CVC Investment Analysis Report & Stock Research, Cablevision Systems Corp.

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Cablevision Systems Corporation (CVC)

CVC Stock Report

2-Year Price History

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NYSE:CVC
$19.09
(7/24 2:09PM)
+0.7%
Open18.93 Mkt Cap$5.7 Billion
High19.19 52Wk High$33.00
Low18.68 52Wk Low$9.34
Volume393614 Avg Vol 10D1.2 Million

Ockham's Rating

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CVC Revenue

As we have often noted, in our valuation methodology, "Cash is King." Well, it goes without saying that if a company cannot produce sales then there is no ability to generate cash flow. By that logic we look very closely at revenue numbers as our second most important factor in valuing a company's stock. We have established reasonable Price to Sales per share ranges based on historical data of the last 10 years. For, CVC the high and low end of the Price to Sales per share ratios are 1.80x and 0.88x respectively.

Notice that CVC's current Price to Sales per share ratio is 0.76x, which is quite a bit below what we consider a normal Price to Sales ratio for this stock. Given normal conditions and a price of $18.69, CVC is 44% below where we would expect to see it. This will beneficially factor into our final analysis of CVC as it is not often that this stock sinks to these levels.

CVC Cash Earnings

As a value investment framework, Ockham Research is similar to a private equity firm in terms of our valuation methods. We are always on the lookout for value in the form of sales and cash numbers. In the case of CVC, Ockham views their current Cash Earnings as significantly below their historical average multiples of Cash Earnings, as calculated by our proprietary analysis. It is incredibly important to understand that for CVC, the current level of Cash Earnings compared to its historical levels helps identify where CVC is in relation to what the investing community was willing to pay for this level of Cash Earnings in the past. With a historical high Cash Earnings per share ratio of 7.47 and a historical low Cash Earnings per share ratio of 3.76, an investor can relate where value becomes optimal.

So what does "significantly below" mean when we talk about Price to Cash Earnings numbers for CVC? From the Ockham perspective, we are looking specifically at CVC to see if the market is recognizing the huge disparity between CVC's past stock price to Cash Earnings ratio to today's levels. At a difference of 38% below the average historical Price to Cash Earnings ratio, our view would be quite positive at this point. However, as with all metrics, we need to also take other factors into account when looking at CVC. While we view better Cash Earnings metrics as very important, if the market is slow to identify this value, or if Cash Earnings were to fall from these levels, we would become more neutral in our stance.

CVC Dividends

A strong dividend payment history is looked upon as a favorable characteristic on a company’s future and potentially can receive a positive Ockham rating. That being said, we don't require dividend payments for company's whose management has elected to forgo them entirely.

When reviewing dividend yields for CVC, we compare the historic high and low levels over the past, which is similar to our evaluation of Sales and Cash Earnings per share. Paying a dividend is not necessary for any company, but changes in dividend often can lend clues as to the health of the business. A rising dividend is a strong sign for an established company, as it reflects management's confidence in the company. CVC’s estimated annual dividend is $0.40 resulting in a current dividend yield of 2.14%. The highest dividend yield from CVC over recent history was 4.28% while the lowest dividend yield was 0.00%. The current dividend yield is below the historical median, which is slightly off-putting. We are a bit adverse to CVC from this valuation metric.

Peer Comparison

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Cablevision Systems Corp. Industry Grouping

