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GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 7/10

vs
industry
vs
history
Cash to Debt 0.06
CBS's Cash to Debt is ranked lower than
51% of the 679 Companies
in the Global Media - Diversified industry.

( Industry Median: 0.80 vs. CBS: 0.06 )
CBS' s 10-Year Cash to Debt Range
Min: 0.02   Max: No Debt
Current: 0.06

Equity to Asset 0.29
CBS's Equity to Asset is ranked higher than
55% of the 612 Companies
in the Global Media - Diversified industry.

( Industry Median: 0.45 vs. CBS: 0.29 )
CBS' s 10-Year Equity to Asset Range
Min: 0.29   Max: 0.7
Current: 0.29

0.29
0.7
Interest Coverage 7.98
CBS's Interest Coverage is ranked higher than
60% of the 397 Companies
in the Global Media - Diversified industry.

( Industry Median: 24.86 vs. CBS: 7.98 )
CBS' s 10-Year Interest Coverage Range
Min: 0.91   Max: 9999.99
Current: 7.98

0.91
9999.99
F-Score: 5
Z-Score: 0.83
M-Score: -2.07
WACC vs ROIC
11.74%
12.09%
WACC
ROIC
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 7/10

vs
industry
vs
history
Operating margin (%) 20.74
CBS's Operating margin (%) is ranked higher than
90% of the 680 Companies
in the Global Media - Diversified industry.

( Industry Median: 7.91 vs. CBS: 20.74 )
CBS' s 10-Year Operating margin (%) Range
Min: -107.52   Max: 21.6
Current: 20.74

-107.52
21.6
Net-margin (%) 21.00
CBS's Net-margin (%) is ranked higher than
95% of the 680 Companies
in the Global Media - Diversified industry.

( Industry Median: 4.07 vs. CBS: 21.00 )
CBS' s 10-Year Net-margin (%) Range
Min: -123.51   Max: 21.43
Current: 21

-123.51
21.43
ROE (%) 35.28
CBS's ROE (%) is ranked higher than
96% of the 650 Companies
in the Global Media - Diversified industry.

( Industry Median: 5.54 vs. CBS: 35.28 )
CBS' s 10-Year ROE (%) Range
Min: -77.64   Max: 34.94
Current: 35.28

-77.64
34.94
ROA (%) 11.71
CBS's ROA (%) is ranked higher than
94% of the 687 Companies
in the Global Media - Diversified industry.

( Industry Median: 2.61 vs. CBS: 11.71 )
CBS' s 10-Year ROA (%) Range
Min: -34.58   Max: 11.73
Current: 11.71

-34.58
11.73
ROC (Joel Greenblatt) (%) 87.64
CBS's ROC (Joel Greenblatt) (%) is ranked higher than
91% of the 682 Companies
in the Global Media - Diversified industry.

( Industry Median: 17.10 vs. CBS: 87.64 )
CBS' s 10-Year ROC (Joel Greenblatt) (%) Range
Min: -423.38   Max: 99
Current: 87.64

-423.38
99
Revenue Growth (3Y)(%) 7.10
CBS's Revenue Growth (3Y)(%) is ranked higher than
83% of the 548 Companies
in the Global Media - Diversified industry.

( Industry Median: 2.00 vs. CBS: 7.10 )
CBS' s 10-Year Revenue Growth (3Y)(%) Range
Min: -18   Max: 7.4
Current: 7.1

-18
7.4
EBITDA Growth (3Y)(%) 3.10
CBS's EBITDA Growth (3Y)(%) is ranked higher than
74% of the 454 Companies
in the Global Media - Diversified industry.

( Industry Median: 3.10 vs. CBS: 3.10 )
CBS' s 10-Year EBITDA Growth (3Y)(%) Range
Min: -36.8   Max: 40.2
Current: 3.1

-36.8
40.2
EPS Growth (3Y)(%) 5.70
CBS's EPS Growth (3Y)(%) is ranked higher than
75% of the 393 Companies
in the Global Media - Diversified industry.

( Industry Median: 6.40 vs. CBS: 5.70 )
CBS' s 10-Year EPS Growth (3Y)(%) Range
Min: -43.1   Max: 428.3
Current: 5.7

-43.1
428.3
» CBS's 10-Y Financials

Financials


Revenue & Net Income
Cash & Debt
Oprt. Cash Flow & Free Cash Flow

» Details

Guru Trades

Q2 2014

CBS Guru Trades in Q2 2014

Jana Partners 4,127,149 sh (New)
Chase Coleman 367,526 sh (New)
Paul Tudor Jones 32,457 sh (+163.84%)
Pioneer Investments 1,548,316 sh (+130.73%)
Larry Robbins 5,325,826 sh (+71.87%)
David Tepper 2,163,678 sh (+71.69%)
Ray Dalio 29,884 sh (+59.09%)
Eric Mindich 5,688,900 sh (+42.51%)
George Soros 461,917 sh (+11.12%)
John Rogers 1,270,754 sh (+0.35%)
Mario Gabelli 583,908 sh (+0.08%)
Eric Mindich 2,500,000 sh (unchged)
Steven Cohen 851,800 sh (unchged)
George Soros 360,000 sh (unchged)
Joel Greenblatt Sold Out
Murray Stahl 1,222,655 sh (-2.69%)
Scott Black 165,410 sh (-20.17%)
Jim Simons 782,500 sh (-25.54%)
John Paulson 2,843,500 sh (-36.48%)
Louis Moore Bacon 542,376 sh (-64.51%)
Jeremy Grantham 4,000 sh (-89.15%)
» More
Q3 2014

CBS Guru Trades in Q3 2014

Third Avenue Management 693,100 sh (New)
Lee Ainslie 4,827,970 sh (New)
Ray Dalio 138,684 sh (+364.07%)
Chase Coleman 1,596,526 sh (+334.40%)
Louis Moore Bacon 782,294 sh (+44.23%)
David Tepper 2,855,078 sh (+31.95%)
Mario Gabelli 613,338 sh (+5.04%)
John Rogers 1,316,859 sh (+3.63%)
Pioneer Investments 1,095,280 sh (unchged)
Eric Mindich 4,500,000 sh (unchged)
Jana Partners Sold Out
John Paulson Sold Out
Jeremy Grantham Sold Out
Scott Black 157,000 sh (-5.08%)
Eric Mindich 5,068,486 sh (-10.91%)
Murray Stahl 1,083,791 sh (-11.36%)
George Soros 369,139 sh (-20.09%)
Larry Robbins 4,254,448 sh (-20.12%)
Jim Simons 599,500 sh (-23.39%)
Paul Tudor Jones 22,910 sh (-29.41%)
Steven Cohen 437,300 sh (-48.66%)
» More
Q4 2014

CBS Guru Trades in Q4 2014

John Burbank 418,000 sh (New)
Richard Perry 1,700,000 sh (New)
First Pacific Advisors 66,000 sh (New)
Julian Robertson 27,500 sh (New)
Martin Whitman 809,000 sh (New)
Pioneer Investments 2,242,530 sh (+104.74%)
George Soros 711,992 sh (+92.88%)
Third Avenue Management 1,253,973 sh (+80.92%)
Larry Robbins 7,519,648 sh (+76.75%)
John Rogers 1,720,057 sh (+30.62%)
Scott Black 184,862 sh (+17.75%)
Mario Gabelli 674,923 sh (+10.04%)
Eric Mindich 4,500,000 sh (unchged)
David Tepper Sold Out
Jim Simons Sold Out
Ray Dalio Sold Out
Chase Coleman Sold Out
Paul Tudor Jones Sold Out
Lee Ainslie 4,409,143 sh (-8.68%)
Eric Mindich 3,645,786 sh (-28.07%)
Murray Stahl 769,616 sh (-28.99%)
Louis Moore Bacon 450,000 sh (-42.48%)
Steven Cohen 64,800 sh (-85.18%)
» More
2015

