Intrinsic value of Imax - IMAX

Previous Close

$18.40

  Intrinsic Value

$14.52

stock screener

  Rating & Target

sell

-21%

  Value-price divergence*

+14%

Previous close

$18.40

 
Intrinsic value

$14.52

 
Up/down potential

-21%

 
Rating

sell

 
Value-price divergence*

+14%

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

We calculate the intrinsic value of IMAX 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 1.2

 

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, %
  0.80
  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
  377
  385
  393
  403
  415
  427
  441
  456
  473
  490
  509
  529
  550
  573
  598
  623
  651
  680
  710
  742
  777
  813
  851
  891
  933
  977
  1,024
  1,073
  1,125
  1,179
  1,237
Variable operating expenses, $m
 
  294
  300
  308
  317
  326
  336
  348
  360
  373
  387
  399
  415
  432
  450
  470
  490
  512
  535
  560
  585
  612
  641
  671
  703
  736
  772
  809
  848
  889
  932
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
  319
  294
  300
  308
  317
  326
  336
  348
  360
  373
  387
  399
  415
  432
  450
  470
  490
  512
  535
  560
  585
  612
  641
  671
  703
  736
  772
  809
  848
  889
  932
Operating income, $m
  58
  91
  93
  95
  98
  101
  105
  108
  113
  117
  121
  130
  136
  141
  147
  154
  160
  167
  175
  183
  191
  200
  210
  219
  230
  241
  252
  264
  277
  291
  305
EBITDA, $m
  104
  123
  126
  129
  133
  137
  141
  146
  151
  157
  163
  169
  176
  183
  191
  199
  208
  217
  227
  237
  248
  260
  272
  285
  298
  313
  327
  343
  360
  377
  396
Interest expense (income), $m
  1
  0
  0
  0
  1
  1
  1
  2
  2
  2
  3
  3
  4
  4
  5
  6
  6
  7
  8
  9
  9
  10
  11
  12
  13
  14
  15
  17
  18
  19
  21
Earnings before tax, $m
  58
  91
  93
  95
  98
  100
  103
  107
  110
  114
  119
  127
  132
  137
  142
  148
  154
  160
  167
  174
  182
  190
  198
  207
  217
  226
  237
  248
  259
  271
  284
Tax expense, $m
  16
  25
  25
  26
  26
  27
  28
  29
  30
  31
  32
  34
  36
  37
  38
  40
  42
  43
  45
  47
  49
  51
  54
  56
  58
  61
  64
  67
  70
  73
  77
Net income, $m
  29
  66
  68
  69
  71
  73
  76
  78
  81
  83
  87
  93
  96
  100
  104
  108
  112
  117
  122
  127
  133
  139
  145
  151
  158
  165
  173
  181
  189
  198
  207