(7/23/2009)
Company Ticker Market Cap (Ml) Latest
Price
Price/Cash Earnings Price/Sales 5-Yr. Rev.
Growth Rate
5-Yr.
Avg. ROE.
Current 10-Yr. Range* Current 10-Yr. Range*
Peer Company Averages (not incuding CVC) 24.67 8.75 » 152.85 0.75 0.34 » 4.41 14.72% 15.88%
*10 year range does not include current year values
Reed Elsevier NV ENL $7.8 Billion $23.71 18.71 9.84 » 427.71 0.00 0.00 » 0.00 n/a 34.18%
Shaw Communications Inc CL B SJR $7.1 Billion $17.42 7.86 4.87 » 31.79 2.51 1.23 » 5.49 14.29% 17.50%
Cablevision Systems Corp. CVC $5.7 Billion $18.96 3.52 1.22 » 12.63 0.76 0.33 » 3.65 11.60% 0.05%
Scripps Networks Interactive, Inc. SNI $5.2 Billion $31.49 57.37 25.01 » 56.23 0.00 0.00 » 0.00 n/a 0.99%
Virgin Media, Inc. VMED $3.6 Billion $10.96 35.63 2.10 » 14.31 0.63 0.17 » 3.81 n/a 4.13%
DISH Network Corp. Shs -A DISH $3.5 Billion $16.70 3.78 1.95 » 234.20 0.58 0.32 » 12.76 15.15% 22.60%
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The latest Financial Media Discussion

