Intrinsic value of SeaWorld Entertainment - SEAS

Previous Close

$13.01

  Intrinsic Value

$6.89

stock screener

  Rating & Target

sell

-47%

  Value-price divergence*

-27%

Previous close

$13.01

 
Intrinsic value

$6.89

 
Up/down potential

-47%

 
Rating

sell

 
Value-price divergence*

-27%

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

We calculate the intrinsic value of SEAS 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, %
  -1.97
  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
  1,344
  1,371
  1,402
  1,438
  1,479
  1,524
  1,573
  1,627
  1,685
  1,747
  1,814
  1,886
  1,962
  2,044
  2,130
  2,222
  2,320
  2,423
  2,532
  2,647
  2,769
  2,897
  3,032
  3,175
  3,325
  3,483
  3,650
  3,826
  4,010
  4,204
  4,409
Variable operating expenses, $m
 
  1,232
  1,259
  1,291
  1,326
  1,365
  1,408
  1,455
  1,506
  1,560
  1,619
  1,648
  1,715
  1,786
  1,862
  1,942
  2,027
  2,117
  2,213
  2,313
  2,420
  2,532
  2,650
  2,775
  2,906
  3,045
  3,190
  3,344
  3,505
  3,675
  3,853
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
  1,285
  1,232
  1,259
  1,291
  1,326
  1,365
  1,408
  1,455
  1,506
  1,560
  1,619
  1,648
  1,715
  1,786
  1,862
  1,942
  2,027
  2,117
  2,213
  2,313
  2,420
  2,532
  2,650
  2,775
  2,906
  3,045
  3,190
  3,344
  3,505
  3,675
  3,853
Operating income, $m
  60
  139
  143
  148
  153
  158
  165
  171
  179
  187
  195
  238
  247
  258
  268
  280
  292
  305
  319
  334
  349
  365
  382
  400
  419
  439
  460
  482
  505
  530
  555
EBITDA, $m
  260
  344
  352
  361
  371
  382
  395
  408
  423
  438
  455
  473
  492
  513
  534
  557
  582
  608
  635
  664
  695
  727
  761
  796
  834
  874
  916
  960
  1,006
  1,055
  1,106
Interest expense (income), $m
  0
  54
  55
  56
  58
  60
  62
  65
  67
  70
  73
  76
  80
  84
  88
  92
  96
  101
  106
  111
  117
  123
  129
  136
  142
  150
  157
  166
  174
  183
  192
Earnings before tax, $m
  -3
  86
  88
  91
  95
  98
  102
  107
  111
  116
  122
  161
  167
  174
  181
  188
  196
  204
  213
  222
  232
  242
  253
  265
  277
  289
  303
  317
  331
  347
  363
Tax expense, $m
  10
  23
  24
  25
  26
  27
  28
  29
  30
  31
  33
  44
  45
  47
  49
  51
  53
  55
  58
  60
  63
  65
  68
  71
  75
  78
  82
  85
  89
  94
  98
Net income, $m
  -13
  62
  64
  67
  69
  72
  75
  78
  81
  85
  89
  118
  122
  127
  132
  137
  143
  149
  156
  162
  169
  177
  185
  193
  202
  211
  221
  231
  242
  253
  265

