Intrinsic value of Marcus - MCS

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$28.55

  Intrinsic Value

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  Value-price divergence*

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

We calculate the intrinsic value of MCS 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 0.8

 

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, %
  67.90
  26.40
  24.26
  22.33
  20.60
  19.04
  17.64
  16.37
  15.24
  14.21
  13.29
  12.46
  11.72
  11.04
  10.44
  9.90
  9.41
  8.97
  8.57
  8.21
  7.89
  7.60
  7.34
  7.11
  6.90
  6.71
  6.54
  6.38
  6.24
  6.12
  6.01
Revenue, $m
  544
  688
  854
  1,045
  1,261
  1,501
  1,765
  2,054
  2,367
  2,704
  3,063
  3,445
  3,848
  4,273
  4,719
  5,186
  5,674
  6,183
  6,713
  7,264
  7,837
  8,433
  9,052
  9,696
  10,364
  11,059
  11,782
  12,534
  13,317
  14,132
  14,981
Variable operating expenses, $m
 
  593
  736
  899
  1,083
  1,289
  1,515
  1,763
  2,031
  2,319
  2,626
  2,948
  3,294
  3,658
  4,039
  4,439
  4,857
  5,292
  5,746
  6,217
  6,708
  7,218
  7,748
  8,299
  8,871
  9,466
  10,085
  10,728
  11,398
  12,096
  12,823
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
  474
  593
  736
  899
  1,083
  1,289
  1,515
  1,763
  2,031
  2,319
  2,626
  2,948
  3,294
  3,658
  4,039
  4,439
  4,857
  5,292
  5,746
  6,217
  6,708
  7,218
  7,748
  8,299
  8,871
  9,466
  10,085
  10,728
  11,398
  12,096
  12,823
Operating income, $m
  70
  95
  119
  146
  177
  212
  250
  292
  337
  385
  437
  496
  555
  616
  680
  747
  818
  891
  967
  1,047
  1,129
  1,215
  1,304
  1,397
  1,493
  1,594
  1,698
  1,806
  1,919
  2,036
  2,159
EBITDA, $m
  112
  149
  185
  227
  273
  325
  383
  445
  513
  586
  664
  747
  834
  927
  1,023
  1,125
  1,230
  1,341
  1,455
  1,575
  1,699
  1,828
  1,963
  2,102
  2,247
  2,398
  2,555
  2,718
  2,887
  3,064
  3,248
Interest expense (income), $m
  9
  11
  16
  21
  28
  35
  43
  52
  61
  72
  83
  95
  108
  121
  135
  150
  166
  182
  199
  216
  235
  254
  274
  294
  316
  338
  361
  385
  410
  436
  464
Earnings before tax, $m
  61
  84
  103
  125
  150
  177
  207
  240
  275
  314
  354
  402
  447
  495
  545
  597
  652
  709
  768
  830
  895
  961
  1,031
  1,103
  1,178
  1,256
  1,337
  1,421
  1,509
  1,600
  1,695
Tax expense, $m
  23
  23
  28
  34
  40
  48
  56
  65
  74
  85
  96
  108
  121
  134
  147
  161
  176
  191
  207
  224
  242
  260
  278
  298
  318
  339
  361
  384
  407
  432
  458
Net income, $m
  38
  61
  75
  91
  109
  129
  151
  175
  201
  229
  258
  293
  326
  361
  398
  436
  476
  518
  561
  606
  653
  702
  752
  805
  860
  917
  976
  1,037
  1,101
  1,168
  1,237

