Intrinsic value of Regal Entertainment Group Cl A - RGC

Previous Close

$13.98

  Intrinsic Value

$2.70

stock screener

  Rating & Target

str. sell

-81%

  Value-price divergence*

-3%

Previous close

$13.98

 
Intrinsic value

$2.70

 
Up/down potential

-81%

 
Rating

str. sell

 
Value-price divergence*

-3%

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

We calculate the intrinsic value of RGC 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 2.2

 

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, %
  2.24
  4.30
  4.37
  4.43
  4.49
  4.54
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.89
  4.91
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
Revenue, $m
  3,197
  3,334
  3,480
  3,634
  3,798
  3,970
  4,152
  4,344
  4,547
  4,761
  4,986
  5,223
  5,473
  5,735
  6,012
  6,303
  6,609
  6,931
  7,269
  7,625
  7,999
  8,392
  8,806
  9,240
  9,696
  10,175
  10,679
  11,208
  11,764
  12,348
  12,961
Variable operating expenses, $m
 
  2,239
  2,336
  2,438
  2,546
  2,660
  2,780
  2,908
  3,042
  3,183
  3,332
  3,456
  3,622
  3,796
  3,979
  4,171
  4,374
  4,587
  4,811
  5,046
  5,294
  5,554
  5,827
  6,115
  6,417
  6,734
  7,067
  7,417
  7,785
  8,171
  8,577
Fixed operating expenses, $m
 
  750
  769
  788
  808
  828
  849
  870
  892
  914
  937
  960
  984
  1,009
  1,034
  1,060
  1,087
  1,114
  1,142
  1,170
  1,199
  1,229
  1,260
  1,292
  1,324
  1,357
  1,391
  1,426
  1,461
  1,498
  1,535
Total operating expenses, $m
  2,861
  2,989
  3,105
  3,226
  3,354
  3,488
  3,629
  3,778
  3,934
  4,097
  4,269
  4,416
  4,606
  4,805
  5,013
  5,231
  5,461
  5,701
  5,953
  6,216
  6,493
  6,783
  7,087
  7,407
  7,741
  8,091
  8,458
  8,843
  9,246
  9,669
  10,112
Operating income, $m
  337
  345
  375
  408
  444
  482
  523
  567
  613
  663
  717
  806
  867
  931
  999
  1,072
  1,149
  1,230
  1,317
  1,409
  1,506
  1,609
  1,718
  1,833
  1,955
  2,085
  2,221
  2,365
  2,517
  2,678
  2,848
EBITDA, $m
  568
  528
  565
  605
  648
  694
  743
  796
  852
  911
  975
  1,042
  1,114
  1,190
  1,271
  1,357
  1,447
  1,544
  1,646
  1,753
  1,868
  1,988
  2,116
  2,251
  2,394
  2,544
  2,704
  2,872
  3,049
  3,237
  3,434
Interest expense (income), $m
  124
  125
  71
  77
  83
  90
  96
  104
  112
  120
  128
  137
  147
  157
  168
  179
  190
  203
  216
  229
  244
  259
  274
  291
  308
  327
  346
  366
  388
  410
  434
Earnings before tax, $m
  282
  220
  304
  332
  361
  392
  426
  463
  502
  544
  588
  669
  720
  774
  832
  893
  958
  1,028
  1,101
  1,180
  1,263
  1,350
  1,444
  1,542
  1,647
  1,758
  1,875
  1,999
  2,130
  2,268
  2,415
Tax expense, $m
  111
  59
  82
  90
  97
  106
  115
  125
  135
  147
  159
  181
  194
  209
  225
  241
  259
  277
  297
  318
  341
  365
  390
  416
  445
  475
  506
  540
  575
  612
  652
Net income, $m
  170
  160
  222
  242
  263
  286
  311
  338
  366
  397
  429
  488
  525
  565
  607
  652
  700
  750
  804
  861
  922
  986
  1,054
  1,126
  1,202
  1,283
  1,369
  1,459
  1,555
  1,656
  1,763