CBS Guru Trades in 2015

Martin Whitman 923,300 sh (+14.13%)
» More
» Details

Insider Trades

Latest Guru Trades with CBS

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Guru Investment Theses on CBS Corp

Third Avenue Value Fund Comments on CBS Corp - Dec 12, 2014

Content Trumps Distribution at CBS (CBS)



During the quarter the Fund initiated a position in CBS Corporation. CBS derives revenues from i) advertising on its owned and operated TV and radio networks, ii) content licensing and distribution and iii) affiliate and subscription fees (retransmission fees). The investment opportunity presented itself when shares sold off in the quarter, likely due to the unwinding of short-term event driven positions in the stock following the spin-off of its outdoor advertising unit, CBS Outdoors, and short-term concerns over a softer ad market.



However, we believe the long-term investment case is compelling, as the company is well positioned to capitalize on a new phase of industry transformation where boundaries between distribution and content are being blurred. The new paradigm is likely to benefit the content owners over distributors as the digital revolution has opened multiple new avenues of distribution that will compete for quality content. This change in relative leverage in the media value chain is likely to translate into earnings growth via i) retransmission fees and ii) content monetization. We believe CBS will benefit significantly from this secular change as it is one of the best curators of content in the industry. Over the last decade, the mix of the 20 highest rated shows in the US has changed meaningfully, but the one constant factor has been CBS’s ability to get eight to ten of the top 20 shows consistently, something which no other network has come even close to matching. At its core, this ability to consistently create top notch programming is what differentiates CBS management from all the other networks, in our view. CBS should benefit from incremental demand from content distributors, including TV networks, Subscription Video on Demand (SVOD), and virtual MVPDs (multichannel video programming distributors).



CBS is also leading the way in pushing for broadcast station retransmission fees and has grown EBITDA contribution from its retransmission by 18 times to approximately $500 million since 2008 and is targeting $1 billion in retransmission revenue by 2017 and $2 billion by 2020. As of now the company is pacing ahead of its $2 billion target. As these high margin fees are a “new” source of revenues for existing content, they almost entirely flow down to earnings. Furthermore, CBS has a strong balance sheet with net debt to EBITDA of 1.6x, and is able to generate $1.5 billion to $2 billion of free cash flow per year. CBS is embarking on a $6 billion share buy-back program, allowing it to retire close to 20% of its outstanding shares in the coming six quarters.



We believe CBS presents a compelling investment opportunity, with our cost basis at a meaningful 20% discount to our conservative estimate of NAV, and is likely to continue to grow NAV at 10%+ a year via i) retransmission fees, ii) content monetization and iii) share buyback. While short-term volatility around advertising spot market prices should be expected over our initial three to five year horizon, more material risks that would lead us to reconsider our investment would include an inability to continue to produce high quality content or a failure to achieve a higher normalized compensation level for this content.



From Third Avenue Value Fund’s 4Q 2014 Portfolio Manager Commentary.



Check out Martin Whitman latest stock trades

Gabelli Asset Management Comments on CBS Corp - May 13, 2014

CBS Corp. (4.4%) (CBS)(CBS - $61.89 - NYSE) operates the CBS television network and the premium cable network Showtime, owns 29 local television stations and 130 radio stations, and is the third largest international outdoor advertising network. We believe CBS has a number of opportunities to generate incremental non-advertising revenue from the sale of existing content to online video distributors (OVDs) and the retransmission of content agreements with traditional distributors. In addition, we expect a continued recovery in advertising to contribute to earnings growth. Finally, we believe financial engineering, including the announced $3 billion share buyback and the expected split-off and REIT conversion of CBS Outdoor, could act as a catalyst for shares.

From Mario Gabelli (Trades, Portfolio)'s Value 25 Fund first quarter 2014 shareholder commentary.

