Intrinsic value of AMC Networks Cl A - AMCX

Previous Close

$56.36

  Intrinsic Value

$48.88

stock screener

  Rating & Target

hold

-13%

Previous close

$56.36

 
Intrinsic value

$48.88

 
Up/down potential

-13%

 
Rating

hold

We calculate the intrinsic value of AMCX stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 3.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  6.78
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.77
  5.70
  5.63
  5.56
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
  5.08
Revenue, $m
  2,756
  2,943
  3,138
  3,341
  3,552
  3,771
  4,000
  4,238
  4,487
  4,746
  5,016
  5,298
  5,593
  5,901
  6,223
  6,560
  6,913
  7,281
  7,667
  8,071
  8,494
  8,938
  9,402
  9,889
  10,399
  10,934
  11,495
  12,083
  12,700
  13,347
  14,026
Variable operating expenses, $m
 
  2,129
  2,266
  2,408
  2,556
  2,710
  2,870
  3,037
  3,212
  3,393
  3,583
  3,715
  3,922
  4,138
  4,363
  4,600
  4,847
  5,105
  5,376
  5,659
  5,956
  6,266
  6,592
  6,933
  7,291
  7,666
  8,059
  8,472
  8,904
  9,358
  9,834
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  2,149
  2,129
  2,266
  2,408
  2,556
  2,710
  2,870
  3,037
  3,212
  3,393
  3,583
  3,715
  3,922
  4,138
  4,363
  4,600
  4,847
  5,105
  5,376
  5,659
  5,956
  6,266
  6,592
  6,933
  7,291
  7,666
  8,059
  8,472
  8,904
  9,358
  9,834
Operating income, $m
  607
  814
  872
  933
  996
  1,061
  1,130
  1,201
  1,275
  1,353
  1,433
  1,584
  1,672
  1,764
  1,860
  1,961
  2,066
  2,176
  2,292
  2,412
  2,539
  2,671
  2,810
  2,956
  3,108
  3,268
  3,436
  3,611
  3,796
  3,989
  4,192
EBITDA, $m
  1,554
  1,254
  1,337
  1,423
  1,513
  1,606
  1,704
  1,805
  1,911
  2,021
  2,136
  2,256
  2,382
  2,513
  2,650
  2,794
  2,944
  3,101
  3,265
  3,437
  3,618
  3,806
  4,004
  4,212
  4,429
  4,657
  4,895
  5,146
  5,409
  5,684
  5,973
Interest expense (income), $m
  128
  121
  101
  113
  125
  137
  151
  164
  179
  194
  209
  225
  242
  260
  279
  298
  318
  339
  362
  385
  409
  434
  461
  489
  518
  549
  581
  615
  650
  687
  726
Earnings before tax, $m
  455
  693
  771
  820
  871
  924
  979
  1,037
  1,096
  1,159
  1,224
  1,358
  1,429
  1,504
  1,581
  1,663
  1,748
  1,837
  1,930
  2,028
  2,130
  2,237
  2,349
  2,467
  2,590
  2,719
  2,855
  2,997
  3,146
  3,302
  3,466
Tax expense, $m
  165
  187
  208
  221
  235
  249
  264
  280
  296
  313
  331
  367
  386
  406
  427
  449
  472
  496
  521
  547
  575
  604
  634
  666
  699
  734
  771
  809
  849
  892
  936
Net income, $m
  271
  506
  563
  599
  636
  674
  715
  757
  800
  846
  894
  991
  1,043
  1,098
  1,154
  1,214
  1,276
  1,341
  1,409
  1,480
  1,555
  1,633
  1,715
  1,801
  1,891
  1,985
  2,084
  2,188
  2,296
  2,410
  2,530

