Over the last six months, the stock has gained nearly 30% in value, outperforming the return on the S&P 500 by around 1,950 bps. At a 17.9x past earnings, the stock looks relatively expensive. So, let's compare it to a peer: Comcast Corporation (NASDAQ:CMCSA) .

Comcast trades even higher: 18.4x past earnings. It has been on an incredible bull run over the past few years and is now at its 52-week high valuation of $105 billion, having risen 62% from the lows. Free cash flow generation relative to market cap is also reasonable at 6.8%. So, Comcast and CBS have delivered incredible momentum, but CBS is cheaper on a multiples basis. Is this justified? In my view, it is not. Over the last five quarters, Comcast beat expectations only 3 times and even had a miss of 17.5% in 3Q11. By contrast, CBS beat expectations in all five quarters and did so by an average of nearly 12%. I therefore encourage preferentially buying shares of CBS to capitalize off of the firm's inroads into Internet and mobile channels and limited downside.

The article 2 Winning Media Stocks to Buy Now originally appeared on Fool.com.

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