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  3
  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
  911
  1,148
  1,426
  1,745
  2,104
  2,505
  2,947
  3,430
  3,952
  4,514
  5,114
  5,751
  6,425
  7,134
  7,879
  8,659
  9,473
  10,322
  11,207
  12,127
  13,084
  14,079
  15,112
  16,186
  17,303
  18,463
  19,670
  20,925
  22,232
  23,593
  25,010
Adjusted assets (=assets-cash), $m
  908
  1,148
  1,426
  1,745
  2,104
  2,505
  2,947
  3,430
  3,952
  4,514
  5,114
  5,751
  6,425
  7,134
  7,879
  8,659
  9,473
  10,322
  11,207
  12,127
  13,084
  14,079
  15,112
  16,186
  17,303
  18,463
  19,670
  20,925
  22,232
  23,593
  25,010
Revenue / Adjusted assets
  0.599
  0.599
  0.599
  0.599
  0.599
  0.599
  0.599
  0.599
  0.599
  0.599
  0.599
  0.599
  0.599
  0.599
  0.599
  0.599
  0.599
  0.599
  0.599
  0.599
  0.599
  0.599
  0.599
  0.599
  0.599
  0.599
  0.599
  0.599
  0.599
  0.599
  0.599
Average production assets, $m
  740
  935
  1,162
  1,422
  1,714
  2,041
  2,401
  2,794
  3,219
  3,677
  4,166
  4,685
  5,234
  5,812
  6,418
  7,054
  7,717
  8,409
  9,130
  9,879
  10,659
  11,469
  12,311
  13,186
  14,095
  15,041
  16,024
  17,047
  18,111
  19,220
  20,374
Working capital, $m
  -95
  -69
  -85
  -105
  -126
  -150
  -177
  -205
  -237
  -270
  -306
  -344
  -385
  -427
  -472
  -519
  -567
  -618
  -671
  -726
  -784
  -843
  -905
  -970
  -1,036
  -1,106
  -1,178
  -1,253
  -1,332
  -1,413
  -1,498
Total debt, $m
  316
  449
  608
  790
  995
  1,223
  1,475
  1,750
  2,048
  2,368
  2,710
  3,073
  3,457
  3,861
  4,286
  4,730
  5,195
  5,679
  6,183
  6,707
  7,253
  7,820
  8,409
  9,021
  9,658
  10,319
  11,007
  11,723
  12,467
  13,243
  14,051
Total liabilities, $m
  521
  654
  813
  995
  1,200
  1,428
  1,680
  1,955
  2,253
  2,573
  2,915
  3,278
  3,662
  4,066
  4,491
  4,935
  5,400
  5,884
  6,388
  6,912
  7,458
  8,025
  8,614
  9,226
  9,863
  10,524
  11,212
  11,928
  12,672
  13,448
  14,256
Total equity, $m
  390
  494
  613
  750
  905
  1,077
  1,267
  1,475
  1,699
  1,941
  2,199
  2,473
  2,763
  3,068
  3,388
  3,723
  4,073
  4,439
  4,819
  5,215
  5,626
  6,054
  6,498
  6,960
  7,440
  7,939
  8,458
  8,998
  9,560
  10,145
  10,754
Total liabilities and equity, $m
  911
  1,148
  1,426
  1,745
  2,105
  2,505
  2,947
  3,430
  3,952
  4,514
  5,114
  5,751
  6,425
  7,134
  7,879
  8,658
  9,473
  10,323
  11,207
  12,127
  13,084
  14,079
  15,112
  16,186
  17,303
  18,463
  19,670
  20,926
  22,232
  23,593
  25,010
Debt-to-equity ratio
  0.810
  0.910
  0.990
  1.050
  1.100
  1.140
  1.160
  1.190
  1.200
  1.220
  1.230
  1.240
  1.250
  1.260
  1.270
  1.270
  1.280
  1.280
  1.280
  1.290
  1.290
  1.290
  1.290
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
  1.310
  1.310
Adjusted equity ratio
  0.426
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  38
  61
  75
  91
  109
  129
  151
  175
  201
  229
  258
  293
  326
  361
  398
  436
  476
  518
  561
  606
  653
  702
  752
  805
  860
  917
  976
  1,037
  1,101
  1,168
  1,237
Depreciation, amort., depletion, $m
  42
  54
  67
  80
  96
  114
  133
  154
  177
  201
  227
  251
  280
  311
  343
  377
  413
  450
  488
  528
  570
  613
  658
  705
  754
  804
  857
  912
  969
  1,028
  1,090
Funds from operations, $m
  78
  116
  142
  172
  205
  243
  284
  329
  378
  430
  486
  544
  606
  672
  741
  813
  889
  967
  1,049
  1,134
  1,223
  1,315
  1,411
  1,510
  1,613
  1,721
  1,833
  1,949
  2,070
  2,196
  2,327
Change in working capital, $m
  -5
  -14
  -17
  -19
  -22
  -24
  -26
  -29
  -31
  -34
  -36
  -38
  -40
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -60
  -62
  -64
  -67
  -70
  -72
  -75
  -78
  -81
  -85
Cash from operations, $m
  83
  130
  158
  191
  227
  267
  310
  358
  409
  464
  522
  582
  647
  714
  786
  860
  937
  1,018
  1,102
  1,190
  1,280
  1,375
  1,473
  1,574
  1,680
  1,790
  1,905
  2,024
  2,148
  2,277
  2,412
Maintenance CAPEX, $m
  0
  -40
  -50
  -62
  -76
  -92
  -109
  -128
  -149
  -172
  -197
  -223
  -251
  -280
  -311
  -343
  -377
  -413
  -450
  -488
  -528
  -570
  -613
  -658
  -705
  -754
  -804
  -857
  -912
  -969
  -1,028
New CAPEX, $m
  -84
  -195
  -227
  -260
  -293
  -326
  -360
  -393
  -426
  -458
  -489
  -519
  -549
  -578
  -607
  -635
  -663
  -692
  -721
  -750
  -780
  -810
  -842
  -875
  -909
  -945
  -983
  -1,023
  -1,064
  -1,108
  -1,155
Cash from investing activities, $m
  -129
  -235
  -277
  -322
  -369
  -418
  -469
  -521
  -575
  -630
  -686
  -742
  -800
  -858
  -918
  -978
  -1,040
  -1,105
  -1,171
  -1,238
  -1,308
  -1,380
  -1,455
  -1,533
  -1,614
  -1,699
  -1,787
  -1,880
  -1,976
  -2,077
  -2,183
Free cash flow, $m
  -46
  -105
  -118
  -131
  -142
  -151
  -159
  -164
  -166
  -166
  -164
  -160
  -153
  -143
  -132
  -118
  -103
  -86
  -68
  -48
  -28
  -6
  17
  41
  66
  91
  117
  144
  172
  200
  229
Issuance/(repayment) of debt, $m
  58
  136
  159
  182
  205
  228
  252
  275
  298
  320
  342
  363
  384
  404
  425
  444
  464
  484
  504
  525
  545
  567
  589
  612
  636
  661
  688
  716
  745
  776
  808
Issuance/(repurchase) of shares, $m
  -2
  42
  45
  46
  45
  43
  39
  32
  24
  13
  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  
  55
  178
  204
  228
  250
  271
  291
  307
  322
  333
  342
  363
  384
  404
  425
  444
  464
  484
  504
  525
  545
  567
  589
  612
  636
  661
  688
  716
  745
  776
  808
Total cash flow (excl. dividends), $m
  9
  74
  85
  96
  108
  120
  132
  144
  155
  167
  178
  203
  231
  261
  293
  326
  361
  398
  436
  476
  518
  561
  606
  653
  702
  753
  805
  860
  917
  976
  1,037
Retained Cash Flow (-), $m
  -27
  -104
  -120
  -137
  -155
  -172
  -190
  -207
  -225
  -242
  -258
  -274
  -290
  -305
  -320
  -335
  -350
  -365
  -380
  -396
  -411
  -428
  -444
  -462
  -480
  -499
  -519
  -540
  -562
  -585
  -610
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
 
