Intrinsic value of Marcus - MCS

Previous Close

$26.90

  Intrinsic Value

$3.92

stock screener

  Rating & Target

str. sell

-85%

  Value-price divergence*

+31%

Previous close

$26.90

 
Intrinsic value

$3.92

 
Up/down potential

-85%

 
Rating

str. sell

 
Value-price divergence*

+31%

*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 0.7

 

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
  13.30
  12.47
  11.72
  11.05
  10.45
  9.90
  9.41
  8.97
  8.57
  8.22
  7.89
  7.60
  7.34
  7.11
  6.90
  6.71
  6.54
  6.38
  6.25
  6.12
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
  5.48
  5.43
  5.39
Revenue, $m
  544
  616
  693
  774
  860
  950
  1,044
  1,142
  1,245
  1,351
  1,462
  1,578
  1,698
  1,822
  1,952
  2,087
  2,227
  2,372
  2,524
  2,681
  2,846
  3,017
  3,195
  3,381
  3,574
  3,777
  3,988
  4,209
  4,440
  4,681
  4,933
Variable operating expenses, $m
 
  532
  598
  667
  741
  817
  898
  982
  1,070
  1,161
  1,256
  1,350
  1,453
  1,560
  1,671
  1,786
  1,906
  2,030
  2,160
  2,295
  2,436
  2,582
  2,734
  2,893
  3,059
  3,233
  3,414
  3,603
  3,800
  4,007
  4,223
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
  532
  598
  667
  741
  817
  898
  982
  1,070
  1,161
  1,256
  1,350
  1,453
  1,560
  1,671
  1,786
  1,906
  2,030
  2,160
  2,295
  2,436
  2,582
  2,734
  2,893
  3,059
  3,233
  3,414
  3,603
  3,800
  4,007
  4,223
Operating income, $m
  70
  84
  95
  107
  120
  132
  146
  160
  175
  190
  206
  227
  245
  263
  281
  301
  321
  342
  364
  386
  410
  435
  460
  487
  515
  544
  575
  606
  640
  674
  711
EBITDA, $m
  112
  134
  150
  168
  186
  206
  226
  248
  270
  293
  317
  342
  368
  395
  423
  452
  483
  514
  547
  581
  617
  654
  693
  733
  775
  819
  865
  913
  963
  1,015
  1,070
Interest expense (income), $m
  9
  11
  13
  16
  19
  21
  24
  28
  31
  34
  38
  42
  45
  49
  54
  58
  62
  67
  72
  77
  82
  88
  93
  99
  105
  112
  119
  126
  133
  141
  149
Earnings before tax, $m
  61
  73
  82
  91
  101
  111
  122
  133
  144
  156
  168
  186
  199
  213
  228
  243
  259
  275
  292
  309
  328
  347
  367
  388
  410
  432
  456
  481
  507
  534
  562
Tax expense, $m
  23
  20
  22
  25
  27
  30
  33
  36
  39
  42
  45
  50
  54
  58
  61
  66
  70
  74
  79
  84
  89
  94
  99
  105
  111
  117
  123
  130
  137
  144
  152
Net income, $m
  38
  54
  60
  67
  74
  81
  89
  97
  105
  114
  123
  136
  145
  156
  166
  177
  189
  201
  213
  226
  239
  253
  268
  283
  299
  316
  333
  351
  370
  390
  410