Check out Mario Gabelli latest stock trades

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Gabelli Asset Management Comments on CBS Corp
CBS Corp. (4.4%) (CBS)(CBS - $61.89 - NYSE) operates the CBS television network and the premium cable network Showtime, owns 29 local television stations and 130 radio stations, and is the third largest international outdoor advertising network. We believe CBS has a number of opportunities to generate incremental non-advertising revenue from the sale of existing content to online video distributors (OVDs) and the retransmission of content agreements with traditional distributors. In addition, we expect a continued recovery in advertising to contribute to earnings growth. Finally, we believe financial engineering, including the announced $3 billion share buyback and the expected split-off and REIT conversion of CBS Outdoor, could act as a catalyst for shares. Read more...

Ratios

vs
industry
vs
history
P/E(ttm) 11.80
CBS's P/E(ttm) is ranked higher than
94% of the 750 Companies
in the Global Media - Diversified industry.

( Industry Median: 62.50 vs. CBS: 11.80 )
CBS' s 10-Year P/E(ttm) Range
Min: 8.55   Max: 64.45
Current: 11.8

8.55
64.45
Forward P/E 14.73
CBS's Forward P/E is ranked higher than
89% of the 750 Companies
in the Global Media - Diversified industry.

( Industry Median: 0.00 vs. CBS: 14.73 )
N/A
PE(NRI) 26.20
CBS's PE(NRI) is ranked higher than
83% of the 750 Companies
in the Global Media - Diversified industry.

( Industry Median: 64.30 vs. CBS: 26.20 )
CBS' s 10-Year PE(NRI) Range
Min: 8.65   Max: 53.48
Current: 26.2

8.65
53.48
P/B 4.70
CBS's P/B is ranked higher than
55% of the 750 Companies
in the Global Media - Diversified industry.

( Industry Median: 3.20 vs. CBS: 4.70 )
CBS' s 10-Year P/B Range
Min: 0.27   Max: 4.9
Current: 4.7

0.27
4.9
P/S 2.50
CBS's P/S is ranked higher than
56% of the 750 Companies
in the Global Media - Diversified industry.

( Industry Median: 2.42 vs. CBS: 2.50 )
CBS' s 10-Year P/S Range
Min: 0.17   Max: 9.42
Current: 2.5

0.17
9.42
PFCF 32.70
CBS's PFCF is ranked higher than
73% of the 750 Companies
in the Global Media - Diversified industry.

( Industry Median: 125.00 vs. CBS: 32.70 )
CBS' s 10-Year PFCF Range
Min: 1.74   Max: 61.6
Current: 32.7

1.74
61.6
POCF 27.11
CBS's POCF is ranked higher than
71% of the 750 Companies
in the Global Media - Diversified industry.

( Industry Median: 18.04 vs. CBS: 27.11 )
CBS' s 10-Year POCF Range
Min: 1.35   Max: 47.02
Current: 27.11

1.35
47.02
EV-to-EBIT 12.93
CBS's EV-to-EBIT is ranked higher than
88% of the 750 Companies
in the Global Media - Diversified industry.

( Industry Median: 28.86 vs. CBS: 12.93 )
CBS' s 10-Year EV-to-EBIT Range
Min: -8.5   Max: 49.6
Current: 12.93

-8.5
49.6
PEG 1.58
CBS's PEG is ranked higher than
95% of the 750 Companies
in the Global Media - Diversified industry.

( Industry Median: 0.00 vs. CBS: 1.58 )
CBS' s 10-Year PEG Range
Min: 0.88   Max: 1.64
Current: 1.58

0.88
1.64
Shiller P/E 26.60
CBS's Shiller P/E is ranked higher than
85% of the 750 Companies
in the Global Media - Diversified industry.

( Industry Median: 0.00 vs. CBS: 26.60 )
CBS' s 10-Year Shiller P/E Range
Min: 21.7   Max: 151.27
Current: 26.6

21.7
151.27
Current Ratio 1.39
CBS's Current Ratio is ranked higher than
71% of the 619 Companies
in the Global Media - Diversified industry.