  -30
  -35
  -41
  -46
  -52
  -58
  -64
  -69
  -75
  -80
  -71
  -59
  -44
  -28
  -9
  11
  33
  56
  80
  106
  134
  162
  191
  222
  254
  286
  320
  355
  391
  428
Discount rate, %
 
  6.90
  7.25
  7.61
  7.99
  8.39
  8.81
  9.25
  9.71
  10.19
  10.70
  11.24
  11.80
  12.39
  13.01
  13.66
  14.34
  15.06
  15.81
  16.61
  17.44
  18.31
  19.22
  20.18
  21.19
  22.25
  23.37
  24.53
  25.76
  27.05
  28.40
PV of cash for distribution, $m
 
  -28
  -30
  -33
  -34
  -35
  -35
  -34
  -33
  -31
  -29
  -22
  -15
  -10
  -5
  -1
  1
  3
  4
  4
  4
  4
  3
  3
  2
  2
  1
  1
  1
  0
  0
Current shareholders' claim on cash, %
  100
  94.7
  90.5
  87.2
  84.5
  82.5
  81.0
  80.0
  79.3
  79.0
  79.0
  79.0
  79.0
  79.0
  79.0
  79.0
  79.0
  79.0
  79.0
  79.0
  79.0
  79.0
  79.0
  79.0
  79.0
  79.0
  79.0
  79.0
  79.0
  79.0
  79.0

The Marcus Corporation, together with its subsidiaries, operates as a lodging and entertainment company in the United States. It operates through two segments, Movie Theatres, and Hotels and Resorts. As of February 24, 2016, the company operated approximately 53 movie theatres with 668 screens in Wisconsin, Illinois, Iowa, Minnesota, Nebraska, North Dakota, and Ohio; and owned or managed 19 hotels, resorts, and other properties in 10 states. It also operates a family entertainment center in Appleton, Wisconsin. In addition, the company provides hospitality management services, including check-in, housekeeping, and maintenance for a vacation ownership development, such as 68 two-room timeshare units and a timeshare sales center. The Marcus Corporation was founded in 1935 and is headquartered in Milwaukee, Wisconsin.