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  481
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  4,481
  4,272
  4,555
  4,849
  5,155
  5,474
  5,806
  6,151
  6,512
  6,888
  7,280
  7,690
  8,118
  8,565
  9,033
  9,521
  10,033
  10,568
  11,128
  11,714
  12,329
  12,972
  13,646
  14,353
  15,093
  15,870
  16,684
  17,537
  18,432
  19,371
  20,356
Adjusted assets (=assets-cash), $m
  4,000
  4,272
  4,555
  4,849
  5,155
  5,474
  5,806
  6,151
  6,512
  6,888
  7,280
  7,690
  8,118
  8,565
  9,033
  9,521
  10,033
  10,568
  11,128
  11,714
  12,329
  12,972
  13,646
  14,353
  15,093
  15,870
  16,684
  17,537
  18,432
  19,371
  20,356
Revenue / Adjusted assets
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
Average production assets, $m
  1,751
  1,869
  1,993
  2,121
  2,255
  2,395
  2,540
  2,691
  2,849
  3,014
  3,185
  3,365
  3,552
  3,747
  3,952
  4,166
  4,389
  4,624
  4,869
  5,125
  5,394
  5,675
  5,970
  6,280
  6,604
  6,943
  7,299
  7,673
  8,064
  8,475
  8,906
Working capital, $m
  742
  521
  555
  591
  629
  668
  708
  750
  794
  840
  888
  938
  990
  1,045
  1,102
  1,161
  1,224
  1,289
  1,357
  1,429
  1,504
  1,582
  1,664
  1,750
  1,841
  1,935
  2,035
  2,139
  2,248
  2,362
  2,483
Total debt, $m
  2,859
  2,193
  2,447
  2,712
  2,988
  3,274
  3,573
  3,884
  4,209
  4,547
  4,900
  5,269
  5,654
  6,057
  6,477
  6,917
  7,378
  7,859
  8,363
  8,891
  9,444
  10,023
  10,630
  11,265
  11,932
  12,631
  13,363
  14,131
  14,937
  15,782
  16,669
Total liabilities, $m
  4,511
  3,845
  4,099
  4,364
  4,640
  4,926
  5,225
  5,536
  5,861
  6,199
  6,552
  6,921
  7,306
  7,709
  8,129
  8,569
  9,030
  9,511
  10,015
  10,543
  11,096
  11,675
  12,282
  12,917
  13,584
  14,283
  15,015
  15,783
  16,589
  17,434
  18,321
Total equity, $m
  -30
  427
  455
  485
  516
  547
  581
  615
  651
  689
  728
  769
  812
  857
  903
  952
  1,003
  1,057
  1,113
  1,171
  1,233
  1,297
  1,365
  1,435
  1,509
  1,587
  1,668
  1,754
  1,843
  1,937
  2,036
Total liabilities and equity, $m
  4,481
  4,272
  4,554
  4,849
  5,156
  5,473
  5,806
  6,151
  6,512
  6,888
  7,280
  7,690
  8,118
  8,566
  9,032
  9,521
  10,033
  10,568
  11,128
  11,714
  12,329
  12,972
  13,647
  14,352
  15,093
  15,870
  16,683
  17,537
  18,432
  19,371
  20,357
Debt-to-equity ratio
  -95.300
  5.130
  5.370
  5.590
  5.800
  5.980
  6.150
  6.310
  6.460
  6.600
  6.730
  6.850
  6.970
  7.070
  7.170
  7.260
  7.350
  7.440
  7.520
  7.590
  7.660
  7.730
  7.790
  7.850
  7.910
  7.960
  8.010
  8.060
  8.100
  8.150
  8.190
Adjusted equity ratio
  -0.128
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  271
  506
  563
  599
  636
  674
  715
  757
  800
  846
  894
  991
  1,043
  1,098
  1,154
  1,214
  1,276
  1,341
  1,409
  1,480
  1,555
  1,633
  1,715
  1,801
  1,891
  1,985
  2,084
  2,188
  2,296
  2,410
  2,530
Depreciation, amort., depletion, $m
