Intrinsic value of Cinemark Holdings - CNK

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$43.62

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$43.62

 
Intrinsic value

$35.47

 
Up/down potential

-19%

 
Rating

hold

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

We calculate the intrinsic value of CNK 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 5.3

 

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, %
  2.31
  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
  2,919
  2,977
  3,046
  3,124
  3,212
  3,309
  3,416
  3,533
  3,659
  3,794
  3,940
  4,096
  4,262
  4,439
  4,627
  4,826
  5,038
  5,262
  5,499
  5,749
  6,013
  6,292
  6,586
  6,895
  7,222
  7,566
  7,928
  8,309
  8,710
  9,131
  9,575
Variable operating expenses, $m
 
  2,534
  2,590
  2,653
  2,724
  2,803
  2,889
  2,983
  3,085
  3,195
  3,313
  3,312
  3,447
  3,590
  3,742
  3,903
  4,074
  4,255
  4,447
  4,649
  4,863
  5,088
  5,326
  5,577
  5,841
  6,119
  6,411
  6,720
  7,044
  7,385
  7,744
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
  2,509
  2,534
  2,590
  2,653
  2,724
  2,803
  2,889
  2,983
  3,085
  3,195
  3,313
  3,312
  3,447
  3,590
  3,742
  3,903
  4,074
  4,255
  4,447
  4,649
  4,863
  5,088
  5,326
  5,577
  5,841
  6,119
  6,411
  6,720
  7,044
  7,385
  7,744
Operating income, $m
  409
  443
  456
  471
  488
  507
  527
  549
  573
  599
  627
  783
  815
  849
  885
  923
  964
  1,006
  1,052
  1,100
  1,150
  1,203
  1,260
  1,319
  1,381
  1,447
  1,516
  1,589
  1,666
  1,747
  1,831
EBITDA, $m
  618
  699
  715
  733
  754
  777
  802
  829
  859
  891
  925
  961
  1,000
  1,042
  1,086
  1,133
  1,183
  1,235
  1,291
  1,349
  1,411
  1,477
  1,546
  1,619
  1,695
  1,776
  1,861
  1,950
  2,044
  2,143
  2,248
Interest expense (income), $m
  108
  107
  110
  114
  118
  123
  128
  134
  141
  148
  155
  163
  172
  181
  190
  201
  212
  223
  235
  248
  262
  277
  292
  308
  325
  343
  362
  382
  403
  425
  448
Earnings before tax, $m
  361
  336
  346
  357
  370
  384
  399
  415
  433
  452
  472
  620
  644
  668
  695
  722
  752
  783
  816
  851
  888
  927
  968
  1,011
  1,056
  1,104
  1,154
  1,208
  1,263
  1,322
  1,384
Tax expense, $m
  104
  91
  93
  96
  100
  104
  108
  112
  117
  122
  128
  167
  174
  180
  188
  195
  203
  211
  220
  230
  240
  250
  261
  273
  285
  298
  312
  326
  341
  357
  374
Net income, $m
  255
  245
  253
  261
  270
  280
  291
  303
  316
  330
  345
  453
  470
  488
  507
  527
  549
  572
  596
  621
  648
  677
  706
  738
  771
  806
  843
  881
  922
  965
  1,010

