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CBS Corporation (CBS) investment report CBS Corporation (CBS) business overview From http://en.wikipedia.org/wiki/CBS and http://www.cbscorporation.com/our_company/overview/index.php CBS Corporation, Columbia Broadcasting System Corporation, is a mass media company with components that reach back to the birth of the broadcast industry, beginning in 1927 with the beginning of radio broadcast and eventually the incorporation of television broadcast in 1939. Today, CBS has also devoted attention to newer businesses that operate on the leading edge of the media industry, such as interactive and digital media. Currently, CBS is the most exposed media conglomerate among competition with 70% of revenues coming from advertising. On January 1, 2006, CBS Corporation split from Viacom. Currently, almost a year after its split from Viacom, CBS is made up of several divisions: CBS Corporation, CBS Television, The CW, CBS Television Stations, CBS Paramount Television, King World, Showtime, CBS Radio, CBS Outdoor, Simon & Schuster (publishing), CBS Digital Media, CSTV Networks Inc., CBS Consumer Products. Overall, CBS operates 39 television stations and 179 radio stations with extensive distribution in all 50 states and key international markets. CBS has “property” (a sector, whether it is television, outdoors, radio, etc.) in all 7 continents. CBS has a Board of Directors made up of nine members, including the executive chairman and founder, Sumner N. Redstone. Although Viacom and CBS have become two separate publicly traded companies, Mr. Redstone remains in control as the dominant shareholder of both. In addition to Mr. Redstone, Leslie Moonves serves as the President and Chief Executive Officer alongside Fredric G. Reynolds, the Chief Financial Officer. The Board of Directors is responsible for remaining accountable to CBS’s stockholders. The Board regularly evaluates the strategic decisions of CBS and its management policies. In addition to The Board of Directors, there are ten other executives that help to run the CBS Corporation. CBS is frequently referred to as the “eye network” due to its well-known logo. Others have coined CBS as the “Tiffany network” because of its dedication to classiness as well as the indirect reference to the Tiffany building, where the first color television demonstrations took place in New York City. competition From Google Finance It is difficult to find the closest competitors for CBS because the company is involved in so many diverse areas. Yet, below are some of the most applicable competitors. competitor description implications for CBS Clear Channel Focuses on three areas: radio broadcasting, CBS’s biggest competitor. CCU is Communication Americas outdoor advertising and most similarly involved in the s Inc. (CCU) international outdoor advertising. As for its various aspects of media as CBS. radio broadcasting, it operates radio networks It does not have as prominent a by acting as a licensee and programming and household name as CBS. selling airtime. Its outdoor advertising display faces are owned and operated across the U.S. and throughout Europe, Australia, Asia and Africa Time Warner is a global media and Though similar to CBS, Time entertainment company. It operates in many Warner focuses more on Time Warner different areas: filmed entertainment, innovative technology and Inc. (TWX) interactive services, television networks, cable products. systems and publishing. It has roughly 87,000 employees worldwide Also one of the top media and entertainment NBC also holds a very prominent companies. It is 80% owned by General household name. In addition, it is Electric (GE) and 20% owned by Vivendi. trying to expand and diversify into The different areas of NBC Universal include: some of the same emerging areas NBC Universal news and entertainment networks, a motion as CBS (such as YouTube). picture company, television production operations, television stations and theme parks. financial statements income statement Though there seems to be a slight drop in the total revenue and gross profit since June, this fact can possibly be explained by the fact that there was a fourteen percent increase in the dividend issued to the shareholders. Also, though the net income has dropped fairly drastically, the cause could be that CBS is opting to amend debts and balance investments leading up to and immediately after the split with Viacom. In Millions of USD (except for 3 months 3 months 3 months 3 months 3 months per share items) Ending 2006- Ending 2006- Ending 2006- Ending Ending 2005- 09-30 06-30 03-31 2005-12-31 09-30 Revenue 3,378.80 3,483.10 3,575.40 3,828.10 3,371.90 Other Revenue, Total - - - - - Total Revenue 3,378.80 3,483.10 3,575.40 3,828.10 3,371.90 Cost of Revenue, Total 1,921.90 1,910.10 2,291.60 - 1,948.80 Gross Profit 1,456.90 1,573.00 1,283.80 3,828.10 1,423.10 Selling/General/Admin. 