4:49:13 PM CVC $18.98 Cablevision Systems Corp.
21 hours ago (07/23)
Premium Content - please sign up for Ockham PREMIUM to gain full access and to see what Closing Bell said about CABLEVISION SYSTEMS CORP. …more details… LEARN MORE
5:25:39 PM CVC $17.92 Cablevision Systems Corp.
9 days ago (07/14)
“…Space. >> is there anybody left in the capable space then? You're staying away from that. The disney, is it one of the guys that has a broader revenue >> we love CABLEVISION. That's a name where we think they're about to spin off msg, we think there will be an announcement soon. It will show you how good cable …” …more details…
7:38:23 PM CVC $17.84 Cablevision Systems Corp.
10 days ago (07/13)
“…>> major league baseball likes to choose its owners and with the -- when the red sox, the last big mega sale that occurred they didn't go for this high price from the dole lance who owned CABLEVISION. David: it is kind of like a co-op board that is picky about who they allow to come in, >> that's right and you heard of friends of bill that and clinton administration, and friends of …” …more details…
8:39:24 AM CVC $17.62 Cablevision Systems Corp.
15 days ago (07/09)
“…Beginning to start. >> we will continue to watch these numbers as we do every week with any type of mott market reaction. In the meantime CABLEVISION with the ongoing battle we will talk about that in just a moment but we will also talk to this the o oh of marathon …” …more details…
7:17:52 AM CVC $19.32 Cablevision Systems Corp.
24 days ago (06/30)
“…the latest in a series of BG acquisitions, and follows similar moves by other international oil companies interested in the U.S. oil shale sector. CABLEVISION wins DVR court fight. The Supreme Court ruled that CABLEVISION (CVC) can bypass set-top digital video recorders and allow its customers to record programs straight onto its servers. Comcast (CMCSA) and Time Warner Cable (TWC) had previously said they would launch similar services if CABLEVISION's approach was upheld as legal. The news pushed TiVo (TIVO) shares down 4.1%, but the potential impact of the ruling on the DVR set-top firm isn't entirely clear. State Street may face SEC charges. State Street (STT) said its State Street Bank & Trust Co. unit may face SEC charges over …” …more details…
1:57:35 PM CVC $18.86 Cablevision Systems Corp.
25 days ago (06/29)
“…With a victory at the Supreme Court on the issue of network DVR, the next question for CABLEVISION (CVC) is going to be how to proceed with rolling out service. And the answer is, they are going to move carefully in an effort not to step on the toes of advertisers. The issue is this: network DVR, or remote-storage DVR, has the potential to significantly increase the number of …” …more details…
1:57:35 PM CVC $18.86 Cablevision Systems Corp.
25 days ago (06/29)
“…the company likely to want to risk irritating consumers by crippling the service by simply preventing fast-forwarding through ads. In a statement, CABLEVISION COO Tom Rutledge said the ruling today is “a tremendous victory,” which “opens up the possibility offering a DVR experience to all of our digital cable customers.” But he also said that the company is “mindful of the potential implications for ad skipping and the concerns this has raised in the programming community.” Rutledge says CABLEVISION believes there are ways to give customers what they want, “full DVR functionality through existing digital set-top boxes, while also delivering “real benefits to advertisers.” (Although just how it would benefit advertisers he did not say.) Meanwhile, he also said that the technology …” …more details…
11:37:51 AM CVC $18.86 Cablevision Systems Corp.
25 days ago (06/29)
“…TiVo (TIVO) shares are coming under pressure following today’s Supreme Court ruling that will allow CABLEVISION (CVC) and other cable operators to offer network DVR service, allowing consumers to record programs on centralized servers, rather than on set-top box hard drives. Tony Wible, an analyst with Janney Montgomery Scott, writes in a research note that the potential impact on TiVo from the …” …more details…
11:00:32 AM CVC $18.86 Cablevision Systems Corp.
25 days ago (06/29)
“…The U.S. Supreme Court today cleared the way for CABLEVISION (CVC) to offer a network DVR service, allowing consumers to record copies of television programming “in the cloud,” rather than on set-top boxes. Without comment, the court refused to review a Court of Appeals ruling that rejected claims by film studios and television networks that the network DVR approach would infringe copyrights. CABLEVISION first announced plans for the service in 2006, but it has been tied up in litigation - until now. Among the companies opposed to the concept were Time Warner (TWX), News Corp. (NWS), CBS (CBS) and Disney (DIS). As Reuters notes, Cocmast (CMCSA) and Time Warner Cable (TWC) have said they would launch similar services if CABLEVISION’s approach was upheld as legal - which it has. For more on the implications of the ruling, see my June 8 magazine column on the …” …more details…
5:48:25 PM CVC $18.53 Cablevision Systems Corp.
6/18/2009 5:48 PM
“…To a concert? >> that is definite test. Rebecca: definite test. Thank you very much. I want to point out, where >> I live on long eye and new york. CABLEVISION doesn't carry the show. I definitely will call them. This is great show. Rebecca: staying at hilton. >> hilton doesn't have it. Rebecca: eric, I had to get that in there. Can you believe that? Eric, "street meat". …” …more details…
8:40:58 AM CVC $19.35 Cablevision Systems Corp.
5/12/2009 8:40 AM
“…June 8th on a new contract. >>> and CABLEVISION sought to squash speculation it is selling its news network. It feels it should make clear it is not considering a sale of the msg businesses. The board authorized CABLEVISION management to explore a spin-off on may 6 with $271.6 million revenue last quarter. It is the second-largest producing unit. …” …more details…
3:32:45 PM CVC $19.36 Cablevision Systems Corp.
5/11/2009 3:32 PM
“…Retail executive on the board, credit card executive on the decide which slate of independent directors or which of our slate or company's slate would best serve the shareholders. >> CABLEVISION says it will not sell off its madison square garden assets despite speculation last week the sale the cable tv operator says it is still exploring a spinoff of msg …” …more details…
9:27:27 AM CVC $19.40 Cablevision Systems Corp.
5/11/2009 9:27 AM
“…The stocks below 15 could seriously go lower. Alexis: interesting he we were just talking about it. Connell: CABLEVISION, and we'll see how dish does today. Alexis: enough to keep ourselves very busy. Markets are set to open, we'll have live coverage seven stocks to keep your eye on. Stay with us, fritz henderson ceo of gm will be speaking in a …” …more details…
9:26:53 AM CVC $19.40 Cablevision Systems Corp.
5/11/2009 9:26 AM
“…Alexis: ashley, what are you ashley: definitely the financials, up 23% last week, down today. Look out for intel, too, they're facing a huge fine from the european commission this week. Alexis: shibani. >> i'm watching CABLEVISION shares, the company last week sending some mixed messages out there, authorizing the board to explore the sale or the spin-off of madison square gardens. This morning, coming out and …” …more details…
