Intrinsic value of Cinemark Holdings - CNK

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$40.49

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$40.49

 
Intrinsic value

$57.21

 
Up/down potential

+41%

 
Rating

buy

 
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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 4.6

 

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, %
  2.31
  10.60
  10.04
  9.54
  9.08
  8.67
  8.31
  7.98
  7.68
  7.41
  7.17
  6.95
  6.76
  6.58
  6.42
  6.28
  6.15
  6.04
  5.93
  5.84
  5.76
  5.68
  5.61
  5.55
  5.50
  5.45
  5.40
  5.36
  5.33
  5.29
  5.26
Revenue, $m
  2,919
  3,228
  3,553
  3,891
  4,245
  4,613
  4,996
  5,395
  5,809
  6,239
  6,687
  7,152
  7,635
  8,137
  8,660
  9,204
  9,770
  10,360
  10,975
  11,616
  12,285
  12,982
  13,711
  14,472
  15,268
  16,099
  16,969
  17,879
  18,831
  19,828
  20,871
Variable operating expenses, $m
 
  2,737
  2,999
  3,273
  3,559
  3,857
  4,167
  4,489
  4,824
  5,172
  5,534
  5,784
  6,174
  6,581
  7,004
  7,444
  7,902
  8,379
  8,876
  9,394
  9,935
  10,499
  11,089
  11,704
  12,347
  13,020
  13,723
  14,459
  15,229
  16,035
  16,879
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
  2,737
  2,999
  3,273
  3,559
  3,857
  4,167
  4,489
  4,824
  5,172
  5,534
  5,784
  6,174
  6,581
  7,004
  7,444
  7,902
  8,379
  8,876
  9,394
  9,935
  10,499
  11,089
  11,704
  12,347
  13,020
  13,723
  14,459
  15,229
  16,035
  16,879
Operating income, $m
  409
  491
  553
  618
  686
  756
  829
  906
  985
  1,067
  1,153
  1,368
  1,460
  1,556
  1,656
  1,760
  1,869
  1,982
  2,099
  2,222
  2,350
  2,483
  2,622
  2,768
  2,920
  3,079
  3,246
  3,420
  3,602
  3,792
  3,992
EBITDA, $m
  618
  758
  834
  913
  996
  1,083
  1,173
  1,266
  1,364
  1,465
  1,570
  1,679
  1,792
  1,910
  2,033
  2,160
  2,293
  2,432
  2,576
  2,727
  2,884
  3,047
  3,218
  3,397
  3,584
  3,779
  3,983
  4,197
  4,420
  4,654
  4,899
Interest expense (income), $m
  108
  107
  124
  142
  160
  180
  200
  221
  243
  265
  289
  314
  339
  366
  393
  422
  452
  483
  515
  549
  584
  621
  659
  699
  741
  784
  830
  877
  927
  980
  1,034
Earnings before tax, $m
  361
  384
  429
  476
  525
  576
  629
  685
  742
  802
  864
  1,054
  1,121
  1,191
  1,263
  1,339
  1,417
  1,499
  1,584
  1,673
  1,766
  1,863
  1,964
  2,069
  2,180
  2,295
  2,416
  2,542
  2,674
  2,813
  2,958
Tax expense, $m
  104
  104
  116
  129
  142
  156
  170
  185
  200
  216
  233
  285
  303
  322
  341
  361
  383
  405
  428
  452
  477
  503
  530
  559
  589
  620
  652
  686
  722
  759
  799
Net income, $m
  255
  281
  313
  348
  383
  421
  459
  500
  542
  585
  630
  770
  818
  869
  922
  977
  1,034
  1,094
  1,156
  1,221
  1,289
  1,360
  1,433
  1,511
  1,591
  1,675
  1,764
  1,856
  1,952
  2,053
  2,159

