Intrinsic value of AMC Networks Cl A - AMCX

Previous Close

$60.26

  Intrinsic Value

$32.00

stock screener

  Rating & Target

sell

-47%

  Value-price divergence*

-26%

Previous close

$60.26

 
Intrinsic value

$32.00

 
Up/down potential

-47%

 
Rating

sell

 
Value-price divergence*

-26%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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 4.2

 

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
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  2,756
  2,811
  2,876
  2,950
  3,033
  3,125
  3,225
  3,335
  3,454
  3,582
  3,720
  3,867
  4,024
  4,191
  4,369
  4,557
  4,757
  4,968
  5,192
  5,428
  5,677
  5,940
  6,218
  6,510
  6,819
  7,143
  7,485
  7,845
  8,223
  8,622
  9,040
Variable operating expenses, $m
 
  2,037
  2,082
  2,134
  2,192
  2,257
  2,327
  2,404
  2,488
  2,577
  2,674
  2,711
  2,821
  2,938
  3,063
  3,195
  3,335
  3,483
  3,640
  3,806
  3,980
  4,165
  4,360
  4,565
  4,781
  5,008
  5,248
  5,500
  5,766
  6,045
  6,338
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
  2,037
  2,082
  2,134
  2,192
  2,257
  2,327
  2,404
  2,488
  2,577
  2,674
  2,711
  2,821
  2,938
  3,063
  3,195
  3,335
  3,483
  3,640
  3,806
  3,980
  4,165
  4,360
  4,565
  4,781
  5,008
  5,248
  5,500
  5,766
  6,045
  6,338
Operating income, $m
  607
  774
  794
  816
  841
  868
  898
  931
  967
  1,005
  1,046
  1,156
  1,203
  1,253
  1,306
  1,362
  1,422
  1,485
  1,552
  1,622
  1,697
  1,775
  1,858
  1,946
  2,038
  2,135
  2,237
  2,345
  2,458
  2,577
  2,702
EBITDA, $m
  692
  902
  923
  947
  973
  1,003
  1,035
  1,070
  1,109
  1,150
  1,194
  1,241
  1,291
  1,345
  1,402
  1,462
  1,527
  1,594
  1,666
  1,742
  1,822
  1,906
  1,995
  2,089
  2,188
  2,292
  2,402
  2,518
  2,639
  2,767
  2,901
Interest expense (income), $m
  128
  132
  113
  118
  123
  128
  134
  141
  149
  157
  165
  174
  184
  195
  206
  218
  231
  244
  258
  273
  289
  306
  324
  343
  362
  383
  405
  428
  452
  478
  504
Earnings before tax, $m
  455
  643
  680
  698
  718
  740
  764
  790
  818
  848
  881
  981
  1,018
  1,058
  1,100
  1,144
  1,191
  1,241
  1,293
  1,349
  1,407
  1,469
  1,534
  1,603
  1,676
  1,752
  1,832
  1,917
  2,006
  2,099
  2,198
Tax expense, $m
  165
  174
  184
  189
  194
  200
  206
  213
  221
  229
  238
  265
  275
  286
  297
  309
  322
  335
  349
  364
  380
  397
  414
  433
  452
  473
  495
  518
  542
  567
  593
Net income, $m
  271
  469
  497
  510
  524
  540
  558
  577
  597
  619
  643
  716
  743
  772
  803
  835
  869
  906
  944
  985
  1,027
  1,073
  1,120
  1,170
  1,223
  1,279
  1,338
  1,399
  1,464
  1,532
  1,604