9:04:26 AM CVC $19.40 Cablevision Systems Corp.
5/11/2009 9:04 AM
“…A private equity firm bc partners made a 5.3 billion dollar bill for barclay's ishares business. Wait a minute that would threaten an agreement for barclays to sell that to cvc capital partners. Starting to get interesting, as for the u.S. Dollar continuing its weakness down against all the major european currencies, alexis, back to you in new york. …” …more details…
8:02:49 AM CVC $16.32 Cablevision Systems Corp.
5/11/2009 8:02 AM
“…Equity firm bc partners has made a 5.3 billion dollars bid for barclays ishares business. That threatens an agreement by barclays to sell the fund management unit to cvc capital the financial times also saying barclays has received at least two approaches for potential counterbidders for its ishares unit. Reuters is reporting britain …” …more details…
8:47:32 AM CVC $16.32 Cablevision Systems Corp.
5/7/2009 8:47 AM
“…Forward to your point of view. >> thank you. >> before we go to break, not just a local story here because of the story names involved here, but CABLEVISION reported and operating ebitda was pretty dolan says it's a pretty good number. What's new here is the board has been authorized to allow …” …more details…
7:32:35 AM CVC $16.32 Cablevision Systems Corp.
4/22/2009 7:32 AM
“…>> I have verizon fios. Triple play, works pretty well. >> you have brian roberts to interview, hopefully he's not >> comcast isn't in my district. I used to have CABLEVISION. >> you're fine with him. But just thinking about that $25 stock, look where it is. 6.5% yield that dividend, I guess you think, might be say. …” …more details…
7:20:46 AM CVC $16.57 Cablevision Systems Corp.
4/13/2009 7:20 AM
“…The european markets closed today but plenty of headlines out there in business world. All of the markets as we say closed we have been open in asian which has been mostly higher. Cvc partners a private equity company that bought ishares from barclays bank just last week says it may take that business it bought the business for 4.2 billion dollars. This is not setting well with barclays shareholders who say the bank sold off one of its best assets too quickly at a depressed price. That anger could only grow if cvc does float the shares quickly for a big profit. >>> meantime, the leaders of france's biggest banks have met with french president nicolas they are worried that the government-led measures in europe and elsewhere may lead to …” …more details…
3:23:13 PM CVC $16.64 Cablevision Systems Corp.
4/9/2009 3:23 PM
“…Look at three stocks we're watching. Barclay's trading higher. Interesting development. U.K. Bank sold the ishares exchange traded funds business to cvc capital big deal, worth 4.4 billion. Not bad at all. Getting 14% move to the up carrier shares are surging. …” …more details…
8:43:36 AM CVC $12.67 Cablevision Systems Corp.
3/31/2009 8:43 AM
“…Tracks, 10,000 or so ring tones. What we've done is gone to cable operators, internet services, mobile carriers like netflix, itunes, time warner cable, CABLEVISION, at&t and verizon and basically set up categories for content. Alexis: I said to you when you sat down, I said, how get into this? …” …more details…
7:17:53 AM CVC $12.67 Cablevision Systems Corp.
3/31/2009 7:17 AM
“…Firstly after saying thanks but no thanks to the government's asset protection scheme saying its balance sheet is strong doesn't need any extra insurance or capital. Also news according to those close to the deal, the cvc capital partners is close to buying barclays etf business ishares for around 4.2 billion cvc is a london-based buyout the deal again could be completed by the end of the week. This is a picture of the website goldman sachs by the way was one of those entities being touted as a possible interest buyer but apparently cvc capital partners could have this deal done for 4.2 billion dollars buying the ishares business from barclays. Meanwhile, world bank chief says that the u.S. Dollar in his …” …more details…
10:26:10 AM CVC $13.79 Cablevision Systems Corp.
3/27/2009 10:26 AM
“…Reduced leverage to five times. It had been 9 1/2 times. 5 times is more in line with a lot of your cable companies out there, well, at least ones such as CABLEVISION, for example. And it's likely to emerge from bankruptcy. This is the whole point of the prepackaged bankruptcy filing, by the third quarter. So perhaps within a six-month time charter will be yet again a …” …more details…
4:36:02 PM CVC $13.31 Cablevision Systems Corp.
2/26/2009 4:36 PM
“…Excluding costs to close underperforming stores the company actually earned 360 million, much higher than analysts' estimates. Sears shares today down 29 cents a share. CABLEVISION swung from a $321 million loss in the fourth quarter, largely due to a big writedown on the value of its newsday newspaper. The cable tv operator also says it lost fewer than expected subscribers in the quarter and quarter is higher than a year ago. CABLEVISION down a fraction. Dean foods raising its first quarter outlook above wall street estimates due to improving commodities conditions but the dairy producer's new full year guidance falls just shy of analyst estimates. Dean food shares today down 2 1/4%. …” …more details…
11:45:22 AM CVC $13.60 Cablevision Systems Corp.
2/26/2009 11:45 AM
“…As well. Cablevisn in particular. With their quarterly net loss and also, now, the we heard about the san francisco chronicle yesterday watching chronicle yesterday watching CABLEVISION and they have news day over theretnn and day over there,gannet and yesterday, slashed the dividends 90%. So, you can see what's going on there, but really, theling …” …more details…
9:16:03 AM CVC $14.69 Cablevision Systems Corp.
2/5/2009 9:16 AM
“…Listed as, quote, mad henry. Not all the bold faced names on the lists. Madoff's sons are listed there, the accounting firm mckenzie, columbia university, CABLEVISION are all name there'd as well. If you want to see the full list, you can see it on so go there. There are a couple of things there, mark, there aren't a lot of, for example, latin names. …” …more details…
9:18:11 AM CVC $15.36 Cablevision Systems Corp.
2/3/2009 9:18 AM
“…Here and it wasn't any-- it was senseless for them to go there and waste money. I saw you in inauguration day, in florida, looked cold and the reason I saw you in florida is because I could see fox business news down there. We have CABLEVISION here I can't see it. Alexis, get CABLEVISION to get us on fox business. Alexis: oh, frank, you are unbelievable with everything would I like to see us on CABLEVISION, too, but i've got to tell you I just got back from davos and I understand a lot of people are angry what the forum meetings going on 24/7 and a lot …” …more details…
5:40:03 PM CVC $15.61 Cablevision Systems Corp.
2/2/2009 5:40 PM
“…A name like viacom. A pure cable network. It's held up incredibly well despite the ad meltdown. CABLEVISION. Cable stock very high-quality asset phase. Doing a lot better than people think they versus comcast and the time warners of the world. They do $2.40 of free cash flow. …” …more details…
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Key Fundamentals