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  69
  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
  2,379
  2,360
  2,414
  2,476
  2,545
  2,623
  2,707
  2,800
  2,899
  3,007
  3,122
  3,246
  3,377
  3,518
  3,667
  3,825
  3,993
  4,170
  4,358
  4,556
  4,765
  4,986
  5,219
  5,465
  5,723
  5,996
  6,283
  6,585
  6,902
  7,237
  7,588
Adjusted assets (=assets-cash), $m
  2,310
  2,360
  2,414
  2,476
  2,545
  2,623
  2,707
  2,800
  2,899
  3,007
  3,122
  3,246
  3,377
  3,518
  3,667
  3,825
  3,993
  4,170
  4,358
  4,556
  4,765
  4,986
  5,219
  5,465
  5,723
  5,996
  6,283
  6,585
  6,902
  7,237
  7,588
Revenue / Adjusted assets
  0.582
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
Average production assets, $m
  1,795
  1,831
  1,874
  1,922
  1,976
  2,036
  2,101
  2,173
  2,250
  2,334
  2,424
  2,519
  2,622
  2,730
  2,846
  2,969
  3,099
  3,237
  3,382
  3,536
  3,699
  3,870
  4,051
  4,242
  4,442
  4,654
  4,877
  5,111
  5,358
  5,617
  5,890
Working capital, $m
  -110
  -129
  -132
  -135
  -139
  -143
  -148
  -153
  -158
  -164
  -171
  -177
  -184
  -192
  -200
  -209
  -218
  -228
  -238
  -249
  -260
  -272
  -285
  -298
  -313
  -327
  -343
  -360
  -377
  -395
  -414
Total debt, $m
  1,583
  1,567
  1,611
  1,661
  1,717
  1,779
  1,847
  1,921
  2,002
  2,089
  2,182
  2,281
  2,387
  2,500
  2,620
  2,748
  2,883
  3,026
  3,177
  3,337
  3,506
  3,684
  3,872
  4,069
  4,278
  4,498
  4,729
  4,972
  5,228
  5,498
  5,781
Total liabilities, $m
  1,918
  1,902
  1,946
  1,996
  2,052
  2,114
  2,182
  2,256
  2,337
  2,424
  2,517
  2,616
  2,722
  2,835
  2,955
  3,083
  3,218
  3,361
  3,512
  3,672
  3,841
  4,019
  4,207
  4,404
  4,613
  4,833
  5,064
  5,307
  5,563
  5,833
  6,116
Total equity, $m
  461
  458
  468
  480
  494
  509
  525
  543
  562
  583
  606
  630
  655
  682
  711
  742
  775
  809
  845
  884
  924
  967
  1,012
  1,060
  1,110
  1,163
  1,219
  1,277
  1,339
  1,404
  1,472
Total liabilities and equity, $m
  2,379
  2,360
  2,414
  2,476
  2,546
  2,623
  2,707
  2,799
  2,899
  3,007
  3,123
  3,246
  3,377
  3,517
  3,666
  3,825
  3,993
  4,170
  4,357
  4,556
  4,765
  4,986
  5,219
  5,464
  5,723
  5,996
  6,283
  6,584
  6,902
  7,237
  7,588
Debt-to-equity ratio
  3.434
  3.420
  3.440
  3.460
  3.480
  3.500
  3.520
  3.540
  3.560
  3.580
  3.600
  3.620
  3.640
  3.660
  3.680
  3.700
  3.720
  3.740
  3.760
  3.780
  3.790
  3.810
  3.820
  3.840
  3.850
  3.870
  3.880
  3.890
  3.900
  3.920
  3.930
Adjusted equity ratio
  0.170
  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
  -13
  62
  64
  67
  69
  72
  75
  78
  81
  85
  89
  118
  122
  127
  132
  137
  143
  149
  156
  162
  169
  177
  185
  193
  202
  211
  221
  231
  242
  253
  265
Depreciation, amort., depletion, $m
  200
  205
  209
  213
  218
  224
  230
  237
  244
  252
  260
  235
  245
  255
  266
  277
  290
  303
  316
  330
  346
  362
  379
  396
  415
  435
  456
  478
  501
  525
  550
Funds from operations, $m
  313
  267
  273
  280
  287
  296
  305
  315
  325
  337
  349
  353
  367
  382
  398
  415
  433
  452
  472
  493
  515
  539
  563
  590
  617
  646
  677
  709
  743
  778
  816
Change in working capital, $m
  33
  -3
  -3
  -3
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
Cash from operations, $m
  280
  270
  276
  283
  291
  300
  309
  320
  331
  343
  355
  360
  374
  390
  406
  424
  442
  461
  482
  504
  527
  551
  576
  603
  631
  661
  692
  725
  760
  796
  835
Maintenance CAPEX, $m
  0
  -168
  -171
  -175
  -180
  -185
  -190
  -196
  -203
  -210
  -218
  -226
  -235
  -245
  -255
  -266
  -277
  -290
  -303
  -316
  -330
  -346
  -362
  -379
  -396
  -415
  -435
  -456
  -478
  -501
  -525
New CAPEX, $m
  -161
  -36
  -42
  -48
  -54
  -60
  -66
  -72
  -77
  -83
  -90
  -96
  -102
  -109
  -116
  -123
  -130
  -138
  -146
  -154
  -162
  -171
  -181
  -191
  -201
  -211
  -223
  -234
  -247
  -259
  -273
Cash from investing activities, $m
  -160
  -204
  -213
  -223
  -234
  -245
  -256
  -268
  -280
  -293
  -308
  -322
  -337
  -354
  -371
  -389
  -407
  -428
  -449
  -470
  -492
  -517
  -543
  -570
  -597
  -626
  -658
  -690
  -725
  -760
  -798
Free cash flow, $m
  120
  65
  63
  60
  57
  55
  53
  52
  50
  49
  48
  38
  37
  36
  35
  35
  34
  34
  34
  34
  34
  34
  34
  34
  34
  34
  35
  35
  36
  36
  37
Issuance/(repayment) of debt, $m
  -3
  36
  44
  50
  56
  62
  68
  74
  80
  87
  93
  100
  106
  113
  120
  127
  135
  143
  151
  160
  169
  178
  188
  198
  209
  220
  231
  243
  256
  269
  283
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  
  -5
  36
  44
  50
  56
  62
  68
  74
  80
  87
  93
  100
  106
  113
  120
  127
  135
  143
  151
  160
  169
  178
  188
  198
  209
  220
  231
  243
  256
  269
  283
Total cash flow (excl. dividends), $m
  115
  102
  107
  110
  114
  117
  122
  126
  131
  135
  141
  137
  143
  149
  155
  162
  169
  177
  185
  193
  202
  212
  221
  232
  242
  254
  266
  278
  292
  306
  320
Retained Cash Flow (-), $m
  43
  -10
  -11
  -12
  -14
  -15
  -16
  -18
  -19
  -21
  -22
  -24
  -26
  -27
  -29
  -31
  -33
  -34
  -36
  -38
  -41
  -43
  -45
  -48
  -50
  -53
  -56
  -59
  -62
  -65
  -68
Prev. year cash balance distribution, $m
 