  947
  440
  464
  490
  517
  545
  574
  604
  636
  669
  703
  673
  710
  749
  790
  833
  878
  925
  974
  1,025
  1,079
  1,135
  1,194
  1,256
  1,321
  1,389
  1,460
  1,535
  1,613
  1,695
  1,781
Funds from operations, $m
  -435
  945
  1,027
  1,089
  1,153
  1,219
  1,289
  1,361
  1,436
  1,515
  1,597
  1,664
  1,754
  1,847
  1,945
  2,047
  2,154
  2,266
  2,383
  2,505
  2,634
  2,768
  2,909
  3,057
  3,211
  3,374
  3,544
  3,722
  3,909
  4,105
  4,311
Change in working capital, $m
  -949
  33
  34
  36
  37
  39
  40
  42
  44
  46
  48
  50
  52
  55
  57
  60
  62
  65
  68
  72
  75
  78
  82
  86
  90
  95
  99
  104
  109
  115
  120
Cash from operations, $m
  514
  912
  993
  1,053
  1,115
  1,180
  1,248
  1,319
  1,392
  1,469
  1,549
  1,614
  1,702
  1,793
  1,888
  1,987
  2,091
  2,200
  2,314
  2,434
  2,559
  2,690
  2,827
  2,970
  3,121
  3,279
  3,444
  3,618
  3,800
  3,991
  4,191
Maintenance CAPEX, $m
  0
  -350
  -374
  -399
  -424
  -451
  -479
  -508
  -538
  -570
  -603
  -637
  -673
  -710
  -749
  -790
  -833
  -878
  -925
  -974
  -1,025
  -1,079
  -1,135
  -1,194
  -1,256
  -1,321
  -1,389
  -1,460
  -1,535
  -1,613
  -1,695
New CAPEX, $m
  -79
  -118
  -124
  -129
  -134
  -139
  -145
  -151
  -158
  -165
  -172
  -179
  -187
  -196
  -205
  -214
  -224
  -234
  -245
  -257
  -269
  -282
  -295
  -309
  -324
  -340
  -356
  -373
  -392
  -411
  -431
Cash from investing activities, $m
  -175
  -468
  -498
  -528
  -558
  -590
  -624
  -659
  -696
  -735
  -775
  -816
  -860
  -906
  -954
  -1,004
  -1,057
  -1,112
  -1,170
  -1,231
  -1,294
  -1,361
  -1,430
  -1,503
  -1,580
  -1,661
  -1,745
  -1,833
  -1,927
  -2,024
  -2,126
Free cash flow, $m
  339
  444
  495
  526
  557
  590
  624
  659
  696
  734
  774
  798
  841
  887
  934
  983
  1,035
  1,088
  1,145
  1,203
  1,265
  1,329
  1,397
  1,467
  1,541
  1,619
  1,700
  1,785
  1,874
  1,967
  2,065
Issuance/(repayment) of debt, $m
  130
  -439
  255
  265
  275
  287
  299
  311
  324
  338
  353
  369
  385
  402
  421
  440
  460
  482
  504
  528
  553
  579
  607
  636
  666
  699
  733
  768
  806
  845
  886
Issuance/(repurchase) of shares, $m
  -233
  205
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -154
  -234
  255
  265
  275
  287
  299
  311
  324
  338
  353
  369
  385
  402
  421
  440
  460
  482
  504
  528
  553
  579
  607
  636
  666
  699
  733
  768
  806
  845
  886
Total cash flow (excl. dividends), $m
  165
  210
  750
  790
  833
  877
  923
  971
  1,021
  1,073
  1,127
  1,167
  1,227
  1,289
  1,355
  1,423
  1,495
  1,570
  1,649
  1,731
  1,818
  1,908
  2,003
  2,103
  2,208
  2,317
  2,432
  2,553
  2,680
  2,812
  2,952
Retained Cash Flow (-), $m
  -9
  -711
  -28
  -29
  -31
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -59
  -61
  -64
  -67
  -71
  -74
  -78
  -81
  -85
  -90
  -94
  -98
Prev. year cash balance distribution, $m
 