( Industry Median: 1.40 vs. CBS: 1.39 )
CBS' s 10-Year Current Ratio Range
Min: 0.9   Max: 7.13
Current: 1.39

0.9
7.13
Quick Ratio 1.16
CBS's Quick Ratio is ranked higher than
67% of the 618 Companies
in the Global Media - Diversified industry.

( Industry Median: 1.27 vs. CBS: 1.16 )
CBS' s 10-Year Quick Ratio Range
Min: 0.58   Max: 6.6
Current: 1.16

0.58
6.6
Days Inventory 38.14
CBS's Days Inventory is ranked higher than
75% of the 750 Companies
in the Global Media - Diversified industry.

( Industry Median: 55.58 vs. CBS: 38.14 )
CBS' s 10-Year Days Inventory Range
Min: 17.68   Max: 112.17
Current: 38.14

17.68
112.17
Days Sales Outstanding 89.59
CBS's Days Sales Outstanding is ranked higher than
72% of the 750 Companies
in the Global Media - Diversified industry.

( Industry Median: 91.13 vs. CBS: 89.59 )
CBS' s 10-Year Days Sales Outstanding Range
Min: 48.18   Max: 91.45
Current: 89.59

48.18
91.45

Dividend & Buy Back

vs
industry
vs
history
Dividend Yield 0.90
CBS's Dividend Yield is ranked lower than
70% of the 357 Companies
in the Global Media - Diversified industry.

( Industry Median: 1.90 vs. CBS: 0.90 )
CBS' s 10-Year Dividend Yield Range
Min: 0.63   Max: 25.22
Current: 0.9

0.63
25.22
Dividend Payout 0.22
CBS's Dividend Payout is ranked higher than
92% of the 750 Companies
in the Global Media - Diversified industry.

( Industry Median: 0.00 vs. CBS: 0.22 )
CBS' s 10-Year Dividend Payout Range
Min: 0.1   Max: 0.61
Current: 0.22

0.1
0.61
Dividend growth (3y) 15.60
CBS's Dividend growth (3y) is ranked higher than
89% of the 221 Companies
in the Global Media - Diversified industry.

( Industry Median: 8.60 vs. CBS: 15.60 )
CBS' s 10-Year Dividend growth (3y) Range
Min: 0   Max: 45.5
Current: 15.6

0
45.5
Yield on cost (5-Year) 2.75
CBS's Yield on cost (5-Year) is ranked higher than
60% of the 366 Companies
in the Global Media - Diversified industry.

( Industry Median: 2.30 vs. CBS: 2.75 )
CBS' s 10-Year Yield on cost (5-Year) Range
Min: 1.92   Max: 76.97
Current: 2.75

1.92
76.97
Share Buyback Rate 6.30
CBS's Share Buyback Rate is ranked higher than
95% of the 423 Companies
in the Global Media - Diversified industry.

( Industry Median: -0.90 vs. CBS: 6.30 )
CBS' s 10-Year Share Buyback Rate Range
Min: 20.9   Max: -34.7
Current: 6.3

Valuation & Return

vs
industry
vs
history
Price/DCF (Projected) 1.42
CBS's Price/DCF (Projected) is ranked higher than
86% of the 750 Companies
in the Global Media - Diversified industry.

( Industry Median: 17.80 vs. CBS: 1.42 )
CBS' s 10-Year Price/DCF (Projected) Range
Min: 0.2   Max: 2.95
Current: 1.42

0.2
2.95
Price/Median PS Value 1.58
CBS's Price/Median PS Value is ranked higher than
61% of the 750 Companies
in the Global Media - Diversified industry.

( Industry Median: 1.40 vs. CBS: 1.58 )
CBS' s 10-Year Price/Median PS Value Range
Min: 0.25   Max: 7.2
Current: 1.58

0.25
7.2
Price/Peter Lynch Fair Value 1.61
CBS's Price/Peter Lynch Fair Value is ranked higher than
95% of the 750 Companies
in the Global Media - Diversified industry.