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
  1,029
  1,157
  1,293
  1,436
  1,586
  1,743
  1,907
  2,078
  2,256
  2,441
  2,634
  2,834
  3,043
  3,259
  3,484
  3,717
  3,960
  4,213
  4,476
  4,750
  5,036
  5,333
  5,644
  5,967
  6,305
  6,658
  7,027
  7,412
  7,815
  8,236
Adjusted assets (=assets-cash), $m
  908
  1,029
  1,157
  1,293
  1,436
  1,586
  1,743
  1,907
  2,078
  2,256
  2,441
  2,634
  2,834
  3,043
  3,259
  3,484
  3,717
  3,960
  4,213
  4,476
  4,750
  5,036
  5,333
  5,644
  5,967
  6,305
  6,658
  7,027
  7,412
  7,815
  8,236
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
  838
  943
  1,053
  1,170
  1,292
  1,420
  1,553
  1,693
  1,838
  1,989
  2,146
  2,309
  2,479
  2,655
  2,838
  3,028
  3,226
  3,432
  3,647
  3,870
  4,102
  4,345
  4,598
  4,861
  5,137
  5,424
  5,724
  6,038
  6,366
  6,709
Working capital, $m
  -95
  -89
  -101
  -112
  -125
  -138
  -151
  -166
  -180
  -196
  -212
  -229
  -246
  -264
  -283
  -303
  -323
  -344
  -366
  -389
  -413
  -437
  -463
  -490
  -518
  -548
  -578
  -610
  -644
  -679
  -715
Total debt, $m
  316
  382
  455
  532
  613
  699
  788
  882
  979
  1,081
  1,187
  1,296
  1,411
  1,529
  1,653
  1,781
  1,914
  2,052
  2,197
  2,347
  2,503
  2,665
  2,835
  3,012
  3,196
  3,389
  3,590
  3,800
  4,020
  4,249
  4,490
Total liabilities, $m
  521
  587
  660
  737
  818
  904
  993
  1,087
  1,184
  1,286
  1,392
  1,501
  1,616
  1,734
  1,858
  1,986
  2,119
  2,257
  2,402
  2,552
  2,708
  2,870
  3,040
  3,217
  3,401
  3,594
  3,795
  4,005
  4,225
  4,454
  4,695
Total equity, $m
  390
  442
  498
  556
  617
  682
  749
  820
  893
  970
  1,050
  1,133
  1,219
  1,308
  1,401
  1,498
  1,598
  1,703
  1,812
  1,925
  2,043
  2,165
  2,293
  2,427
  2,566
  2,711
  2,863
  3,022
  3,187
  3,360
  3,542
Total liabilities and equity, $m
  911
  1,029
  1,158
  1,293
  1,435
  1,586
  1,742
  1,907
  2,077
  2,256
  2,442
  2,634
  2,835
  3,042
  3,259
  3,484
  3,717
  3,960
  4,214
  4,477
  4,751
  5,035
  5,333
  5,644
  5,967
  6,305
  6,658
  7,027
  7,412
  7,814
  8,237
Debt-to-equity ratio
  0.810
  0.860
  0.910
  0.960
  0.990
  1.020
  1.050
  1.080
  1.100
  1.110
  1.130
  1.140
  1.160
  1.170
  1.180
  1.190
  1.200
  1.210
  1.210
  1.220
  1.230
  1.230
  1.240
  1.240
  1.250
  1.250
  1.250
  1.260
  1.260
  1.260
  1.270
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
  54
  60
  67
  74
  81
  89
  97
  105
  114
  123
  136
  145
  156
  166
  177
  189
  201
  213
  226
  239
  253
  268
  283
  299
  316
  333
  351
  370
  390
  410
Depreciation, amort., depletion, $m
  42
  49
  55
  61
  67
  73
  80
  87
  95
  103
  111
  115
  123
  133
  142
  152
  162
  173
  184
  195
  207
  219
  232
  246
  260
  275
  290
  306
  323
  340
  359
Funds from operations, $m
  78
  103
  115
  127
  141
  155
  169
  184
  200
  217
  234
  250
  269
  288
  308
  329
  351
  373
  397
  421
  446
  473
  500
  529
  559
  590
  623
  657
  693
  730
  769
Change in working capital, $m
  -5
  -10
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -37
Cash from operations, $m
  83
  113
  126
  139
  153
  168
  183
  198
  215
  232
  250
  267
  286
  306
  327
  349
  371
  394
  419
  444
  470
  498
  526
  556
  587
  620
  654
  689
  726
  765
  806
Maintenance CAPEX, $m
  0
  -40
  -45
  -50
  -56
  -63
  -69
  -76
  -83
  -91
  -98
  -106
  -115
  -123
  -133
  -142
  -152
  -162
  -173
  -184
  -195
  -207
  -219
  -232
  -246
  -260
  -275
  -290
  -306
  -323
  -340
New CAPEX, $m
  -84
  -98
  -105
  -111
  -116
  -122
  -128
  -134
  -139
  -145
  -151
  -157
  -163
  -170
  -176
  -183
  -190
  -198
  -206
  -214
  -223
  -233
  -242
  -253
  -264
  -275
  -287
  -300
  -314
  -328
  -343
Cash from investing activities, $m
  -129
  -138
  -150
  -161
  -172
  -185
  -197
  -210
  -222
  -236
  -249
  -263
  -278
  -293
  -309
  -325
  -342
  -360
  -379
  -398
  -418
  -440
  -461
  -485
  -510
  -535
  -562
  -590
  -620
  -651
  -683
Free cash flow, $m
  -46
  -24
  -23
  -22
  -20
  -17
  -14
  -11
  -7
  -4
  1
  4
  8
  13
  18
  23
  29
  34
  40
  46
  52
  58
  64
  71
  78
  84
  91
  99
  106
  114
  122
Issuance/(repayment) of debt, $m
  58
  69
  73
  77
  81
  85
  89
  93
  97
  102
  106
  110
  114
  119
  123
  128
  133
  139
  144
  150
  156
  163
  170
  177
  185
  193
  201
  210
  220
  230
  240
Issuance/(repurchase) of shares, $m
  -2
  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  
  55
  69
  73
  77
  81
  85
  89
  93
  97
  102
  106
  110
  114
  119
  123
  128
  133
  139
  144
  150
  156
  163
  170
  177
  185
  193
  201
  210
  220
  230
  240
Total cash flow (excl. dividends), $m
  9
  44
  50
  56
  62
  68
  75
  82
  90
  98
  106
  114
  123
  132
  142
  152
  162
  173
  184
  196
  208
  221
  234
  248
  262
  277
  293
  309
  326
  344
  362
Retained Cash Flow (-), $m
  -27
  -52
  -55
  -58
  -61
  -64
  -68
  -71
  -74
  -77
  -80
  -83
  -86
  -90
  -93
  -97
  -100
  -105
  -109
  -113
  -118
  -123
  -128
  -133
  -139
  -145
  -152
  -159
  -166
  -173
  -181
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
 