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  247
  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
  2,646
  2,760
  2,881
  3,009
  3,144
  3,286
  3,437
  3,596
  3,764
  3,941
  4,127
  4,324
  4,530
  4,748
  4,977
  5,218
  5,471
  5,737
  6,018
  6,312
  6,622
  6,947
  7,289
  7,649
  8,026
  8,423
  8,840
  9,278
  9,738
  10,222
  10,729
Adjusted assets (=assets-cash), $m
  2,399
  2,760
  2,881
  3,009
  3,144
  3,286
  3,437
  3,596
  3,764
  3,941
  4,127
  4,324
  4,530
  4,748
  4,977
  5,218
  5,471
  5,737
  6,018
  6,312
  6,622
  6,947
  7,289
  7,649
  8,026
  8,423
  8,840
  9,278
  9,738
  10,222
  10,729
Revenue / Adjusted assets
  1.333
  1.208
  1.208
  1.208
  1.208
  1.208
  1.208
  1.208
  1.208
  1.208
  1.208
  1.208
  1.208
  1.208
  1.208
  1.208
  1.208
  1.208
  1.208
  1.208
  1.208
  1.208
  1.208
  1.208
  1.208
  1.208
  1.208
  1.208
  1.208
  1.208
  1.208
Average production assets, $m
  1,446
  1,507
  1,573
  1,643
  1,717
  1,794
  1,877
  1,964
  2,055
  2,152
  2,254
  2,361
  2,474
  2,592
  2,717
  2,849
  2,987
  3,133
  3,286
  3,447
  3,616
  3,793
  3,980
  4,176
  4,383
  4,599
  4,827
  5,066
  5,317
  5,581
  5,858
Working capital, $m
  -63
  -297
  -310
  -323
  -338
  -353
  -370
  -387
  -405
  -424
  -444
  -465
  -487
  -510
  -535
  -561
  -588
  -617
  -647
  -679
  -712
  -747
  -784
  -822
  -863
  -906
  -950
  -998
  -1,047
  -1,099
  -1,154
Total debt, $m
  2,314
  1,313
  1,422
  1,537
  1,658
  1,787
  1,923
  2,066
  2,217
  2,376
  2,544
  2,720
  2,906
  3,102
  3,308
  3,525
  3,753
  3,993
  4,245
  4,510
  4,789
  5,082
  5,389
  5,713
  6,053
  6,410
  6,785
  7,179
  7,594
  8,029
  8,486
Total liabilities, $m
  3,485
  2,484
  2,593
  2,708
  2,829
  2,958
  3,094
  3,237
  3,388
  3,547
  3,715
  3,891
  4,077
  4,273
  4,479
  4,696
  4,924
  5,164
  5,416
  5,681
  5,960
  6,253
  6,560
  6,884
  7,224
  7,581
  7,956
  8,350
  8,765
  9,200
  9,657
Total equity, $m
  -839
  276
  288
  301
  314
  329
  344
  360
  376
  394
  413
  432
  453
  475
  498
  522
  547
  574
  602
  631
  662
  695
  729
  765
  803
  842
  884
  928
  974
  1,022
  1,073
Total liabilities and equity, $m
  2,646
  2,760
  2,881
  3,009
  3,143
  3,287
  3,438
  3,597
  3,764
  3,941
  4,128
  4,323
  4,530
  4,748
  4,977
  5,218
  5,471
  5,738
  6,018
  6,312
  6,622
  6,948
  7,289
  7,649
  8,027
  8,423
  8,840
  9,278
  9,739
  10,222
  10,730
Debt-to-equity ratio
  -2.758
  4.760
  4.940
  5.110
  5.280
  5.440
  5.590
  5.740
  5.890
  6.030
  6.160
  6.290
  6.420
  6.530
  6.650
  6.760
  6.860
  6.960
  7.050
  7.140
  7.230
  7.310
  7.390
  7.470
  7.540
  7.610
  7.680
  7.740
  7.800
  7.850
  7.910
Adjusted equity ratio
  -0.453
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  170
  160
  222
  242
  263
  286
  311
  338
  366
  397
  429
  488
  525
  565
  607
  652
  700
  750
  804
  861
  922
  986
  1,054
  1,126
  1,202
  1,283
  1,369
  1,459
  1,555
  1,656
  1,763
Depreciation, amort., depletion, $m
  231
  183
  190
  197
  204
  212
  220
  229
  238
  248
  258
  236
  247
  259
  272
  285
  299
  313
  329
  345
  362
  379
  398
  418
  438
  460
  483
  507
  532
  558
  586
Funds from operations, $m
  344
  344
  412
  439
  468
  499
  532
  567
  605
  645
  688
  724
  773
  824
  879
  937
  998
  1,064
  1,133
  1,206
  1,283
  1,365
  1,452
  1,544
  1,641
  1,743
  1,851
  1,966
  2,086
  2,214
  2,349
Change in working capital, $m
  -67
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -52
  -55
Cash from operations, $m
  411
  356
  425
  453
  482
  514
  548
  584
  623
  664
  708
  745
  795
  848
  903
  963
  1,026
  1,092
  1,163
  1,237
  1,317
  1,400
  1,489
  1,582
  1,681
  1,786
  1,896
  2,013
  2,136
  2,266
  2,403
Maintenance CAPEX, $m
  0
  -145
  -151
  -157
  -164
  -172
  -179
  -188
  -196
  -206
  -215
  -225
  -236
  -247
  -259
  -272
  -285
  -299
  -313
  -329
  -345
  -362
  -379
  -398
  -418
  -438
  -460
  -483
  -507
  -532
  -558
New CAPEX, $m
  -215
  -62
  -66
  -70
  -74
  -78
  -82
  -87
  -92
  -97
  -102
  -107
  -113
  -119
  -125
  -132
  -138
  -145
  -153
  -161
  -169
  -178
  -187
  -196
  -206
  -217
  -228
  -239
  -251
  -264
  -277
Cash from investing activities, $m
  -224
  -207
  -217
  -227
  -238
  -250
  -261
  -275
  -288
  -303
  -317
  -332
  -349
  -366
  -384
  -404
  -423
  -444
  -466
  -490
  -514
  -540
  -566
  -594
  -624
  -655
  -688
  -722
  -758
  -796
  -835
Free cash flow, $m
  187
  150
  209
  226
  244
  264
  286
  309
  335
  362
  391
  413
  446
  481
  519
  559
  602
  648
  696
  748
  803
  861
  923
  988
  1,057
  1,131
  1,209
  1,291
  1,378
  1,470
  1,568
Issuance/(repayment) of debt, $m
  -22
  -1,001
  109
  115
  122
  128
  136
  143
  151
  159
  168
  177
  186
  196
  206
  217
  228
  240
  252
  265
  279
  293
  308
  323
  340
  357
  375
  394
  414
  435
  457
Issuance/(repurchase) of shares, $m
  0
  955
  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  
  -21
  -46
  109
  115
  122
  128
  136
  143
  151
  159
  168
  177
  186
  196
  206
  217
  228
  240
  252
  265
  279
  293
  308
  323
  340
  357
  375
  394
  414
  435
  457
Total cash flow (excl. dividends), $m
  166
  104
  317
  341
  366
  393
  422
  453
  486
  521
  558
  589
  632
  677
  725
  776
  830
  888
  949
  1,013
  1,081
  1,154
  1,230
  1,311
  1,397
  1,488
  1,584
  1,685
  1,792
  1,905
  2,025
Retained Cash Flow (-), $m
  -39
  -1,115
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -33
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -51
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
 
