally high ROIC cable networks. cable networks will trade at
15x ebit, radio at 10x ebit. Stock will trade above 40. At current
prices it is 15x next year's cash earnings. with almost zero maint
capex and all cash flow being used to buy back stock.
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