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  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
  0
Total assets, $m
  857
  665
  681
  698
  718
  739
  763
  789
  817
  848
  880
  915
  952
  992
  1,034
  1,078
  1,126
  1,176
  1,229
  1,285
  1,344
  1,406
  1,472
  1,541
  1,614
  1,691
  1,771
  1,857
  1,946
  2,040
  2,140
Adjusted assets (=assets-cash), $m
  652
  665
  681
  698
  718
  739
  763
  789
  817
  848
  880
  915
  952
  992
  1,034
  1,078
  1,126
  1,176
  1,229
  1,285
  1,344
  1,406
  1,472
  1,541
  1,614
  1,691
  1,771
  1,857
  1,946
  2,040
  2,140
Revenue / Adjusted assets
  0.578
  0.579
  0.577
  0.577
  0.578
  0.578
  0.578
  0.578
  0.579
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.577
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
Average production assets, $m
  277
  283
  289
  297
  305
  314
  324
  335
  347
  360
  374
  389
  405
  421
  439
  458
  478
  500
  522
  546
  571
  597
  625
  655
  686
  718
  753
  789
  827
  867
  909
Working capital, $m
  0
  -38
  -39
  -40
  -41
  -43
  -44
  -46
  -47
  -49
  -51
  -53
  -55
  -57
  -60
  -62
  -65
  -68
  -71
  -74
  -78
  -81
  -85
  -89
  -93
  -98
  -102
  -107
  -112
  -118
  -124
Total debt, $m
  27
  5
  12
  19
  27
  36
  46
  56
  68
  80
  94
  108
  123
  140
  157
  175
  195
  215
  237
  260
  284
  310
  337
  365
  395
  427
  460
  495
  532
  571
  611
Total liabilities, $m
  295
  273
  280
  287
  295
  304
  314
  324
  336
  348
  362
  376
  391
  408
  425
  443
  463
  483
  505
  528
  552
  578
  605
  633
  663
  695
  728
  763
  800
  839
  879
Total equity, $m
  562
  392
  401
  411
  423
  436
  450
  465
  482
  499
  519
  539
  561
  584
  609
  635
  663
  693
  724
  757
  791
  828
  867
  908
  950
  996
  1,043
  1,094
  1,146
  1,202
  1,260
Total liabilities and equity, $m
  857
  665
  681
  698
  718
  740
  764
  789
  818
  847
  881
  915
  952
  992
  1,034
  1,078
  1,126
  1,176
  1,229
  1,285
  1,343
  1,406
  1,472
  1,541
  1,613
  1,691
  1,771
  1,857
  1,946
  2,041
  2,139
Debt-to-equity ratio
  0.048
  0.010
  0.030
  0.050
  0.060
  0.080
  0.100
  0.120
  0.140
  0.160
  0.180
  0.200
  0.220
  0.240
  0.260
  0.280
  0.290
  0.310
  0.330
  0.340
  0.360
  0.370
  0.390
  0.400
  0.420
  0.430
  0.440
  0.450
  0.460
  0.470
  0.490
Adjusted equity ratio
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  29
  66
  68
  69
  71
  73
  76
  78
  81
  83
  87
  93
  96
  100
  104
  108
  112
  117
  122
  127
  133
  139
  145
  151
  158
  165
  173
  181
  189
  198
  207
Depreciation, amort., depletion, $m
  46
  32
  33
  34
  34
  35
  36
  37
  39
  40
  41
  39
  40
  42
  44
  46
  48
  50
  52
  55
  57
  60
  63
  65
  69
  72
  75
  79
  83
  87
  91
Funds from operations, $m
  47
  98
  101
  103
  106
  109
  112
  115
  119
  123
  128
  132
  137
  142
  148
  154
  160
  167
  174
  182
  190
  198
  207
  217
  227
  237
  248
  260
  272
  285
  298
Change in working capital, $m
  -31
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
Cash from operations, $m
  78
  99
  101
  104
  107
  110
  113
  117
  121
  125
  130
  134
  139
  144
  150
  156
  163
  170
  177
  185
  193
  202
  211
  221
  231
  242
  253
  265
  277
  290
  304
Maintenance CAPEX, $m
  0
  -28
  -28
  -29
  -30
  -30
  -31
  -32
  -34
  -35
  -36
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -55
  -57
  -60
  -63
  -65
  -69
  -72
  -75
  -79
  -83
  -87
New CAPEX, $m
  -20
  -6
  -7
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -24
  -25
  -26
  -28
  -29
  -31
  -33
  -34
  -36
  -38
  -40
  -42
Cash from investing activities, $m
  -65
  -34
  -35
  -36
  -38
  -39
  -41
  -43
  -46
  -48
  -50
  -52
  -55
  -57
  -60
  -63
  -66
  -69
  -72
  -76
  -80
  -83
  -88
  -92
  -96
  -102
  -106
  -111
  -117
  -123
  -129
Free cash flow, $m
  13
  66
  67
  68
  69
  70
  72
  73
  75
  78
  80
  81
  84
  87
  90
  94
  97
  101
  105
  109
  114
  118
  123
  129
  134
  140
  147
  153
  160
  168
  175
Issuance/(repayment) of debt, $m
  -2
  5
  6
  7
  8
  9
  10
  11
  12
  12
  13
  14
  15
  16
  17
  18
  19
  21
  22
  23
  24
  26
  27
  28
  30
  32
  33
  35
  37
  39
  41
Issuance/(repurchase) of shares, $m
  -105
  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  
  -126
  5
  6
  7
  8
  9
  10
  11
  12
  12
  13
  14
  15
  16
  17
  18
  19
  21
  22
  23
  24
  26
  27
  28
  30
  32
  33
  35
  37
  39
  41
Total cash flow (excl. dividends), $m
  -113
  71
  73
  75
  77
  79
  82
  84
  87
  90
  93
  96
  99
  103
  107
  112
  116
  121
  127
  132
  138
  144
  150
  157
  164
  172
  180
  188
  197
  206
  216
Retained Cash Flow (-), $m
  62
  -8
  -9
  -10
  -12
  -13
  -14
  -15
  -17
  -18
  -19
  -21
  -22
  -23
  -25
  -26
  -28
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -53
  -56
  -58
Prev. year cash balance distribution, $m
 