  -1,011
  305
  328
  352
  379
  407
  437
  469
  503
  540
  570
  611
  655
  702
  752
  805
  861
  921
  984
  1,050
  1,121
  1,196
  1,276
  1,359
  1,448
  1,542
  1,641
  1,746
  1,857
  1,974
Discount rate, %
 
  12.90
  13.55
  14.22
  14.93
  15.68
  16.46
  17.29
  18.15
  19.06
  20.01
  21.01
  22.06
  23.17
  24.32
  25.54
  26.82
  28.16
  29.57
  31.05
  32.60
  34.23
  35.94
  37.74
  39.62
  41.60
  43.68
  45.87
  48.16
  50.57
  53.10
PV of cash for distribution, $m
 
  -896
  237
  220
  202
  183
  163
  143
  123
  105
  87
  70
  56
  44
  33
  25
  18
  13
  9
  6
  4
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Regal Entertainment Group, through its subsidiaries, operates as a motion picture exhibitor in the United States. It develops, acquires, and operates multi-screen theatres primarily in mid-sized metropolitan markets and suburban growth areas of larger metropolitan markets. The company operates a theatre circuit under the brands of Regal Cinemas, United Artists, Edwards, Great Escape Theatres, and Hollywood Theaters. As of January 6, 2017, it operated 7,310 screens in 565 theatres in 42 states along with Guam, Saipan, American Samoa, and the District of Columbia. Regal Entertainment Group was founded in 2002 and is based in Knoxville, Tennessee.