FINANCIAL RATIOS  of  Marcus (MCS)

Valuation Ratios
P/E Ratio 20.8
Price to Sales 1.5
Price to Book 2
Price to Tangible Book
Price to Cash Flow 9.5
Price to Free Cash Flow -790
Growth Rates
Sales Growth Rate 67.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 90.9%
Cap. Spend. - 3 Yr. Gr. Rate 8.1%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 76.2%
Total Debt to Equity 81%
Interest Coverage 8
Management Effectiveness
Return On Assets 5.1%
Ret/ On Assets - 3 Yr. Avg. 4.1%
Return On Total Capital 5.8%
Ret/ On T. Cap. - 3 Yr. Avg. 4.6%
Return On Equity 10.1%
Return On Equity - 3 Yr. Avg. 8%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 46.9%
Gross Margin - 3 Yr. Avg. 46.9%
EBITDA Margin 20.6%
EBITDA Margin - 3 Yr. Avg. 19.6%
Operating Margin 12.9%
Oper. Margin - 3 Yr. Avg. 12.3%
Pre-Tax Margin 11.2%
Pre-Tax Margin - 3 Yr. Avg. 10.3%
Net Profit Margin 7%
Net Profit Margin - 3 Yr. Avg. 6.4%
Effective Tax Rate 37.7%
Eff/ Tax Rate - 3 Yr. Avg. 38.5%
Payout Ratio 31.6%

MCS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MCS stock intrinsic value calculation we used $544 million for the last fiscal year's total revenue generated by Marcus. The default revenue input number comes from 2016 income statement of Marcus. 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 MCS stock valuation model: a) initial revenue growth rate of 26.4% 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 6.9%, whose default value for MCS is calculated based on our internal credit rating of Marcus, 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 Marcus.
    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 MCS stock the variable cost ratio is equal to 86.4%.

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 MCS 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 3.5% for Marcus.

Corporate tax rate of 27% is the nominal tax rate for Marcus. 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 MCS 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 MCS are equal to 136%.

Life of production assets of 18.7 years is the average useful life of capital assets used in Marcus 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 MCS 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 - $390 million for Marcus - 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 26.608 million for Marcus 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 Marcus at the current share price and the inputted number of shares is $0.8 billion.


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COMPANY NEWS

▶ First look inside Marcus Theatres' BistroPlex at Southridge   [Jun-26-17 06:09PM  American City Business Journals]
▶ Top Ranked Growth Stocks to Buy for June 23rd   [Jun-23-17 12:00PM  Zacks]
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▶ Top Ranked Growth Stocks to Buy for June 12th   [Jun-12-17 10:41AM  Zacks]
▶ Gabelli & Companys 9th Annual Entertainment Conference   [May-25-17 08:57AM  Business Wire]
▶ ETFs with exposure to Marcus Corp. : May 16, 2017   [May-16-17 12:55PM  Capital Cube]
▶ The Marcus Corporation Declares Quarterly Dividend   [May-04-17 03:14PM  Business Wire]
▶ Calatrava sculpture will highlight major Wisconsin Avenue public art display   [May-02-17 04:39PM  American City Business Journals]
▶ Marcus Corp. beats estimates as cinemas, hotels outpace industries   [Apr-27-17 10:40AM  American City Business Journals]
▶ Marcus posts 1Q profit   [09:16AM  Associated Press]
▶ Marcus Corp. Value Analysis (NYSE:MCS) : April 19, 2017   [Apr-19-17 03:08PM  Capital Cube]
▶ CinemaCon 2017: Regency Theatres logs onto MovieTickets.com   [Mar-28-17 05:35PM  at bizjournals.com]
▶ SafeHouse in Chicago opened its doors Wednesday   [09:12AM  at bizjournals.com]
▶ Sneak peek inside the new SafeHouse in Chicago: Slideshow   [Feb-13-17 10:30AM  at bizjournals.com]
Stock chart of MCS Financial statements of MCS Annual reports of MCS
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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