( Industry Median: 0.00 vs. CBS: 1.61 )
CBS' s 10-Year Price/Peter Lynch Fair Value Range
Min: 1.44   Max: 3.5
Current: 1.61

1.44
3.5
Earnings Yield (Greenblatt) 7.60
CBS's Earnings Yield (Greenblatt) is ranked higher than
85% of the 675 Companies
in the Global Media - Diversified industry.

( Industry Median: 3.90 vs. CBS: 7.60 )
CBS' s 10-Year Earnings Yield (Greenblatt) Range
Min: 2   Max: 14.7
Current: 7.6

2
14.7
Forward Rate of Return (Yacktman) 19.87
CBS's Forward Rate of Return (Yacktman) is ranked higher than
86% of the 370 Companies
in the Global Media - Diversified industry.

( Industry Median: 9.52 vs. CBS: 19.87 )
CBS' s 10-Year Forward Rate of Return (Yacktman) Range
Min: -7.3   Max: 70.1
Current: 19.87

-7.3
70.1

Business Description

Industry: Entertainment » Media - Diversified
Compare:TV, GTN, SKDTY, TVBCY, PBSFY » details
Traded in other countries:C5S1.Germany, C5S.Germany,
CBS Corp was originally incorporated in Delaware on November 10, 1986 under the name Arsenal Holdings, Inc. It is a mass media company. The Company operates businesses within the media and entertainment industries, including the CBS Television Network, cable networks, content production and distribution, television and radio stations, Internet-based businesses, and consumer publishing. The Company operates in four segments that include Entertainment, Cable Networks, Publishing and Local Broadcasting. Entertainment is composed of the CBS Television Network; CBS Television Studios; CBS Global Distribution Group (composed of CBS Studios International and CBS Television Distribution); CBS Interactive; and CBS Films; Cable Networks is composed of Showtime Networks, which operates the Company's premium subscription program services, Showtime, The Movie Channel, and Flix; CBS Sports Network, the Company's cable network focused on college athletics and other sports; and Smithsonian Networks, a venture between Showtime Networks and Smithsonian Institution, which operates Smithsonian Channel, a basic cable program service. Publishing is composed of Simon & Schuster, which publishes and distributes consumer books under imprints such as Simon & Schuster, Pocket Books, Scribner and Atria Books. Local Broadcasting is composed of CBS Television Stations, the Company's 30 owned broadcast television stations; and CBS Radio, through which the Company owns and operates 117 radio stations in 26 United States markets. It operates in United Kingdom, Other Europe, Canada, Asia and Other. The Company's businesses operate and have customers worldwide. The Company competes with many different entities and media in various markets worldwide. In addition to competition in each of its businesses, the Company competes for opportunities in the entertainment business with other diversified entertainment companies such as The Walt Disney Company, NBCUniversal Media, LLC, Twenty-First Century Fox, Inc., Time Warner Inc., Cumulus Media Inc. and iHeartMedia, Inc. The Company creates, owns, distributes and exploits under licenses intellectual property worldwide. The following logos, trade names, trademarks and related trademark families are among those strongly identified with the product lines the Company represent and are assets of the Company: CBS, CBS Entertainment, CBS News, CBS Sports, CBSSports.com, CBS All AccessTM CNET, CBS Radio, Showtime, Showtime Anytime, The Movie Channel, Flix, CBS Films, CBS Audience Network, TV.com, Last.fm, MetroLyrics, CSI:, NCIS, Entertainment Tonight, Star Trek, Simon & Schuster, CBS Sports Network, CBS Interactive and all the call letters for the Company's television and radio stations. The Company's businesses are either subject to or affected by regulations of federal, state and local governmental authorities in the U.S. and of national, regional and local authorities in foreign countries.
» More Articles for CBS

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