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  561
  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
  4,307
  3,822
  3,910
  4,010
  4,123
  4,248
  4,385
  4,535
  4,696
  4,871
  5,058
  5,258
  5,471
  5,698
  5,940
  6,196
  6,467
  6,755
  7,059
  7,380
  7,719
  8,077
  8,454
  8,852
  9,271
  9,712
  10,177
  10,666
  11,181
  11,722
  12,292
Adjusted assets (=assets-cash), $m
  3,746
  3,822
  3,910
  4,010
  4,123
  4,248
  4,385
  4,535
  4,696
  4,871
  5,058
  5,258
  5,471
  5,698
  5,940
  6,196
  6,467
  6,755
  7,059
  7,380
  7,719
  8,077
  8,454
  8,852
  9,271
  9,712
  10,177
  10,666
  11,181
  11,722
  12,292
Revenue / Adjusted assets
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
Average production assets, $m
  1,943
  1,980
  2,025
  2,078
  2,136
  2,201
  2,272
  2,349
  2,433
  2,523
  2,620
  2,724
  2,834
  2,952
  3,077
  3,210
  3,350
  3,499
  3,657
  3,823
  3,999
  4,184
  4,379
  4,585
  4,803
  5,031
  5,272
  5,525
  5,792
  6,072
  6,367
Working capital, $m
  233
  -307
  -314
  -322
  -331
  -341
  -352
  -364
  -377
  -391
  -406
  -422
  -439
  -457
  -477
  -497
  -519
  -542
  -566
  -592
  -619
  -648
  -678
  -710
  -744
  -779
  -817
  -856
  -897
  -941
  -986
Total debt, $m
  2,044
  2,080
  2,150
  2,231
  2,322
  2,423
  2,534
  2,654
  2,784
  2,925
  3,075
  3,237
  3,409
  3,592
  3,786
  3,993
  4,212
  4,443
  4,688
  4,947
  5,220
  5,509
  5,813
  6,133
  6,471
  6,827
  7,201
  7,596
  8,011
  8,447
  8,906
Total liabilities, $m
  3,045
  3,081
  3,151
  3,232
  3,323
  3,424
  3,535
  3,655
  3,785
  3,926
  4,076
  4,238
  4,410
  4,593
  4,787
  4,994
  5,213
  5,444
  5,689
  5,948
  6,221
  6,510
  6,814
  7,134
  7,472
  7,828
  8,202
  8,597
  9,012
  9,448
  9,907
Total equity, $m
  1,262
  741
  759
  778
  800
  824
  851
  880
  911
  945
  981
  1,020
  1,061
  1,105
  1,152
  1,202
  1,255
  1,310
  1,369
  1,432
  1,497
  1,567
  1,640
  1,717
  1,799
  1,884
  1,974
  2,069
  2,169
  2,274
  2,385
Total liabilities and equity, $m
  4,307
  3,822
  3,910
  4,010
  4,123
  4,248
  4,386
  4,535
  4,696
  4,871
  5,057
  5,258
  5,471
  5,698
  5,939
  6,196
  6,468
  6,754
  7,058
  7,380
  7,718
  8,077
  8,454
  8,851
  9,271
  9,712
  10,176
  10,666
  11,181
  11,722
  12,292
Debt-to-equity ratio
  1.620
  2.800
  2.830
  2.870
  2.900
  2.940
  2.980
  3.020
  3.060
  3.100
  3.130
  3.170
  3.210
  3.250
  3.290
  3.320
  3.360
  3.390
  3.420
  3.460
  3.490
  3.520
  3.540
  3.570
  3.600
  3.620
  3.650
  3.670
  3.690
  3.710
  3.730
Adjusted equity ratio
  0.187
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  255
  245
  253
  261
  270
  280
  291
  303
  316
  330
  345
  453
  470
  488
  507
  527
  549
  572
  596
  621
  648
  677
  706
  738
  771
  806
  843
  881
  922
  965
  1,010
Depreciation, amort., depletion, $m
  209
  256
  259
  262
  266
  270
  275
  280
  285
  291
  298
  178
  185
  193
  201
  210
  219
  229
  239
  250
  261
  273
  286
  300
  314
  329
  345
  361
  379
  397
  416
Funds from operations, $m
  446
  501
  511
  523
  536
  550
  566
  583
  601
  621
  642
  631
  655
  681
  708
  737
  768
  800
  835
  871
  910
  950
  993
  1,038
  1,085
  1,135
  1,187
  1,243
  1,301
  1,362
  1,426
Change in working capital, $m
  -6
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -21
  -22
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -46
Cash from operations, $m
  452
  605
  518
  531
  545
  560
  577
  595
  614
  635
  657
  647
  672
  699
  728
  758
  790
  824
  859
  897
  937
  979
  1,023
  1,069
  1,119
  1,170
  1,225
  1,282
  1,342
  1,405
  1,472
Maintenance CAPEX, $m
  0
  -127
  -129
  -132
  -136
  -140
  -144
  -148
  -154
  -159
  -165
  -171
  -178
  -185
  -193
  -201
  -210
  -219
  -229
  -239
  -250
  -261
  -273
  -286
  -300
  -314
  -329
  -345
  -361
  -379
  -397
New CAPEX, $m
  -327
  -37
  -46
  -52
  -58
  -65
  -71
  -77
  -84
  -90
  -97
  -104
  -111
  -118
  -125
  -133
  -141
  -149
  -157
  -166
  -176
  -185
  -195
  -206
  -217
  -229
  -241
  -253
  -267
  -281
  -295
Cash from investing activities, $m
  -328
  -164
  -175
  -184
  -194
  -205
  -215
  -225
  -238
  -249
  -262
  -275
  -289
  -303
  -318
  -334
  -351
  -368
  -386
  -405
  -426
  -446
  -468
  -492
  -517
  -543
  -570
  -598
  -628
  -660
  -692
Free cash flow, $m
  124
  440
  343
  347
  351
  356
  362
  369
  377
  386
  396
  372
  384
  396
  410
  424
  439
  456
  473
  492
  511
  532
  554
  577
  602
  628
  655
  684
  714
  746
  780
Issuance/(repayment) of debt, $m
  -13
  63
  71
  81
  91
  101
  111
  120
  130
  140
  151
  161
  172
  183
  195
  207
  219
  232
  245
  259
  273
  288
  304
  321
  338
  356
  375
  394
  415
  436
  459
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  -28
  63
  71
  81
  91
  101
  111
  120
  130
  140
  151
  161
  172
  183
  195
  207
  219
  232
  245
  259
  273
  288
  304
  321
  338
  356
  375
  394
  415
  436
  459
Total cash flow (excl. dividends), $m
  98
  503
  414
  428
  442
  457
  472
  489
  507
  526
  546
  533
  556
  579
  604
  630
  658
  687
  718
  750
  784
  820
  858
  898
  940
  983
  1,030
  1,078
  1,129
  1,183
  1,239
Retained Cash Flow (-), $m
  -162
  -13
  -17
  -19
  -22
  -24
  -27
  -29
  -31
  -34
  -36
  -39
  -41
  -44
  -47
  -50
  -53
  -56
  -59
  -62
  -66
  -69
  -73
  -77
  -81
  -86
  -90
  -95
  -100
  -105
  -110
Prev. year cash balance distribution, $m
 