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
  4,571
  4,676
  4,796
  4,931
  5,081
  5,245
  5,423
  5,617
  5,825
  6,048
  6,288
  6,543
  6,815
  7,103
  7,410
  7,734
  8,078
  8,442
  8,826
  9,231
  9,659
  10,110
  10,586
  11,087
  11,615
  12,171
  12,756
  13,371
  14,019
  14,700
Adjusted assets (=assets-cash), $m
  4,000
  4,571
  4,676
  4,796
  4,931
  5,081
  5,245
  5,423
  5,617
  5,825
  6,048
  6,288
  6,543
  6,815
  7,103
  7,410
  7,734
  8,078
  8,442
  8,826
  9,231
  9,659
  10,110
  10,586
  11,087
  11,615
  12,171
  12,756
  13,371
  14,019
  14,700
Revenue / Adjusted assets
  0.689
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
Average production assets, $m
  1,751
  1,785
  1,826
  1,873
  1,926
  1,984
  2,048
  2,118
  2,193
  2,275
  2,362
  2,455
  2,555
  2,661
  2,774
  2,894
  3,020
  3,155
  3,297
  3,447
  3,605
  3,772
  3,948
  4,134
  4,330
  4,536
  4,753
  4,981
  5,222
  5,475
  5,741
Working capital, $m
  742
  498
  509
  522
  537
  553
  571
  590
  611
  634
  658
  684
  712
  742
  773
  807
  842
  879
  919
  961
  1,005
  1,051
  1,101
  1,152
  1,207
  1,264
  1,325
  1,389
  1,456
  1,526
  1,600
Total debt, $m
  2,859
  2,462
  2,556
  2,665
  2,786
  2,921
  3,068
  3,229
  3,403
  3,590
  3,792
  4,007
  4,237
  4,481
  4,741
  5,017
  5,309
  5,618
  5,945
  6,291
  6,656
  7,041
  7,447
  7,875
  8,326
  8,802
  9,302
  9,828
  10,382
  10,965
  11,578
Total liabilities, $m
  4,511
  4,114
  4,208
  4,317
  4,438
  4,573
  4,720
  4,881
  5,055
  5,242
  5,444
  5,659
  5,889
  6,133
  6,393
  6,669
  6,961
  7,270
  7,597
  7,943
  8,308
  8,693
  9,099
  9,527
  9,978
  10,454
  10,954
  11,480
  12,034
  12,617
  13,230
Total equity, $m
  -30
  457
  468
  480
  493
  508
  524
  542
  562
  582
  605
  629
  654
  681
  710
  741
  773
  808
  844
  883
  923
  966
  1,011
  1,059
  1,109
  1,162
  1,217
  1,276
  1,337
  1,402
  1,470
Total liabilities and equity, $m
  4,481
  4,571
  4,676
  4,797
  4,931
  5,081
  5,244
  5,423
  5,617
  5,824
  6,049
  6,288
  6,543
  6,814
  7,103
  7,410
  7,734
  8,078
  8,441
  8,826
  9,231
  9,659
  10,110
  10,586
  11,087
  11,616
  12,171
  12,756
  13,371
  14,019
  14,700
Debt-to-equity ratio
  -95.300
  5.390
  5.470
  5.560
  5.650
  5.750
  5.850
  5.950
  6.060
  6.160
  6.270
  6.370
  6.480
  6.580
  6.670
  6.770
  6.860
  6.950
  7.040
  7.130
  7.210
  7.290
  7.370
  7.440
  7.510
  7.580
  7.640
  7.700
  7.760
  7.820
  7.880
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
  469
  497
  510
  524
  540
  558
  577
  597
  619
  643
  716
  743
  772
  803
  835
  869
  906
  944
  985
  1,027
  1,073
  1,120
  1,170
  1,223
  1,279
  1,338
  1,399
  1,464
  1,532
  1,604
Depreciation, amort., depletion, $m
  85
  128
  129
  131
  133
  135
  137
  139
  142
  145
  148
  85
  89
  92
  96
  100
  105
  110
  114
  120
  125
  131
  137
  144
  150
  157
  165
  173
  181
  190
  199
Funds from operations, $m
  -435
  597
  626
  641
  657
  675
  695
  716
  739
  764
  791
  802
  832
  865
  899
  936
  974
  1,015
  1,059
  1,104
  1,153
  1,204
  1,257
  1,314
  1,374
  1,436
  1,503
  1,572
  1,645
  1,723
  1,804
Change in working capital, $m
  -949
  10
  11
  13
  15
  16
  18
  19
  21
  23
  24
  26
  28
  30
  31
  33
  35
  37
  40
  42
  44
  47
  49
  52
  55
  57
  60
  64
  67
  70
  74
Cash from operations, $m
  514
  587
  614
  627
  642
  659
  677
  697
  718
  741
  766
  776
  804
  835
  868
  902
  939
  978
  1,019
  1,062
  1,108
  1,157
  1,208
  1,262
  1,319
  1,379
  1,442
  1,509
  1,578
  1,652
  1,729
Maintenance CAPEX, $m
  0
  -61
  -62
  -63
  -65
  -67
  -69
  -71
  -74
  -76
  -79
  -82
  -85
  -89
  -92
  -96
  -100
  -105
  -110
  -114
  -120
  -125
  -131
  -137
  -144
  -150
  -157
  -165
  -173
  -181
  -190
New CAPEX, $m
  -79
  -34
  -41
  -47
  -53
  -58
  -64
  -70
  -76
  -81
  -87
  -93
  -100
  -106
  -113
  -120
  -127
  -134
  -142
  -150
  -158
  -167
  -176
  -186
  -196
  -206
  -217
  -228
  -240
  -253
  -266
Cash from investing activities, $m
  -175
  -95
  -103
  -110
  -118
  -125
  -133
  -141
  -150
  -157
  -166
  -175
  -185
  -195
  -205
  -216
  -227
  -239
  -252
  -264
  -278
  -292
  -307
  -323
  -340
  -356
  -374
  -393
  -413
  -434
  -456
Free cash flow, $m
  339
  492
  511
  517
  524
  533
  544
  556
  569
  584
  600
  600
  619
  640
  662
  686
  712
  739
  767
  798
  830
  865
  901
  939
  980
  1,022
  1,068
  1,115
  1,165
  1,218
  1,273
Issuance/(repayment) of debt, $m
  130
  -397
  95
  108
  121
  135
  148
  161
  174
  187
  201
  215
  230
  245
  260
  276
  292
  309
  327
  346
  365
  385
  406
  428
  451
  475
  500
  526
  554
  583
  613
Issuance/(repurchase) of shares, $m
  -233
  18
  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
  -379
  95
  108
  121
  135
  148
  161
  174
  187
  201
  215
  230
  245
  260
  276
  292
  309
  327
  346
  365
  385
  406
  428
  451
  475
  500
  526
  554
  583
  613
Total cash flow (excl. dividends), $m
  165
  113
  606
  625
  646
  668
  691
  716
  743
  771
  801
  815
  849
  885
  922
  962
  1,004
  1,048
  1,095
  1,144
  1,195
  1,250
  1,307
  1,367
  1,431
  1,498
  1,568
  1,641
  1,719
  1,801
  1,886
Retained Cash Flow (-), $m
  -9
  -487
  -11
  -12
  -13
  -15
  -16
  -18
  -19
  -21
  -22
  -24
  -26
  -27
  -29
  -31
  -32
  -34
  -36
  -38
  -41
  -43
  -45
  -48
  -50
  -53
  -56
  -58
  -62
  -65
  -68
Prev. year cash balance distribution, $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 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
 