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
  4,144
  4,560
  4,995
  5,449
  5,922
  6,414
  6,925
  7,457
  8,009
  8,584
  9,180
  9,801
  10,446
  11,117
  11,815
  12,542
  13,299
  14,088
  14,911
  15,770
  16,665
  17,601
  18,578
  19,599
  20,667
  21,783
  22,951
  24,173
  25,453
  26,793
Adjusted assets (=assets-cash), $m
  3,746
  4,144
  4,560
  4,995
  5,449
  5,922
  6,414
  6,925
  7,457
  8,009
  8,584
  9,180
  9,801
  10,446
  11,117
  11,815
  12,542
  13,299
  14,088
  14,911
  15,770
  16,665
  17,601
  18,578
  19,599
  20,667
  21,783
  22,951
  24,173
  25,453
  26,793
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
  2,147
  2,362
  2,588
  2,823
  3,068
  3,322
  3,587
  3,863
  4,149
  4,447
  4,756
  5,077
  5,411
  5,759
  6,121
  6,497
  6,889
  7,298
  7,725
  8,169
  8,633
  9,118
  9,624
  10,153
  10,706
  11,284
  11,889
  12,523
  13,185
  13,879
Working capital, $m
  233
  -333
  -366
  -401
  -437
  -475
  -515
  -556
  -598
  -643
  -689
  -737
  -786
  -838
  -892
  -948
  -1,006
  -1,067
  -1,130
  -1,196
  -1,265
  -1,337
  -1,412
  -1,491
  -1,573
  -1,658
  -1,748
  -1,842
  -1,940
  -2,042
  -2,150
Total debt, $m
  2,044
  2,339
  2,675
  3,025
  3,391
  3,772
  4,168
  4,581
  5,009
  5,455
  5,917
  6,398
  6,898
  7,418
  7,959
  8,522
  9,108
  9,718
  10,354
  11,017
  11,709
  12,431
  13,185
  13,973
  14,796
  15,656
  16,556
  17,497
  18,483
  19,514
  20,594
Total liabilities, $m
  3,045
  3,340
  3,676
  4,026
  4,392
  4,773
  5,169
  5,582
  6,010
  6,456
  6,918
  7,399
  7,899
  8,419
  8,960
  9,523
  10,109
  10,719
  11,355
  12,018
  12,710
  13,432
  14,186
  14,974
  15,797
  16,657
  17,557
  18,498
  19,484
  20,515
  21,595
Total equity, $m
  1,262
  804
  885
  969
  1,057
  1,149
  1,244
  1,343
  1,447
  1,554
  1,665
  1,781
  1,901
  2,026
  2,157
  2,292
  2,433
  2,580
  2,733
  2,893
  3,059
  3,233
  3,415
  3,604
  3,802
  4,009
  4,226
  4,452
  4,690
  4,938
  5,198
Total liabilities and equity, $m
  4,307
  4,144
  4,561
  4,995
  5,449
  5,922
  6,413
  6,925
  7,457
  8,010
  8,583
  9,180
  9,800
  10,445
  11,117
  11,815
  12,542
  13,299
  14,088
  14,911
  15,769
  16,665
  17,601
  18,578
  19,599
  20,666
  21,783
  22,950
  24,174
  25,453
  26,793
Debt-to-equity ratio
  1.620
  2.910
  3.020
  3.120
  3.210
  3.280
  3.350
  3.410
  3.460
  3.510
  3.550
  3.590
  3.630
  3.660
  3.690
  3.720
  3.740
  3.770
  3.790
  3.810
  3.830
  3.850
  3.860
  3.880
  3.890
  3.900
  3.920
  3.930
  3.940
  3.950
  3.960
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
  281
  313
  348
  383
  421
  459
  500
  542
  585
  630
  770
  818
  869
  922
  977
  1,034
  1,094
  1,156
  1,221
  1,289
  1,360
  1,433
  1,511
  1,591
  1,675
  1,764
  1,856
  1,952
  2,053
  2,159
Depreciation, amort., depletion, $m
  209
  267
  281
  295
  311
  327
  343
  361
  379
  397
  417
  311
  332
  354
  376
  400
  425
  450
  477
  505
  534
  564
  596
  629
  664
  700
  738
  777
  818
  862
  907
Funds from operations, $m
  446
  547
  594
  643
  694
  747
  803
  861
  920
  983
  1,047
  1,080
  1,150
  1,223
  1,299
  1,377
  1,459
  1,544
  1,633
  1,726
  1,823
  1,924
  2,029
  2,140
  2,255
  2,375
  2,501
  2,633
  2,771
  2,915
  3,066
Change in working capital, $m
  -6
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -58
  -61
  -63
  -66
  -69
  -72
  -75
  -78
  -82
  -86
  -90
  -94
  -98
  -103
  -107
Cash from operations, $m
  452
  677
  627
  678
  731
  785
  842
  902
  963
  1,027
  1,093
  1,128
  1,200
  1,275
  1,352
  1,433
  1,517
  1,605
  1,697
  1,792
  1,892
  1,996
  2,104
  2,218
  2,337
  2,461
  2,591
  2,727
  2,869
  3,018
  3,174
Maintenance CAPEX, $m
  0
  -127
  -140
  -154
  -169
  -184
  -200
  -217
  -234
  -252
  -271
  -291
  -311
  -332
  -354
  -376
  -400
  -425
  -450
  -477
  -505
  -534
  -564
  -596
  -629
  -664
  -700
  -738
  -777
  -818
  -862
New CAPEX, $m
  -327
  -204
  -216
  -225
  -235
  -245
  -255
  -265
  -275
  -286
  -297
  -309
  -321
  -334
  -348
  -362
  -377
  -392
  -409
  -426
  -445
  -464
  -485
  -506
  -529
  -553
  -578
  -605
  -633
  -663
  -694
Cash from investing activities, $m
  -328
  -331
  -356
  -379
  -404
  -429
  -455
  -482
  -509
  -538
  -568
  -600
  -632
  -666
  -702
  -738
  -777
  -817
  -859
  -903
  -950
  -998
  -1,049
  -1,102
  -1,158
  -1,217
  -1,278
  -1,343
  -1,410
  -1,481
  -1,556
Free cash flow, $m
  124
  345
  272
  298
  326
  356
  387
  419
  453
  488
  525
  529
  568
  609
  651
  695
  741
  788
  838
  889
  942
  998
  1,056
  1,116
  1,179
  1,244
  1,313
  1,384
  1,459
  1,537
  1,618
Issuance/(repayment) of debt, $m
  -13
  322
  335
  351
  366
  381
  396
  412
  429
  445
  463
  481
  500
  520
  541
  563
  586
  610
  636
  663
  692
  722
  754
  788
  823
  860
  900
  941
  985
  1,031
  1,080
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
  322
  335
  351
  366
  381
  396
  412
  429
  445
  463
  481
  500
  520
  541
  563
  586
  610
  636
  663
  692
  722
  754
  788
  823
  860
  900
  941
  985
  1,031
  1,080
Total cash flow (excl. dividends), $m
  98
  667
  607
  649
  692
  737
  784
  832
  882
  934
  988
  1,010
  1,068
  1,129
  1,192
  1,258
  1,327
  1,399
  1,474
  1,552
  1,634
  1,720
  1,810
  1,903
  2,002
  2,105
  2,212
  2,325
  2,444
  2,568
  2,698
Retained Cash Flow (-), $m
  -162
  -76
  -81
  -84
  -88
  -92
  -95
  -99
  -103
  -107
  -111
  -116
  -120
  -125
  -130
  -135
  -141
  -147
  -153
  -160
  -167
  -174
  -181
  -190
  -198
  -207
  -217
  -227
  -237
  -248
  -260
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
 