701.00 714.10 647.60 - 692.00 Expenses, Total Research & Development - - - - - Depreciation/Amortization 109.50 108.60 108.00 - 108.90 Interest Expense(Income) - Net - - - - - Operating Unusual Expense (Income) 0.00 2.00 4.00 - 0.00 Other Operating Expenses, - - - 12,665.30 - Total Total Operating Expense 2,732.40 2,734.80 3,051.20 12,665.30 2,749.70 Operating Income 646.40 748.30 524.20 -8,837.20 622.20 balance sheet In Millions of USD (except for per As of 2006- As of 2006- As of 2006- As of 2005- As of 2005- share items) 09-30 06-30 03-31 12-31 09-30 Cash & Equivalents 3,176.60 3,061.80 1,286.80 1,655.30 810.80 Cash and Short Term Investments 3,176.60 3,061.80 1,286.80 1,655.30 810.80 Accounts Receivable - Trade, Net 2,582.20 2,451.90 2,770.80 2,726.10 3,908.40 Total Current Assets 7,872.50 7,510.10 6,196.30 6,795.50 6,993.10 Property/Plant/Equipment, Total - 4,172.60 4,125.50 5,165.80 4,016.90 7,350.10 Gross Long Term Investments - - - - - Other Long Term Assets, Total 3,440.90 3,382.10 3,396.10 4,353.70 6,855.80 Total Assets 43,485.80 43,069.50 42,503.30 43,029.60 67,314.70 Accounts Payable 426.00 378.90 479.90 588.60 587.90 Accrued Expenses 2,200.20 2,084.30 1,968.00 2,228.40 4,777.00 Current Port. of LT Debt/Capital 14.80 16.30 17.40 747.10 63.60 Leases Other Current liabilities, Total 1,608.60 1,786.80 1,978.00 1,814.50 1,175.30 Total Current Liabilities 4,249.60 4,266.30 4,443.30 5,378.60 6,603.80 Long Term Debt 7,033.00 7,019.40 7,085.30 7,153.20 10,635.20 Total Long Term Debt 7,033.00 7,019.40 7,085.30 7,153.20 10,635.20 Total Debt 7,047.80 7,035.70 7,102.70 7,900.30 10,698.80 Deferred Income Tax 2,415.80 2,167.50 2,146.80 2,022.30 1,488.60 Minority Interest 0.70 1.80 1.70 1.70 4.50 Other Liabilities, Total 6,539.10 6,503.40 6,698.70 6,736.80 8,227.80 Total Liabilities 20,238.20 19,958.40 20,375.80 21,292.60 26,959.90 Common Stock, Total 0.80 0.80 0.80 0.80 18.80 Retained Earnings (Accumulated -20,510.90 -20,827.80 -21,609.50 -21,836.40 -12,700.00 Deficit) Other Equity, Total -311.10 -332.80 -422.50 -397.50 -398.20 Total Equity 23,247.60 23,111.10 22,127.50 21,737.00 40,354.80 Total Liabilities & Shareholders' 43,485.80 43,069.50 42,503.30 43,029.60 67,314.70 Equity Total Common Shares 766.60 765.30 764.00 751.70 1,552.40 Outstanding cash flow While the cash flow from investing activities is in the red, this can be explained by the fact that CBS has greatly increased the partnerships and investments it has endeavored in the past year. The net change in cash was small yet positive, indicating a steady increase and strengthening over time In Millions of USD (except for per 3 months 3 months 3 months 3 months share items) Ending Ending Ending Ending 2005- 2006-09-30 2006-06-30 2006-03-31 12-31 Net Income/Starting Line 316.90 781.70 226.90 -9,136.40 Cash from Operating Activities 407.30 689.70 647.80 577.40 Cash from Investing Activities -171.90 1,272.00 -163.70 5,025.10 Cash from Financing Activities -120.60 -186.70 -852.60 -4,758.00 Net Change in Cash 114.80 1,775.00 -368.50 844.50 valuation CBS had an IPO price of $26. By the end of it’s 1st quarter the price had dipped down to $24 and then the stock appeared to have a steady rise to it’s current value of $30. Its price to Free Cash Flow ratio of 15.97 is roughly half of that of its competitors and the market as a whole. This difference suggests that overall CBS is less expensive and implies that it is a prosperous, sturdy and “cheap” company. EBITDA stands for earnings before interest, tax, depreciation, and amortization. EBITDA is often a good way to compare the profit potential between companies. In terms of EBITDA, CBS appears to be consistently outperforming one of its closest competitors.
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