Intrinsic value of Six Flags Entertainment - SIX

Previous Close

$61.51

  Intrinsic Value

$8.55

stock screener

  Rating & Target

str. sell

-86%

  Value-price divergence*

+15%

Previous close

$61.51

 
Intrinsic value

$8.55

 
Up/down potential

-86%

 
Rating

str. sell

 
Value-price divergence*

+15%

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

We calculate the intrinsic value of SIX 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 5.3

 

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, %
  4.35
  3.70
  3.83
  3.95
  4.05
  4.15
  4.23
  4.31
  4.38
  4.44
  4.50
  4.55
  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
  4.90
  4.91
  4.92
  4.92
  4.93
  4.94
Revenue, $m
  1,319
  1,368
  1,420
  1,476
  1,536
  1,600
  1,667
  1,739
  1,815
  1,896
  1,981
  2,071
  2,167
  2,267
  2,373
  2,484
  2,602
  2,726
  2,856
  2,993
  3,138
  3,290
  3,450
  3,618
  3,794
  3,980
  4,175
  4,381
  4,596
  4,823
  5,061
Variable operating expenses, $m
 
  988
  1,023
  1,061
  1,102
  1,145
  1,191
  1,239
  1,291
  1,345
  1,403
  1,401
  1,465
  1,533
  1,605
  1,680
  1,760
  1,843
  1,931
  2,024
  2,122
  2,225
  2,333
  2,446
  2,566
  2,691
  2,824
  2,962
  3,108
  3,262
  3,423
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
  1,001
  988
  1,023
  1,061
  1,102
  1,145
  1,191
  1,239
  1,291
  1,345
  1,403
  1,401
  1,465
  1,533
  1,605
  1,680
  1,760
  1,843
  1,931
  2,024
  2,122
  2,225
  2,333
  2,446
  2,566
  2,691
  2,824
  2,962
  3,108
  3,262
  3,423
Operating income, $m
  319
  380
  397
  415
  434
  455
  477
  500
  525
  551
  578
  671
  701
  734
  768
  804
  842
  883
  925
  969
  1,016
  1,065
  1,117
  1,171
  1,228
  1,289
  1,352
  1,418
  1,488
  1,562
  1,639
EBITDA, $m
  426
  522
  542
  563
  586
  610
  636
  664
  693
  723
  756
  790
  826
  865
  905
  948
  993
  1,040
  1,090
  1,142
  1,197
  1,255
  1,316
  1,380
  1,447
  1,518
  1,593
  1,671
  1,753
  1,840
  1,931
Interest expense (income), $m
  69
  72
  52
  55
  59
  64
  68
  73
  78
  83
  89
  95
  101
  108
  115
  123
  130
  139
  148
  157
  166
  177
  187
  199
  210
  223
  236
  250
  264
  280
  296
Earnings before tax, $m
  233
  308
  345
  360
  375
  391
  409
  427
  447
  468
  490
  576
  600
  626
  653
  682
  712
  744
  777
  812
  849
  888
  929
  973
  1,018
  1,066
  1,116
  1,168
  1,224
  1,282
  1,343
Tax expense, $m
  76
  83
  93
  97
  101
  106
  110
  115
  121
  126
  132
  155
  162
  169
  176
  184
  192
  201
  210
  219
  229
  240
  251
  263
  275
  288
  301
  315
  330
  346
  363
Net income, $m
  118
  225
  252
  262
  274
  286
  298
  312
  326
  341
  357
  420
  438
  457
  477
  498
  520
  543
  567
  593
  620
  649
  679
  710
  743
  778
  815
  853
  893
  936
  980

