Amid COVID-driven headwinds, ViacomCBS (VIAC) shares have come under pressure, but at current valuations, I see a compelling opportunity to buy into a severely discounted portfolio of quality brands, along with a mix of fast-growing streaming platforms (CBS All Access, Showtime, and Pluto). This is an asset still capable of generating ~$1.50/share in fully-taxed forward FCF, by my estimates, implying a ~9x FCF yield and a well-supported dividend yield on offer for patient investors.
Green Shoots of a Recovery Emerging
In isolation, Viacom's 1Q20 results seem somewhat bearish; more importantly, though, the quarter's