  534
  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
 
  1,023
  397
  408
  420
  432
  446
  460
  476
  492
  510
  494
  514
  535
  557
  581
  605
  632
  659
  688
  719
  751
  785
  821
  858
  898
  939
  983
  1,029
  1,078
  1,129
Discount rate, %
 
  6.80
  7.14
  7.50
  7.87
  8.27
  8.68
  9.11
  9.57
  10.05
  10.55
  11.08
  11.63
  12.21
  12.82
  13.46
  14.14
  14.84
  15.59
  16.37
  17.18
  18.04
  18.94
  19.89
  20.89
  21.93
  23.03
  24.18
  25.39
  26.66
  27.99
PV of cash for distribution, $m
 
  958
  346
  328
  310
  291
  271
  250
  229
  208
  187
  156
  137
  120
  103
  87
  73
  60
  49
  39
  30
  23
  17
  13
  9
  6
  4
  3
  2
  1
  1
Current shareholders' claim on cash, %
  100
  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
  100.0

Cinemark Holdings, Inc., together with its subsidiaries, engages in the motion picture exhibition business. It operates theatres in the United States, Brazil, Argentina, Chile, Colombia, Peru, Ecuador, Honduras, El Salvador, Nicaragua, Costa Rica, Panama, Guatemala, Bolivia, Curacao, and Paraguay. As of December 31, 2016, the company operated 526 theatres and 5,903 screens. Cinemark Holdings, Inc. was incorporated in 2006 and is headquartered in Plano, Texas.

