Viacom 4Q17 Earnings OK, Weak Near-Term Guide Offset By Turnaround Progress
Media and entertainment producer Viacom (NYSE:VIAB) reported mixed results for 4Q17 as domestic affiliate fees remain weaker than expected. Looking to 2018 and beyond, the new management guided toward weaker near-term revenues in the U.S. but provided encouraging signs that the overall turnaround is making progress. International revenues and profits continue to improve, and Paramount could become profitable in 2018. Stability under new CEO Bob Bakish and the ownership structure is working. At 7.6x forward EV/EBITDA with improving fundamentals, strong cash flow and a strong balance sheet, Viacom shares could be poised for a stronger 2018.Large Cap Media
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Amazon joined Apple in reaching a $1 trillion market capitalization. $1 trillion is about the same as the total value of New York City property and the total value of loans at JP Morgan, the nation’s largest bank in terms of assets. Jeff Bezos’ $160 billion stake would place him (personally) as the #33 largest company in the S&P 500 in terms of market cap, next to Coca-Cola, Disney and Netflix. We aren’t bold enough to predict whether the shares will continue upwards or if they are in a bubble reaching maximum inflation. Setting aside for a moment their investment prospects, let’s admire the truly remarkable milestone that these two companies have reached.
EV/EBITDA: What Is It & Why Are We Using It More?
In reading recent editions of The Turnaround Letter, you have probably noticed that we are increasingly using EV/EBITDA as a valuation measure, rather than the better-known price/earnings multiple. We thought it might be useful to describe this measure and why we like it.
Turnaround Letter Stock Pick Named Top Performer of 2017
What Last Year's Top Stock Pickers Are Buying in 2018
This Forbes write-up follows up on the recent Top Stock Tips report--naming The Turnaround Letter's Crocs recommendation the top performer of 2017: With 90% gains, CROX beat out 100 other investment ideas included in the report; and the stock continues to have value investing appeal, according to Putnam.
George notes, "We see additional upside for the stock in 2018 as management's efforts continue to bear fruit, though the gains will likely be more muted than we saw in 2017."
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