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  137
  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
  2,488
  2,438
  2,532
  2,631
  2,738
  2,852
  2,972
  3,100
  3,236
  3,380
  3,532
  3,692
  3,862
  4,041
  4,230
  4,428
  4,638
  4,859
  5,091
  5,336
  5,593
  5,864
  6,149
  6,448
  6,763
  7,095
  7,443
  7,809
  8,193
  8,597
  9,022
Adjusted assets (=assets-cash), $m
  2,351
  2,438
  2,532
  2,631
  2,738
  2,852
  2,972
  3,100
  3,236
  3,380
  3,532
  3,692
  3,862
  4,041
  4,230
  4,428
  4,638
  4,859
  5,091
  5,336
  5,593
  5,864
  6,149
  6,448
  6,763
  7,095
  7,443
  7,809
  8,193
  8,597
  9,022
Revenue / Adjusted assets
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
Average production assets, $m
  1,560
  1,618
  1,680
  1,746
  1,817
  1,893
  1,973
  2,058
  2,148
  2,243
  2,344
  2,451
  2,563
  2,682
  2,807
  2,939
  3,078
  3,225
  3,379
  3,541
  3,712
  3,892
  4,081
  4,280
  4,489
  4,708
  4,939
  5,182
  5,437
  5,706
  5,987
Working capital, $m
  -37
  -150
  -156
  -162
  -169
  -176
  -183
  -191
  -200
  -209
  -218
  -228
  -238
  -249
  -261
  -273
  -286
  -300
  -314
  -329
  -345
  -362
  -379
  -398
  -417
  -438
  -459
  -482
  -506
  -531
  -557
Total debt, $m
  1,654
  1,174
  1,258
  1,348
  1,444
  1,546
  1,655
  1,770
  1,893
  2,022
  2,159
  2,303
  2,456
  2,617
  2,787
  2,966
  3,154
  3,353
  3,562
  3,782
  4,014
  4,258
  4,514
  4,784
  5,067
  5,365
  5,678
  6,008
  6,354
  6,718
  7,100
Total liabilities, $m
  2,674
  2,194
  2,278
  2,368
  2,464
  2,566
  2,675
  2,790
  2,913
  3,042
  3,179
  3,323
  3,476
  3,637
  3,807
  3,986
  4,174
  4,373
  4,582
  4,802
  5,034
  5,278
  5,534
  5,804
  6,087
  6,385
  6,698
  7,028
  7,374
  7,738
  8,120
Total equity, $m
  -186
  244
  253
  263
  274
  285
  297
  310
  324
  338
  353
  369
  386
  404
  423
  443
  464
  486
  509
  534
  559
  586
  615
  645
  676
  709
  744
  781
  819
  860
  902
Total liabilities and equity, $m
  2,488
  2,438
  2,531
  2,631
  2,738
  2,851
  2,972
  3,100
  3,237
  3,380
  3,532
  3,692
  3,862
  4,041
  4,230
  4,429
  4,638
  4,859
  5,091
  5,336
  5,593
  5,864
  6,149
  6,449
  6,763
  7,094
  7,442
  7,809
  8,193
  8,598
  9,022
Debt-to-equity ratio
  -8.892
  4.820
  4.970
  5.120
  5.270
  5.420
  5.570
  5.710
  5.850
  5.980
  6.110
  6.240
  6.360
  6.480
  6.590
  6.700
  6.800
  6.900
  7.000
  7.090
  7.180
  7.260
  7.340
  7.420
  7.490
  7.560
  7.630
  7.690
  7.760
  7.810
  7.870
Adjusted equity ratio
  -0.137
  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
  118
  225
  252
  262
  274
  286
  298
  312
  326
  341
  357
  420
  438
  457
  477
  498
  520
  543
  567
  593
  620
  649
  679
  710
  743
  778
  815
  853
  893
  936
  980
Depreciation, amort., depletion, $m
  107
  142
  145
  148
  152
  155
  159
  163
  168
  172
  177
  120
  125
  131
  137
  143
  150
  157
  165
  173
  181
  190
  199
  209
  219
  230
  241
  253
  265
  278
  292
Funds from operations, $m
  474
  367
  397
  411
  425
  441
  458
  475
  494
  514
  535
  540
  563
  588
  614
  641
  670
  700
  732
  766
  801
  838
  878
  919
  962
  1,008
  1,055
  1,106
  1,159
  1,214
  1,273
Change in working capital, $m
  11
  -5
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -26
Cash from operations, $m
  463
  372
  403
  417
  432
  448
  465
  483
  502
  523
  544
  550
  574
  599
  625
  653
  683
  714
  747
  781
  817
  855
  895
  937
  982
  1,028
  1,077
  1,128
  1,182
  1,239
  1,299
Maintenance CAPEX, $m
  0
  -76
  -79
  -82
  -85
  -89
  -92
  -96
  -100
  -105
  -109
  -114
  -120
  -125
  -131
  -137
  -143
  -150
  -157
  -165
  -173
  -181
  -190
  -199
  -209
  -219
  -230
  -241
  -253
  -265
  -278
New CAPEX, $m
  -129
  -58
  -62
  -66
  -71
  -75
  -80
  -85
  -90
  -95
  -101
  -107
  -113
  -119
  -125
  -132
  -139
  -146
  -154
  -162
  -171
  -180
  -189
  -199
  -209
  -220
  -231
  -243
  -255
  -268
  -282
Cash from investing activities, $m
  -128
  -134
  -141
  -148
  -156
  -164
  -172
  -181
  -190
  -200
  -210
  -221
  -233
  -244
  -256
  -269
  -282
  -296
  -311
  -327
  -344
  -361
  -379
  -398
  -418
  -439
  -461
  -484
  -508
  -533
  -560
Free cash flow, $m
  335
  238
  262
  269
  276
  284
  293
  302
  312
  323
  334
  329
  342
  355
  369
  384
  400
  417
  435
  454
  474
  494
  516
  539
  564
  589
  616
  645
  674
  706
  739
Issuance/(repayment) of debt, $m
  148
  -451
  84
  90
  96
  102
  109
  115
  122
  129
  137
  145
  153
  161
  170
  179
  189
  199
  209
  220
  232
  244
  256
  270
  283
  298
  313
  329
  346
  364
  382
Issuance/(repurchase) of shares, $m
  -175
  313
  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  
  -73
  -138
  84
  90
  96
  102
  109
  115
  122
  129
  137
  145
  153
  161
  170
  179
  189
  199
  209
  220
  232
  244
  256
  270
  283
  298
  313
  329
  346
  364
  382
Total cash flow (excl. dividends), $m
  258
  100
  346
  359
  372
  386
  401
  417
  434
  452
  471
  473
  494
  516
  539
  563
  589
  616
  644
  674
  705
  738
  773
  809
  847
  887
  930
  974
  1,020
  1,069
  1,121
Retained Cash Flow (-), $m
  210
  -538
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -30
  -31
  -33
  -35
  -37
  -38
  -40
  -42
Prev. year cash balance distribution, $m
 