FINANCIAL RATIOS  of  Regal Entertainment Group Cl A (RGC)

Valuation Ratios
P/E Ratio 12.9
Price to Sales 0.7
Price to Book -2.6
Price to Tangible Book
Price to Cash Flow 5.3
Price to Free Cash Flow 11.2
Growth Rates
Sales Growth Rate 2.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 15.6%
Cap. Spend. - 3 Yr. Gr. Rate 13.9%
Financial Strength
Quick Ratio 10
Current Ratio 0
LT Debt to Equity -272.7%
Total Debt to Equity -275.8%
Interest Coverage 3
Management Effectiveness
Return On Assets 9.3%
Ret/ On Assets - 3 Yr. Avg. 8.5%
Return On Total Capital 11.7%
Ret/ On T. Cap. - 3 Yr. Avg. 9.7%
Return On Equity -19.8%
Return On Equity - 3 Yr. Avg. -16.7%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 61.6%
Gross Margin - 3 Yr. Avg. 61.4%
EBITDA Margin 19.9%
EBITDA Margin - 3 Yr. Avg. 18.9%
Operating Margin 10.5%
Oper. Margin - 3 Yr. Avg. 9.6%
Pre-Tax Margin 8.8%
Pre-Tax Margin - 3 Yr. Avg. 7.6%
Net Profit Margin 5.3%
Net Profit Margin - 3 Yr. Avg. 4.6%
Effective Tax Rate 39.4%
Eff/ Tax Rate - 3 Yr. Avg. 40.1%
Payout Ratio 81.8%

RGC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RGC stock intrinsic value calculation we used $3197 million for the last fiscal year's total revenue generated by Regal Entertainment Group Cl A. The default revenue input number comes from 2016 income statement of Regal Entertainment Group Cl A. 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 RGC stock valuation model: a) initial revenue growth rate of 4.3% 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 12.9%, whose default value for RGC is calculated based on our internal credit rating of Regal Entertainment Group Cl A, 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 Regal Entertainment Group Cl A.
    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 RGC stock the variable cost ratio is equal to 67.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $732 million in the base year in the intrinsic value calculation for RGC 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 5.4% for Regal Entertainment Group Cl A.

Corporate tax rate of 27% is the nominal tax rate for Regal Entertainment Group Cl A. 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 RGC 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 RGC are equal to 45.2%.

Life of production assets of 10 years is the average useful life of capital assets used in Regal Entertainment Group Cl A 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 RGC is equal to -8.9%. 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 - $-839 million for Regal Entertainment Group Cl A - 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 157.288 million for Regal Entertainment Group Cl A 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 Regal Entertainment Group Cl A at the current share price and the inputted number of shares is $2.2 billion.

RELATED COMPANIES Price Int.Val. Rating
CNK Cinemark Holdi 32.93 53.12  buy
AMC AMC Entertainm 12.55 255.94  str.buy
MCS Marcus 24.55 3.25  str.sell
RDI Reading Intern 15.50 4.90  str.sell

COMPANY NEWS

▶ Markets rally, Trump bashes Amazon   [Aug-16-17 09:09AM  Yahoo Finance]
▶ Yahoo Finance Live: Market Movers - Aug 16th, 2017   [07:20AM  Yahoo Finance Video]
▶ Trade of the Day: Regal Entertainment Group (RGC)   [Aug-04-17 09:07AM  InvestorPlace]
▶ Regal Entertainment misses Street 2Q forecasts   [12:06AM  Associated Press]
▶ Colorado theater special-events company names new CEO   [Jul-20-17 01:11PM  American City Business Journals]
▶ Movie Theaters Are Turning to Booze to Solve Their Problems   [Jul-08-17 01:20PM  TheStreet.com]
▶ Are Movie Theater Stocks a Buy?   [Jun-20-17 06:14PM  Motley Fool]
▶ Gabelli & Companys 9th Annual Entertainment Conference   [May-25-17 08:57AM  Business Wire]
▶ 3 Great Stocks for Retirees   [May-24-17 07:09AM  Motley Fool]
▶ Dominant Wichita theater chain sells to Regal as AMC prepares to return   [May-19-17 04:23PM  American City Business Journals]
▶ Warren sells theaters to Tennessee company   [12:29PM  American City Business Journals]
▶ Regal Entertainment misses 1Q profit forecasts   [Apr-26-17 05:14PM  Associated Press]
▶ IMAX Driving Higher On 'Fate of The Furious'   [Apr-17-17 12:41PM  Investopedia]
▶ CinemaCon 2017: Regency Theatres logs onto MovieTickets.com   [Mar-28-17 05:35PM  at bizjournals.com]
▶ Movie Theater Stocks Move Up Ahead of The Weekend   [Mar-24-17 03:13PM  Investopedia]
▶ 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]
▶ Regal Results Seem Out of Line With Valuation   [Feb-10-17 11:24AM  at Investopedia]
▶ Another Analyst Goes Negative on Movie Theaters   [12:20PM  at Investopedia]
Financial statements of RGC
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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