John Bethel submits: By "Les" I mean CBS President and CEO Les Moonves. And by "more" I mean creating more shareholder value in CBS (CBS).

Nothing goes straight up, but we can expect seeing more and more mentions of the company like this one from Barron's as time goes on:

Away from the celebrity headlines, the more solid reason to give CBS shares a look is that it represents one of the most undervalued cash-flow streams from radio, TV stations and billboard advertising available. And, even better, management is doing what it can to realize some of that value and share it with stockholders.

Aside from the CBS network and production assets, the company owns 179 radio stations, 39 TV stations, a major outdoor-advertising division, Showtime, publishing house Simon & Schuster and an array of online media assets. In the first half of 2006, TV and radio contributed the vast majority of CBS' $1.5 billion in operating income before depreciation and amortization.

CBS trades for less than nine times its enterprise value (equity market value plus net debt) to cash flow, defined among media companies as earnings before interest, taxes, depreciation and amortization. Comparable companies to each individual CBS segment routinely fetch substantially higher multiples. CBS, in fact, has been divesting radio stations, and recently sold 15 of them in four markets for 14 times trailing Ebitda.

Then this a bit further down:

The media sector is disdained among large investors after so many years of weak returns and the well-understood long-term headwinds presented by ad dollars migrating online. There have been signs that perhaps the stocks are stabilizing at last. TV and radio outlets -- the main drivers of CBS' earnings -- are set to get a bump from mid-term election ad dollars, too.

Adding it together, a value for CBS in the low- to mid-30s doesn't seem all that challenging. With its 2.3% dividend yield, the possible return gets that much more interesting.

Moonves sold off CBS' theme parks division earlier this year. In addition to selling off radio assets, look for him to auction off the publishing division at some point.

And he's committed to increasing the dividend -- and even start a stock repurchase program.

As I ALWAYS, caution on this pick, we're still in very early innings and a lot can happen. But it's looking like a case of "Les is More" for CBS shareholders.

How much more only time will tell.

CBS 1-yr chart: