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The company anticipates 100 million streaming subscribers in 2024, well ahead of initial forecasts.Ī note by Cowen - New Name, Same Questions - highlights how estimated DTC investments will continue to eat into profits. But, “We have a hard time looking at on a standalone basis” and “expect continued pressure on linear networks economics to limit overall company growth even before factoring in expected peak DTC losses in 2023.”ĭTC losses should widen from $1 billion last year to about $1.5 billion in 2022 and get even steeper in 2023 before starting to improve in 2024, with content expense jumping from $2 billion last year to $6 billion that year. The firm said it gets how the Paramount+ breadth of content - sports, kids, general entertainment, news - helps differentiate it from peers (a point Bakish stressed yesterday).
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(Ebitda is earnings before interest, taxes, depreciation and amortization FCF is free cash flow). “Despite the big announcement of ViacomCBS changing its name… we are left with a similar question as we had last year: will the company be able to grow EBITDA and FCF again to match prior levels? In short, unfortunately, we still did not learn anything to help us believe the answer will be yes, at least for the foreseeable future,” said MoffettNathanson. The company, like its rivals, is making a major pivot to streaming.
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The stock is changing hands at about $30, approaching its 52-week low after forecasting subscriber and revenue growth, but also steep content spending and operating losses at its ramped up DTC business over the next few years.Ĭhair Shari Redstone, CEO Bob Bakish and the company’s key operating execs previewed a raft of new content (from the first Sonic the Hedgehog original live action series to Teen Wolf from MTV Entertainment Studios and MGM’s Orion Television) and took questions from Wall Street in a virtual investor day almost a year after the launch of Paramount+ in March of 2021. BofA cut its rating to ‘neutral’ on risk (with a price target of $39). Guggenheim reiterated a ‘buy’ rating but lowered its 12-month price target to $40 from our prior $53 based on a sum of the parts valuation that separates the streaming and traditional media business. The company, which is changing its name to Paramount, has its supporters. 'Dungeons & Dragons: Honor Among Thieves' Fires Up SXSW Opening Night
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