  254
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  -247
  722
  761
  802
  845
  889
  936
  984
  1,035
  1,088
  1,126
  1,184
  1,244
  1,308
  1,374
  1,444
  1,516
  1,593
  1,673
  1,756
  1,844
  1,936
  2,032
  2,134
  2,240
  2,351
  2,468
  2,590
  2,718
  2,853
Discount rate, %
 
  7.40
  7.77
  8.16
  8.57
  8.99
  9.44
  9.92
  10.41
  10.93
  11.48
  12.05
  12.66
  13.29
  13.95
  14.65
  15.38
  16.15
  16.96
  17.81
  18.70
  19.63
  20.62
  21.65
  22.73
  23.87
  25.06
  26.31
  27.63
  29.01
  30.46
PV of cash for distribution, $m
 
  -230
  621
  601
  577
  549
  518
  483
  446
  407
  367
  322
  283
  246
  210
  177
  146
  119
  95
  74
  57
  43
  31
  22
  16
  11
  7
  5
  3
  2
  1
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

AMC Networks Inc. is a holding company, which conducts all of its operations through its subsidiaries. The Company owns and operates entertainment businesses and assets. It operates through two segments: National Networks, and International and Other. National Networks includes activities of its programming businesses, which include its programming networks distributed in the United States and Canada. The International and Other segment includes AMC Networks International (AMCNI), the Company's international programming businesses consisting of a portfolio of channels in Europe, Latin America, the Middle East and parts of Asia and Africa; IFC Films, the Company's independent film distribution business; AMCNI- DMC, the broadcast solutions unit of certain networks of AMCNI and third-party networks, and various developing online content distribution initiatives. National Networks' programming networks include AMC, WE tv, BBC AMERICA and SundanceTV.

FINANCIAL RATIOS  of  AMC Networks Cl A (AMCX)

Valuation Ratios
P/E Ratio 14.3
Price to Sales 1.4
Price to Book -128.8
Price to Tangible Book
Price to Cash Flow 7.5
Price to Free Cash Flow 8.9
Growth Rates
Sales Growth Rate 6.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 16.2%
Cap. Spend. - 3 Yr. Gr. Rate 26.9%
Financial Strength
Quick Ratio 2
Current Ratio 0.5
LT Debt to Equity -8773.3%
Total Debt to Equity -9530%
Interest Coverage 5
Management Effectiveness
Return On Assets 8.1%
Ret/ On Assets - 3 Yr. Avg. 9.8%
Return On Total Capital 9.9%
Ret/ On T. Cap. - 3 Yr. Avg. 12.4%
Return On Equity -785.5%
Return On Equity - 3 Yr. Avg. -339.8%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 54.5%
Gross Margin - 3 Yr. Avg. 56.3%
EBITDA Margin 55.5%
EBITDA Margin - 3 Yr. Avg. 57%
Operating Margin 22%
Oper. Margin - 3 Yr. Avg. 24.9%
Pre-Tax Margin 16.5%
Pre-Tax Margin - 3 Yr. Avg. 19.1%
Net Profit Margin 9.8%
Net Profit Margin - 3 Yr. Avg. 12%
Effective Tax Rate 36.3%
Eff/ Tax Rate - 3 Yr. Avg. 34.4%
Payout Ratio 0%

AMCX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AMCX stock intrinsic value calculation we used $2756 million for the last fiscal year's total revenue generated by AMC Networks Cl A. The default revenue input number comes from 2016 income statement of AMC Networks Cl A. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our AMCX stock valuation model: a) initial revenue growth rate of 6.8% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 7.4%, whose default value for AMCX is calculated based on our internal credit rating of AMC Networks Cl A, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of AMC Networks Cl A.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of AMCX stock the variable cost ratio is equal to 72.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for AMCX stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4.6% for AMC Networks Cl A.

Corporate tax rate of 27% is the nominal tax rate for AMC Networks Cl A. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the AMCX stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for AMCX are equal to 63.5%.

Life of production assets of 2.6 years is the average useful life of capital assets used in AMC Networks Cl A operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for AMCX is equal to 17.7%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $-30 million for AMC Networks Cl A - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 63.52 million for AMC Networks Cl A is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of AMC Networks Cl A at the current share price and the inputted number of shares is $3.6 billion.