  178
  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
 
  241
  64
  65
  65
  66
  67
  69
  70
  72
  74
  75
  77
  80
  83
  86
  89
  92
  95
  99
  103
  107
  112
  117
  121
  127
  132
  138
  144
  151
  158
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  232
  59
  56
  54
  51
  49
  47
  44
  41
  39
  36
  33
  30
  28
  25
  23
  20
  18
  15
  13
  11
  9
  8
  6
  5
  4
  3
  2
  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
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  100.0

IMAX Corporation, together with its subsidiaries, operates as an entertainment technology company specializing in motion picture technologies and presentations worldwide. The company operates through seven segments: IMAX Systems, Theater System Maintenance, Joint Revenue Sharing Arrangements, Film Production and IMAX Digital Re-Mastering (DMR), Film Distribution, Film Post-Production, and Other. The IMAX Systems segment designs, manufactures, sells, or leases IMAX theater projection system equipment. The Theater System Maintenance segment maintains IMAX theater projection system equipment in the IMAX theater network. The Joint Revenue Sharing Arrangements segment provides IMAX theater projection system equipment to exhibitors. The Film Production and IMAX DMR segment engages in the production of films and the performance of film re-mastering activities. The Film Distribution segment distributes films for which the company has distribution rights. The Film Post-Production segment offers film post-production and film print services. The Other segment owns and operates IMAX theaters; rents two-dimensional and three-dimensional (3D) large-format film and digital cameras to third party production companies; and provides production technical support and post-production services. The company is also involved in selling or leasing its theater systems to theme parks, private home theaters, tourist destination sites, fairs, and expositions, as well as the after-market sale of projection system parts and 3D glasses. It primarily serves commercial multiplex exhibitors, as well as institutional customers, such as science and natural history museums, zoos, aquaria, and other educational and cultural centers. As of December 31, 2016, the company operated 1,215 IMAX theater systems, including 1,107 commercial multiplexes, 16 commercial destinations, and 92 institutions. IMAX Corporation was founded in 1967 and is headquartered in Mississauga, Canada.

FINANCIAL RATIOS  of  Imax (IMAX)

Valuation Ratios
P/E Ratio 42
Price to Sales 3.2
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow 15.6
Price to Free Cash Flow 21
Growth Rates
Sales Growth Rate 0.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -58.3%
Cap. Spend. - 3 Yr. Gr. Rate 4.6%
Financial Strength
Quick Ratio 8
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 4.8%
Interest Coverage 59
Management Effectiveness
Return On Assets 3.3%
Ret/ On Assets - 3 Yr. Avg. 5.9%
Return On Total Capital 4.7%
Ret/ On T. Cap. - 3 Yr. Avg. 8.9%
Return On Equity 4.9%
Return On Equity - 3 Yr. Avg. 9.1%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 53.8%
Gross Margin - 3 Yr. Avg. 57.3%
EBITDA Margin 27.9%
EBITDA Margin - 3 Yr. Avg. 31.3%
Operating Margin 15.4%
Oper. Margin - 3 Yr. Avg. 19.6%
Pre-Tax Margin 15.4%
Pre-Tax Margin - 3 Yr. Avg. 19.4%
Net Profit Margin 7.7%
Net Profit Margin - 3 Yr. Avg. 12.1%
Effective Tax Rate 27.6%
Eff/ Tax Rate - 3 Yr. Avg. 25%
Payout Ratio 0%