  13
  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
 
  105
  96
  98
  100
  103
  105
  108
  111
  115
  118
  113
  117
  122
  127
  132
  137
  143
  149
  155
  162
  169
  176
  184
  192
  201
  210
  220
  230
  241
  252
Discount rate, %
 
  10.60
  11.13
  11.69
  12.27
  12.88
  13.53
  14.21
  14.92
  15.66
  16.44
  17.27
  18.13
  19.04
  19.99
  20.99
  22.04
  23.14
  24.30
  25.51
  26.79
  28.12
  29.53
  31.01
  32.56
  34.19
  35.90
  37.69
  39.57
  41.55
  43.63
PV of cash for distribution, $m
 
  94
  78
  70
  63
  56
  49
  43
  37
  31
  26
  20
  16
  13
  10
  8
  6
  4
  3
  2
  1
  1
  1
  0
  0
  0
  0
  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

SeaWorld Entertainment, Inc. operates as a theme park and entertainment company in the United States. It operates marine-life theme park under the SeaWorld brand name in San Diego, Orlando, and San Antonio; Busch Gardens theme parks, which are family-oriented destinations with foreign geographic settings in Tampa and Williamsburg; Discovery Cove marine life theme park in Langhorne; and Sesame Place, a seasonal park in Langhorne. The company also operates water parks under the Aquatica brand name in Orlando, San Antonio, and San Diego; Water Country USA name in Williamsburg; and the Adventure Island name in Tampa. In addition, it operates its theme park under Shamu and Sea Rescue brand names. The company owns and operates 11 destination and regional theme parks. The company was formerly known as SW Holdco, Inc. and changed its name to SeaWorld Entertainment, Inc. in December 2012. SeaWorld Entertainment, Inc. was founded in 1959 and is headquartered in Orlando, Florida.