  1,125
  526
  564
  604
  645
  688
  732
  779
  826
  876
  894
  948
  1,003
  1,062
  1,122
  1,186
  1,252
  1,321
  1,392
  1,468
  1,546
  1,628
  1,714
  1,804
  1,898
  1,996
  2,099
  2,207
  2,320
  2,438
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
 
  1,054
  458
  454
  446
  434
  418
  398
  375
  349
  321
  281
  253
  224
  196
  169
  143
  119
  97
  78
  62
  47
  36
  26
  19
  13
  9
  6
  4
  2
  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 18.5
Price to Sales 1.6
Price to Book 3.7
Price to Tangible Book
Price to Cash Flow 10.4
Price to Free Cash Flow 37.6
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 10.6% 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 113.567 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 $4.6 billion.


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COMPANY NEWS

▶ Cinemark Declares Quarterly Cash Dividend of $0.29   [May-25-17 04:15PM  Business Wire]
▶ How Cinemark Is Turning Recliners Into Revenue   [May-22-17 12:36PM  Bloomberg]
▶ Cinemark Partners with THX to Certify XD Auditoriums   [May-04-17 02:45PM  Business Wire]
▶ Cinemark to Participate at May Investor Conferences   [May-03-17 04:30PM  Business Wire]
▶ Cinemark tops Street 1Q forecasts   [06:46AM  Associated Press]
▶ 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 Annual reports 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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