  -8
  -5
  -3
  0
  4
  8
  12
  16
  21
  27
  31
  36
  42
  49
  55
  62
  68
  75
  83
  90
  98
  106
  114
  123
  132
  141
  150
  160
  170
  181
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
 
  -8
  -5
  -2
  0
  3
  5
  6
  8
  9
  10
  10
  10
  9
  9
  8
  7
  6
  5
  4
  4
  3
  2
  2
  1
  1
  1
  0
  0
  0
  0
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

The Marcus Corporation operates principally in two business segments: Theatres, and Hotels and Resorts. The Theatres segment operates multiscreen motion picture theatres in Wisconsin, Illinois, Ohio, Minnesota, Iowa, North Dakota and Nebraska, and a family entertainment center in Wisconsin. The Hotels and Resorts segment owns and operates hotels and resorts in Wisconsin, Illinois, Oklahoma and Nebraska, and manages hotels, resorts and other properties in Wisconsin, Minnesota, Texas, Nevada, Georgia, Florida and California. As of December 31, 2015, the Company owned or operated 53 movie theatre locations with a total of 668 screens in Wisconsin, Illinois, Iowa, Minnesota, Nebraska, North Dakota and Ohio. Its owned and operated hotels and resorts include The Pfister Hotel, The Hilton Milwaukee City Center, Hilton Madison at Monona Terrace, The Grand Geneva Resort & Spa, InterContinental Milwaukee, Skirvin Hilton, AC Hotel Chicago Downtown and The Lincoln Marriott Cornhusker Hotel.

FINANCIAL RATIOS  of  Marcus (MCS)

Valuation Ratios
P/E Ratio 19.6
Price to Sales 1.4
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 9
Price to Free Cash Flow -744.3
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 13.3% 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 -14.5%. 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 27.537 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 $0.7 billion.

RELATED COMPANIES Price Int.Val. Rating
AMC AMC Entertainm 15.80 151.70  str.buy
RGC Regal Entertai 16.25 1.18  str.sell
CNK Cinemark Holdi 35.81 36.33  hold
RDI Reading Intern 16.07 4.69  str.sell

COMPANY NEWS

▶ Marcus Hotels adds North Carolina property to management portfolio   [Sep-07-17 11:20AM  American City Business Journals]
▶ ETFs with exposure to Marcus Corp. : August 29, 2017   [Aug-29-17 07:52PM  Capital Cube]
▶ Omaha Marriott Downtown at the Capitol District Now Open   [Aug-15-17 12:04PM  Business Wire]
▶ The Marcus Corporation Declares Quarterly Dividend   [Aug-02-17 02:45PM  Business Wire]
▶ Marcus posts 2Q profit   [Jul-27-17 11:38PM  Associated Press]
▶ 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]
▶ Top Ranked Growth Stocks to Buy for June 21st   [Jun-21-17 11:45AM  Zacks]
▶ Top Ranked Growth Stocks to Buy for June 19th   [Jun-19-17 10:55AM  Zacks]
▶ Top Ranked Growth Stocks to Buy for June 15th   [Jun-15-17 11:59AM  Zacks]
▶ Top Ranked Growth Stocks to Buy for June 13th   [Jun-13-17 11:00AM  Zacks]
▶ 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]
Financial statements 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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