RELATED COMPANIES Price Int.Val. Rating
FOXA 21st Century F 27.50 30.06  hold
MSGN MSG Networks C 21.10 2.22  str.sell
CMCSA Comcast Cl A 37.22 31.96  hold
DIS Walt Disney 99.40 104.06  hold
SNI Scripps Networ 84.50 67.29  sell
VIAB Viacom Cl B 26.70 144.32  str.buy
TWX Time Warner 101.83 143.47  buy
NFLX Netflix 194.16 103.69  sell
AMZN Amazon.com 982.91 534.47  sell

COMPANY NEWS

▶ A scary box office weekend for everyone but Tyler Perry   [Oct-22-17 03:01PM  Associated Press]
▶ AMC CEO: We are significantly getting into streaming   [Oct-19-17 08:46AM  CNBC Videos]
▶ AMC Networks to Report Third Quarter 2017 Results   [Oct-18-17 08:30AM  GlobeNewswire]
▶ [$$] AMC: 8 Reasons the Stock Has Upside   [Oct-11-17 02:18PM  Barrons.com]
▶ Add Value to Your Portfolio With AMC Networks   [Oct-10-17 03:47PM  GuruFocus.com]
▶ AMC Networks Wins A New Bull   [09:23AM  Benzinga]
▶ Disney Is Just the First of Many to Abandon Netflix   [Sep-27-17 05:12PM  Motley Fool]
▶ Apple Finally Moves Into Original Programming   [Sep-19-17 06:14AM  InvestorPlace]
▶ AMC Networks nabs David Madden to head programming   [Sep-17-17 09:00PM  American City Business Journals]
▶ 'It' floats away with record-breaking $117.2 million weekend   [Sep-10-17 03:09PM  Associated Press]
▶ A slow Labor Day caps a down summer at the box office   [Sep-03-17 04:34PM  Associated Press]
▶ Value Electronic Arts Inc. (EA) Stock Like a Media Company   [Aug-31-17 01:13PM  InvestorPlace]
▶ [$$] Fox Broadcasting Names New President of Entertainment   [12:56AM  The Wall Street Journal]
▶ Fox Broadcasting taps new president of entertainment in executive shakeup   [Aug-30-17 08:30PM  American City Business Journals]
▶ [$$] Fox Broadcasting Names New President of Entertainment   [03:28PM  The Wall Street Journal]
▶ This One TV Network Stock Stands Above the Others   [Aug-28-17 11:15AM  TheStreet.com]
▶ 'The Hitman's Bodyguard' outdoes 'Logan Lucky' at box office   [Aug-20-17 05:05PM  Associated Press]
▶ [$$] 'The Walking Dead' Creator and Producers Sue AMC   [Aug-15-17 07:52PM  The Wall Street Journal]
▶ Walking Dead producers file lawsuit against AMC over profits   [03:22PM  American City Business Journals]
▶ Amazon Takes 'Walking Dead' Creator Robert Kirkman from AMC   [Aug-13-17 02:40PM  TheStreet.com]
▶ 5 Things I Learned From AMC Networks' Earnings Report   [Aug-12-17 10:06AM  Motley Fool]
▶ [$$] FX Offers Ad-Free Viewing for Comcast Cable Customers   [Aug-07-17 09:18AM  The Wall Street Journal]
▶ AMC Networks tops 2Q profit forecasts   [Aug-04-17 02:28AM  Associated Press]
▶ 'Dunkirk' conquers 'Emoji,' 'Atomic Blonde' at box office   [Jul-30-17 03:38PM  Associated Press]
▶ Victory for 'Dunkirk' and 'Girls Trip' at the box office   [Jul-23-17 04:01PM  Associated Press]
▶ These Companies Could Win Big at the Emmys   [Jul-22-17 08:20AM  Motley Fool]
▶ How AMC Networks Competes With Netflix and Amazon   [Jul-19-17 07:47PM  Bloomberg Video]
▶ Company News for July 03, 2017   [Jul-03-17 10:36AM  Zacks]
▶ 'Despicable Me 3' and 'Baby Driver' win, 'The House' doesn't   [Jul-02-17 05:30PM  Associated Press]
▶ Latest Comcast upgrade offer would make commercial-free AMC   [11:35AM  American City Business Journals]
Financial statements of AMCX
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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