Viacom - Soft Operational Performance Creates Longer Term Opportunities
- Viacom reports some disappointing numbers again.
- As investors take some profits amidst the operational miss and general market sell-off.
- Yet the valuation is fair, amidst a strong long term track record of value creation.
- The high leverage makes current shareholder payouts unsustainable and creates limited leverage risks.
- I like the shares with a slightly greater increase in the margin of safety.