FINANCIAL RATIOS  of  Cinemark Holdings (CNK)

Valuation Ratios
P/E Ratio 19.9
Price to Sales 1.7
Price to Book 4
Price to Tangible Book
Price to Cash Flow 11.2
Price to Free Cash Flow 40.6
Growth Rates
Sales Growth Rate 2.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -1.5%
Cap. Spend. - 3 Yr. Gr. Rate 4.7%
Financial Strength
Quick Ratio 21
Current Ratio 0
LT Debt to Equity 159.8%
Total Debt to Equity 162%
Interest Coverage 4
Management Effectiveness
Return On Assets 7.9%
Ret/ On Assets - 3 Yr. Avg. 7.1%
Return On Total Capital 8%
Ret/ On T. Cap. - 3 Yr. Avg. 7%
Return On Equity 21.6%
Return On Equity - 3 Yr. Avg. 19.6%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 49.5%
Gross Margin - 3 Yr. Avg. 49.5%
EBITDA Margin 23.2%
EBITDA Margin - 3 Yr. Avg. 22.7%
Operating Margin 14%
Oper. Margin - 3 Yr. Avg. 14.2%
Pre-Tax Margin 12.4%
Pre-Tax Margin - 3 Yr. Avg. 11.9%
Net Profit Margin 8.7%
Net Profit Margin - 3 Yr. Avg. 7.9%
Effective Tax Rate 28.8%
Eff/ Tax Rate - 3 Yr. Avg. 33%
Payout Ratio 49%

CNK stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CNK stock intrinsic value calculation we used $2919 million for the last fiscal year's total revenue generated by Cinemark Holdings. The default revenue input number comes from 2016 income statement of Cinemark Holdings. 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 CNK 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 6.8%, whose default value for CNK is calculated based on our internal credit rating of Cinemark Holdings, 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 Cinemark Holdings.
    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 CNK stock the variable cost ratio is equal to 85.2%.

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 CNK 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 5.3% for Cinemark Holdings.

Corporate tax rate of 27% is the nominal tax rate for Cinemark Holdings. 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 CNK 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 CNK are equal to 66.5%.

Life of production assets of 15.3 years is the average useful life of capital assets used in Cinemark Holdings 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 CNK is equal to -10.3%. 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 - $1262 million for Cinemark Holdings - 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 121.561 million for Cinemark Holdings 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 Cinemark Holdings at the current share price and the inputted number of shares is $5.3 billion.


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COMPANY NEWS

▶ 75% of U.S. theaters get their movies delivered by satellite   [Mar-23-17 05:15PM  at bizjournals.com]
▶ 75% of U.S. theaters get their movies delivered by satellite   [05:15PM  American City Business Journals]
▶ Cinemark to Participate at Macquarie Investor Conference   [Mar-13-17 08:30AM  Business Wire]
▶ [$$] Cinemark Earnings Rise, Sales Fall   [11:29AM  The Wall Street Journal]
▶ [$$] Cinemark Earnings Rise, Sales Fall   [11:29AM  at The Wall Street Journal]
▶ Beauty and the Beast Tickets Now Available at Cinemark.com   [Jan-30-17 09:30PM  Business Wire]
▶ Ed Goldman: Cinemark theaters are like airports   [Jan-07-17 10:36AM  at bizjournals.com]
▶ Should You Avoid Cinemark Holdings, Inc. (CNK)?   [Dec-08-16 09:26AM  at Insider Monkey]
▶ Cinemark Declares Quarterly Cash Dividend of $0.27   [Nov-16-16 05:00PM  Business Wire]
▶ Cinemark to Participate at Investor Conferences in November   [Nov-14-16 11:03AM  Business Wire]
▶ Business Watch   [03:57AM  at The Wall Street Journal]
▶ [$$] Business Watch   [Nov-08-16 08:40PM  at The Wall Street Journal]
▶ [$$] Cinemark Attendance and Revenue Increase   [07:26AM  at The Wall Street Journal]
Stock chart of CNK Financial statements of CNK
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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