CVC - Cablevision Systems Corporation Fundamentals
Price (7/24 2:09PM) $19.09
Volume (7/24 2:09PM) 393,614
Last Close Price $18.96
10 Day Average Volume 1.2 Million
13 Week Price Range $15.67 - $21.58
52 Week Price Range $9.34 - $33.00
LTM Revenue $7.4 Billion
 
Shares Outstanding (12/2008) 301.9 Million
Market Capitalization $5.7 Billion
Shares Held By Institutions 224.7 Million
Institutional Holders 332
% Shares Held By Institutions 91%
Earnings Per Share (EPS) ($0.78)
P/E Ratio n/a
Book Value Per Share
 
Gross Margin 58.60%
Annual Dividend 0.40
Dividend Yield 2.10%
Beta 1.77
Fiscal Year Ends December

About Cablevision Systems Corp.

Cablevision Systems Corporation is considered to operate in the Services sector. They specifically operate in the Cable Television Systems business segment contained within the Media industry.

A telecommunications, media & entertainment company, which provides a suite of digital television, voice & high-speed Internet services, publishing & interactive media, entertainment showplaces, professional sports teams, & popular programming networks.

NASDAQ 1960.59

-13.01  -0.66%
S&P; 500 976.04

-0.25  -0.03%
^DIA 90.89

0.26  0.29%