Size matters in the media business as much or more than almost any other sector. As one of the largest media companies in the world, Viacom’s (VIAB) distribution and reach puts the company in a very strong competitive position. Nevertheless, the market greatly undervalues the cash flows of the company. To be specific, the current value of the stock (~$50/share) implies the company’s after-tax cash flow (NOPAT) will permanently decline by nearly 25%. In other words, the ...
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