  108
  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
 
  -330
  336
  349
  361
  375
  389
  404
  421
  437
  455
  457
  477
  498
  520
  543
  568
  594
  621
  649
  679
  711
  744
  779
  816
  854
  895
  937
  982
  1,029
  1,078
Discount rate, %
 
  12.10
  12.71
  13.34
  14.01
  14.71
  15.44
  16.22
  17.03
  17.88
  18.77
  19.71
  20.70
  21.73
  22.82
  23.96
  25.16
  26.41
  27.73
  29.12
  30.58
  32.10
  33.71
  35.40
  37.17
  39.02
  40.97
  43.02
  45.17
  47.43
  49.81
PV of cash for distribution, $m
 
  -294
  265
  239
  214
  189
  164
  141
  120
  100
  82
  63
  50
  39
  29
  22
  16
  11
  8
  5
  3
  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

Six Flags Entertainment Corporation (Six Flags) is a regional theme park operator. The Company operates in the theme parks segment. The Company operates approximately 19 regional theme and water parks. Its parks occupy approximately 4,500 acres of land. Its parks are located in geographically diverse markets across North America. Its parks offer a selection of thrill rides, water attractions, themed areas, concerts and shows, restaurants, game venues and retail outlets. Its parks offer approximately 830 rides, including over 135 roller coasters. The Company's parks include Six Flags America, Six Flags Discovery Kingdom, Six Flags Fiesta Texas, Six Flags Great Adventure & Safari/ Six Flags Hurricane Harbor, Six Flags Great America, Six Flags St. Louis, Six Flags Magic Mountain/ Six Flags Hurricane Harbor, Six Flags Mexico and Six Flags New England.