  -374
  596
  613
  632
  653
  675
  699
  724
  751
  779
  791
  824
  857
  893
  931
  971
  1,014
  1,058
  1,105
  1,155
  1,207
  1,262
  1,320
  1,381
  1,445
  1,512
  1,583
  1,658
  1,736
  1,818
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
 
  -348
  513
  485
  455
  424
  393
  360
  328
  295
  263
  226
  197
  169
  143
  120
  98
  79
  63
  49
  37
  28
  20
  15
  10
  7
  5
  3
  2
  1
  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. owners and operates various cable television’s brands delivering content to audiences, and a platform to distributors and advertisers in the United States and internationally. The company operates in two segments, National Networks; and International and Other. The National Networks segment operates five distributed entertainment programming networks under the AMC, WE tv, BBC AMERICA, IFC, and SundanceTV names in high definition and standard definition formats. This segment distributes its networks in the United States through cable and other multichannel video programming distribution platforms, including direct broadcast satellite and platforms operated by telecommunications providers. The International and Other segment delivers entertaining and acclaimed programming services for subscribers in approximately 140 countries and territories, including Europe, Latin America, the Middle East, and the parts of Asia and Africa. This segment also operates in independent film distribution business that distributes films across various media platforms, including theaters, cable/satellite video on demand, DVDs and cable network television, and streaming/downloading to computers and other electronic devices. AMC Networks Inc. was founded in 1980 and is headquartered in New York, New York.