IMAX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IMAX stock intrinsic value calculation we used $377 million for the last fiscal year's total revenue generated by Imax. The default revenue input number comes from 2016 income statement of Imax. 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 IMAX 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 4.3%, whose default value for IMAX is calculated based on our internal credit rating of Imax, 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 Imax.
    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 IMAX stock the variable cost ratio is equal to 76.4%.

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 IMAX 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 3.6% for Imax.

Corporate tax rate of 27% is the nominal tax rate for Imax. 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 IMAX 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 IMAX are equal to 73.5%.

Life of production assets of 10 years is the average useful life of capital assets used in Imax 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 IMAX is equal to -10%. 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 - $562 million for Imax - 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 66.462 million for Imax 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 Imax at the current share price and the inputted number of shares is $1.2 billion.

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COMPANY NEWS

▶ A $9.95 Multiplex Buffet Won't Hurt Netflix   [Aug-16-17 10:09AM  Motley Fool]
▶ ETFs with exposure to IMAX Corp. : August 15, 2017   [Aug-15-17 04:27PM  Capital Cube]
▶ Denny Tu Joins IMAX As EVP, Brand And Creative   [Aug-07-17 07:30AM  PR Newswire]
▶ Imax Shares Plunge After Earnings Miss   [11:13AM  TheStreet.com]
▶ Imax China Needs a Different Hero   [04:20AM  Bloomberg]
▶ Imax reports 2Q loss   [Jul-26-17 10:30PM  Associated Press]
▶ IMAX Stock Has a Lot to Prove on Wednesday   [Jul-25-17 03:24PM  Motley Fool]
▶ Lot riding on war drama 'Dunkirk'   [Jul-21-17 08:47AM  CNBC Videos]
▶ Imax in deal to open another seven theaters across China   [Jul-18-17 07:49AM  MarketWatch]
▶ 3 Value Stocks for Smart Investors   [Jul-13-17 01:08PM  Motley Fool]
▶ 3 Reasons To Own IMAX Shares For The Long Term   [Jul-06-17 02:08PM  Benzinga]
▶ 4 Stocks That Will Shape the Virtual Reality Business   [Jun-24-17 09:06AM  Motley Fool]
▶ Why IMAX Corporation's Shares Plunged 18% in May   [Jun-13-17 01:11PM  Motley Fool]
▶ Story Stocks from Briefing.com   [09:26AM  Briefing.com]
▶ Tech turnaround lifts stocks as oil falls   [09:18AM  Yahoo Finance]
▶ IMAX Stock Slowly Fades to Black   [09:13AM  Motley Fool]
▶ Imax lays off 100 employees   [Jun-12-17 06:15PM  American City Business Journals]
▶ 3 Stocks That Feel Like Disney in 1957   [12:29PM  Motley Fool]
▶ Have We Hit Peak IMAX?   [Jun-07-17 03:03PM  Motley Fool]
▶ ETFs with exposure to IMAX Corp. : May 15, 2017   [May-15-17 03:55PM  Capital Cube]
▶ IMAX Corporation To Host 2017 Investor Day   [May-05-17 04:15PM  PR Newswire]
▶ Why IMAX Corporation Shares Plunged 10% in April   [May-03-17 11:23AM  Motley Fool]
▶ ETFs with exposure to IMAX Corp. : April 25, 2017   [Apr-25-17 03:36PM  Capital Cube]
▶ 9 Stocks Primecap Management Continues to Buy   [Apr-20-17 04:42PM  GuruFocus.com]
▶ Imax meets 1Q profit forecasts   [06:44AM  Associated Press]
▶ IMAX Driving Higher On 'Fate of The Furious'   [Apr-17-17 12:41PM  Investopedia]
Stock chart of IMAX Financial statements of IMAX
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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