FINANCIAL RATIOS  of  Six Flags Entertainment (SIX)

Valuation Ratios
P/E Ratio 47.4
Price to Sales 4.2
Price to Book -30
Price to Tangible Book
Price to Cash Flow 12.1
Price to Free Cash Flow 16.7
Growth Rates
Sales Growth Rate 4.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 13.2%
Cap. Spend. - 3 Yr. Gr. Rate 4.8%
Financial Strength
Quick Ratio 5
Current Ratio 0
LT Debt to Equity -873.7%
Total Debt to Equity -889.2%
Interest Coverage 4
Management Effectiveness
Return On Assets 6.7%
Ret/ On Assets - 3 Yr. Avg. 6.7%
Return On Total Capital 7.9%
Ret/ On T. Cap. - 3 Yr. Avg. 7.4%
Return On Equity -145.7%
Return On Equity - 3 Yr. Avg. 1.6%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 91.7%
Gross Margin - 3 Yr. Avg. 92%
EBITDA Margin 31%
EBITDA Margin - 3 Yr. Avg. 31.5%
Operating Margin 24.1%
Oper. Margin - 3 Yr. Avg. 23.7%
Pre-Tax Margin 17.7%
Pre-Tax Margin - 3 Yr. Avg. 17.4%
Net Profit Margin 8.9%
Net Profit Margin - 3 Yr. Avg. 9.2%
Effective Tax Rate 32.6%
Eff/ Tax Rate - 3 Yr. Avg. 29.5%
Payout Ratio 186.4%

SIX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SIX stock intrinsic value calculation we used $1319 million for the last fiscal year's total revenue generated by Six Flags Entertainment. The default revenue input number comes from 2016 income statement of Six Flags 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 SIX stock valuation model: a) initial revenue growth rate of 3.7% 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 12.1%, whose default value for SIX is calculated based on our internal credit rating of Six Flags 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 Six Flags 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 SIX stock the variable cost ratio is equal to 72.4%.

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 SIX 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 4.4% for Six Flags Entertainment.

Corporate tax rate of 27% is the nominal tax rate for Six Flags 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 SIX 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 SIX are equal to 118.3%.

Life of production assets of 20.5 years is the average useful life of capital assets used in Six Flags 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 SIX is equal to -11%. 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 - $-186 million for Six Flags 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 85.924 million for Six Flags 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 Six Flags Entertainment at the current share price and the inputted number of shares is $5.3 billion.

RELATED COMPANIES Price Int.Val. Rating
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COMPANY NEWS

▶ 4 Stocks With Embarrassingly Unsustainable Dividends   [Oct-10-17 08:31AM  Motley Fool]
▶ Six Flags Sets Date to Announce Third Quarter 2017 Earnings   [Oct-04-17 05:00PM  Business Wire]
▶ [$$] Will Investors' Six Flags Thrill Ride End?   [Sep-25-17 12:01AM  Barrons.com]
▶ Six Flags to Present at Upcoming Investor Conference   [Sep-21-17 05:00PM  Business Wire]
▶ Six Flags Evaluates Impact from Mexico Earthquake   [Sep-20-17 07:00AM  Business Wire]
▶ Theme park operators regroup following Irma's landfall   [Sep-11-17 07:09PM  Investing.com]
▶ Six Flags St. Louis unveils new attraction for 2018 season (Video)   [Aug-31-17 12:30PM  American City Business Journals]
▶ Six Flags Takes on Disney and Universal   [Aug-24-17 10:03AM  Motley Fool]
▶ Six Flags Announces Quarterly Cash Dividend   [Aug-17-17 07:00AM  Business Wire]
▶ Six Flags to Present at Upcoming Investor Conference   [Aug-01-17 05:00PM  Business Wire]
▶ Six Flags misses Street 2Q forecasts   [Jul-26-17 09:28PM  Associated Press]
▶ Disneys Extraordinary Achievement   [Jul-24-17 05:33PM  Market Realist]
▶ Six Flags CEO steps down after a year on the job   [Jul-18-17 05:10PM  American City Business Journals]
▶ [$$] Six Flags CEO John Duffey Departs   [03:21PM  The Wall Street Journal]
▶ Six Flags Over Georgia to remove 27-year-old wooden roller coaster   [Jul-17-17 11:15AM  American City Business Journals]
▶ Six Flags Selloff Is Overdone, Says Stifel   [Jul-12-17 11:26AM  Barrons.com]
▶ Why China Is Becoming an Important Market for Disney   [Jul-03-17 10:38AM  Market Realist]
▶ [$$] Merlin: plastic Camelot   [09:52AM  Financial Times]
▶ Why Disney Expects Shanghai Disneyland to Be a Rising Star   [May-15-17 09:07AM  Market Realist]
Financial statements of SIX
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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