FINANCIAL RATIOS  of  SeaWorld Entertainment (SEAS)

Valuation Ratios
P/E Ratio -85.4
Price to Sales 0.8
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 4
Price to Free Cash Flow 9.3
Growth Rates
Sales Growth Rate -2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 2.5%
Cap. Spend. - 3 Yr. Gr. Rate -0.6%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 332.1%
Total Debt to Equity 343.4%
Interest Coverage 0
Management Effectiveness
Return On Assets -0.5%
Ret/ On Assets - 3 Yr. Avg. 1.2%
Return On Total Capital -0.6%
Ret/ On T. Cap. - 3 Yr. Avg. 1.3%
Return On Equity -2.7%
Return On Equity - 3 Yr. Avg. 4.8%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 45.2%
Gross Margin - 3 Yr. Avg. 46.9%
EBITDA Margin 14.7%
EBITDA Margin - 3 Yr. Avg. 17.3%
Operating Margin 4.4%
Oper. Margin - 3 Yr. Avg. 8.7%
Pre-Tax Margin -0.2%
Pre-Tax Margin - 3 Yr. Avg. 3.6%
Net Profit Margin -1%
Net Profit Margin - 3 Yr. Avg. 2.1%
Effective Tax Rate -333.3%
Eff/ Tax Rate - 3 Yr. Avg. -87.9%
Payout Ratio -500%

SEAS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SEAS stock intrinsic value calculation we used $1344 million for the last fiscal year's total revenue generated by SeaWorld Entertainment. The default revenue input number comes from 2016 income statement of SeaWorld Entertainment. 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 SEAS 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 10.6%, whose default value for SEAS is calculated based on our internal credit rating of SeaWorld Entertainment, 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 SeaWorld Entertainment.
    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 SEAS stock the variable cost ratio is equal to 89.9%.

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 SEAS 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 SeaWorld Entertainment.

Corporate tax rate of 27% is the nominal tax rate for SeaWorld Entertainment. 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 SEAS 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 SEAS are equal to 133.6%.

Life of production assets of 10.7 years is the average useful life of capital assets used in SeaWorld Entertainment 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 SEAS is equal to -9.4%. 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 - $461 million for SeaWorld Entertainment - 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 91.534 million for SeaWorld Entertainment 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 SeaWorld Entertainment at the current share price and the inputted number of shares is $1.2 billion.

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COMPANY NEWS

▶ SeaWorld reports 2Q loss   [Aug-08-17 05:32PM  Associated Press]
▶ [$$] SeaWorld Grapples With Attendance Slide   [09:28AM  The Wall Street Journal]
▶ SeaWorld hires company reportedly to check into idea of a sale   [Aug-02-17 03:46PM  American City Business Journals]
▶ [$$] SeaWorld Entertainment Names Interim CFO   [Aug-01-17 06:46PM  The Wall Street Journal]
▶ SeaWorld announces interim CFO   [04:22PM  MarketWatch]
▶ SeaWorld Stock Slips, Slides Away   [Jul-27-17 03:43PM  Motley Fool]
▶ SeaWorld Entertainment begins search for creative lead in park development   [Jun-08-17 09:25AM  American City Business Journals]
▶ SeaWorld Entertainment's trademark filing shares more virtual reality plans   [Jun-01-17 12:45PM  American City Business Journals]
▶ SeaWorld Debuts New Killer Whale Show in San Diego   [May-30-17 10:37AM  TheStreet.com]
▶ The SeaWorld Turnaround Story Remains Misunderstood   [May-23-17 11:01AM  Benzinga]
▶ 3 Reasons Comcast's Volcano Bay Will Be Huge   [May-22-17 11:37AM  Motley Fool]
▶ Ringling Brothers Set for Final Curtain Call   [May-20-17 10:40AM  TheStreet.com]
▶ Can Big Bird and Elmo Save SeaWorld?   [01:05PM  Motley Fool]
▶ SeaWorld Orlando to add Sesame Street attraction   [09:35AM  American City Business Journals]
▶ [$$] Deal Close Announcements: May 8-12   [05:47PM  The Wall Street Journal]
▶ Disney World, SeaWorld, and Universal Will Bounce Back   [May-10-17 09:05AM  Motley Fool]
▶ Easter shift hurts SeaWorld in 1st quarter   [May-09-17 09:17AM  Associated Press]
▶ SeaWorld reports 1Q loss   [07:46AM  Associated Press]
▶ Seeing Value In SeaWorld   [08:07AM  Bloomberg]
▶ [video]Another Investor Taking The Plunge Into SeaWorld   [May-02-17 04:27PM  TheStreet.com]
▶ Stifel Likes Cedar Fair, Six Flags, and SeaWorld Stocks   [Apr-21-17 01:08PM  Motley Fool]
Stock chart of SEAS Financial statements of SEAS
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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