FINANCIAL RATIOS  of  AMC Networks Cl A (AMCX)

Valuation Ratios
P/E Ratio 15.2
Price to Sales 1.5
Price to Book -137.7
Price to Tangible Book
Price to Cash Flow 8
Price to Free Cash Flow 9.5
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 24.2%
EBITDA Margin - 3 Yr. Avg. 27.2%
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 2% 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 28.8 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 69.419 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 $4.2 billion.

RELATED COMPANIES Price Int.Val. Rating
FOXA 21st Century F 27.26 51.02  str.buy
MSGN MSG Networks C 20.55 3.88  str.sell
CMCSA Comcast Cl A 40.52 31.05  sell
DIS Walt Disney 100.70 105.74  hold
SNI Scripps Networ 85.67 70.41  hold
VIAB Viacom Cl B 28.59 153.37  str.buy
TWX Time Warner 101.19 163.69  str.buy
NFLX Netflix 166.54 74.83  str.sell
AMZN Amazon.com 958.47 870.28  hold

COMPANY NEWS

▶ [$$] 'The Walking Dead' Creator and Producers Sue AMC   [Aug-15-17 07:52PM  The Wall Street Journal]
▶ Walking Dead producers file lawsuit against AMC over profits   [03:22PM  American City Business Journals]
▶ Amazon Takes 'Walking Dead' Creator Robert Kirkman from AMC   [Aug-13-17 02:40PM  TheStreet.com]
▶ 5 Things I Learned From AMC Networks' Earnings Report   [Aug-12-17 10:06AM  Motley Fool]
▶ [$$] 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]
▶ 'Cars 3' speeds to No. 1, Tupac biopic nets strong debut   [Jun-18-17 03:59PM  Associated Press]
▶ ETFs with exposure to AMC Networks, Inc. : June 15, 2017   [Jun-15-17 01:01PM  Capital Cube]
▶ Why Shares of AMC Networks Inc. Plunged 11% in May   [Jun-12-17 06:08PM  Motley Fool]
▶ Original Content Powers AMC   [Jun-09-17 07:00AM  Morningstar]
▶ ETFs with exposure to AMC Networks, Inc. : May 29, 2017   [May-29-17 12:41PM  Capital Cube]
▶ 'Pirates of the Caribbean' tops box office, 'Baywatch' sinks   [May-28-17 02:52PM  Associated Press]
▶ Gabelli & Companys 9th Annual Entertainment Conference   [May-25-17 08:57AM  Business Wire]
▶ 'Alien: Covenant' edges 'Guardians' at weekend box office   [May-21-17 02:20PM  Associated Press]
▶ ETFs with exposure to AMC Networks, Inc. : May 18, 2017   [May-18-17 01:31PM  Capital Cube]
▶ 5 Media Stocks Worth Tuning In For   [06:00AM  Morningstar]
▶ 'King Arthur' flops, 'Guardians 2' still rules at box office   [May-14-17 03:15PM  Associated Press]
▶ Hulu hires first chief content officer   [May-10-17 06:15PM  American City Business Journals]
▶ Hulu Names AMC's Joel Stillerman as Chief Content Officer   [02:00PM  The Wall Street Journal]
▶ [$$] Live! Is Where the Growth Is at for Cable   [May-08-17 10:38AM  The Wall Street Journal]
▶ AMC Networks Inc. Q1 Earnings Rose 28%   [01:25PM  Motley Fool]
▶ Media Circus, Part II: The Revenge of the Herd   [May-04-17 01:57PM  Investopedia]
▶ AMC Networks beats 1Q profit forecasts   [08:11AM  Associated Press]
Stock chart of AMCX 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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