VIACA - Roku Shows How Undervalued ViacomCBS Is

• Pluto TV alone would be worth at least $18 billion if it traded at Roku's multiples, almost half of ViacomCBS' enterprise value of ~$39.3 billion.
• Although Pluto TV is considerably smaller than Roku, it is growing faster and is forecasted to surpass Roku's active users this year.
• Streaming subscribers are also growing at a high rate, ViacomCBS added 12M subscribers in the first half of the year and reached 42M global subscribers.
• The decline in traditional TV viewing is a headwind, but growth in streaming and Pluto TV will more than compensate for it.
• A conservative DCF Model gives us a fair value of $65.79 per share, 58.5% above the current price of $41.50.

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