Nomura Securities Maintains a 'Buy' on Viacom (VIAB); Advertising Weak Worldwide
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Price: $24.22 --0%
Rating Summary:
19 Buy, 21 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
19 Buy, 21 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Nomura Securities maintains a 'Buy' on Viacom (NASDAQ: VIAB) price target of $54.00.
Analyst, Michael Nathanson, said, "Viacom reported adj. EPS of $0.97 (vs. our and consensus $1.00 estimate), driven by weak worldwide advertising (-9% vs. -4% est.) which was not offset by a +1% increase in worldwide affiliate fees (vs. our -1% est.). Total revenue declined by almost double the amount we expected (-14% vs. -8% est.), driven by significant Film declines, while EBIT decreased -9% (vs. -7% est.). $13mn in better corporate, equity-based and eliminations also helped offset segment weakness."
"VIAB is trading at 9.3x our last published FY13 estimated earnings. In our view, Viacom remains a value play with a shrinking equity base from buybacks. Valuation remains compelling but shares will likely continue to be tied to commentary around forward affiliate fee, advertising and national scatter trends, Nickelodeon and the company’s ability to manage cost growth."
For an analyst ratings summary and ratings history on Viacom click here. For more ratings news on Viacom click here.
Shares of Viacom closed at $45.83 yesterday.
Analyst, Michael Nathanson, said, "Viacom reported adj. EPS of $0.97 (vs. our and consensus $1.00 estimate), driven by weak worldwide advertising (-9% vs. -4% est.) which was not offset by a +1% increase in worldwide affiliate fees (vs. our -1% est.). Total revenue declined by almost double the amount we expected (-14% vs. -8% est.), driven by significant Film declines, while EBIT decreased -9% (vs. -7% est.). $13mn in better corporate, equity-based and eliminations also helped offset segment weakness."
"VIAB is trading at 9.3x our last published FY13 estimated earnings. In our view, Viacom remains a value play with a shrinking equity base from buybacks. Valuation remains compelling but shares will likely continue to be tied to commentary around forward affiliate fee, advertising and national scatter trends, Nickelodeon and the company’s ability to manage cost growth."
For an analyst ratings summary and ratings history on Viacom click here. For more ratings news on Viacom click here.
Shares of Viacom closed at $45.83 yesterday.
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