Private Eyes Are Watching Corus' Golden Opportunity

The entertainment world is buzzing about Private Eyes West Coast, and here's why investors should be too. This spinoff isn't just a TV show—it's a masterstroke by Corus Entertainment to leverage a proven IP, expand globally through Lionsgate's powerhouse distribution, and capitalize on the undervalued streaming appeal of procedural dramas. If you're not already on board, you're missing a once-in-a-decade buy at these prices.

The Strategic Play: Reinventing Success, Not Starting From Scratch

Private Eyes (2016–2021) was a ratings juggernaut, winning the CSA Golden Screen Award and syndicating to 180 territories. Now, Corus is doubling down with West Coast, reuniting stars Jason Priestley and Cindy Sampson in Victoria, BC. Why does this matter? Procedural dramas thrive in post-pandemic streaming, where audiences crave predictable, bingeable storytelling. By recycling the original's formula—sharp wit, detective drama, and relatable leads—Corus cuts costs while retaining loyal fans.

Production kicks off June 5, 2025, with Lionsgate Canada and Piller/Segan co-producing. Lionsgate's global distribution arm will amplify reach, targeting markets where the original already succeeded. This isn't just a rehash; it's a strategic reinvestment that maximizes existing assets while expanding into new regions. The result? Lower production risks, higher profit margins, and a blueprint for future spinoffs.

The Undervalued Gem: Corus' Stock Is a Bargain Bin Treasure

Let's talk numbers. Corus (TSX: CJR.B) trades at C$0.095 per share, but its DCF fair value is C$1.23—a 92% discount. Analysts are too pessimistic.

Compare this to Canadian peers:
- Bell Media (BCE): P/E 23.2 (2023)
- Rogers (RCI): P/E 11.1 (April 2025)
- Shaw (SJR): P/E 25.4 (April 2025)

Corus' P/S ratio of 0.02x is 25x cheaper than peers like Stingray (1.5x). Even with debt (C$1.16B), its EV/EBITDA of 0.79 screams undervaluation. The DCF model isn't just theory—it's a mathematical no-brainer.

Risks? Sure. But the Upside Outweighs Them

Critics will point to Corus' net loss of C$839.54M TTM and an Altman Z-Score of -1.46 (bankruptcy risk). True, but West Coast is a turnaround catalyst. Lionsgate's global sales and Corus' cost-efficient content strategy could flip losses to profits faster than expected.

The C$91.69M cash reserves and C$84.84M free cash flow (TTM) give breathing room. Even if growth is rocky, the stock's price is so low it's bulletproof—a 10% rebound would double your money.

Buy Now. Set Your Sights on C$1.23

This isn't a gamble—it's a textbook value play. West Coast launches a new era for Corus: leveraging its hit IP, expanding via Lionsgate's reach, and riding procedural drama's streaming wave. At C$0.095, the stock is priced for oblivion, but the DCF and strategic moves say C$1.23 is achievable within 12 months.

Action Plan:
1. Buy now at C$0.095.
2. Hold for the spinoff's rollout (June 2025 filming → 2026 airdate).
3. Profit as global sales and streaming deals materialize.

Don't miss this: Corus is a hidden gem in a market desperate for content that works. Private Eyes West Coast isn't just a TV show—it's the key to unlocking a 1,200% upside.

Rating: STRONG BUY | Target Price: C$1.23 | Hold: 12+ months

The author is long Corus Entertainment.