Intrinsic value of Cinemark Holdings - CNK

Previous Close

$36.48

  Intrinsic Value

$36.77

stock screener

  Rating & Target

hold

+1%

Previous close

$36.48

 
Intrinsic value

$36.77

 
Up/down potential

+1%

 
Rating

hold

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

We calculate the intrinsic value of CNK 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 4.2

 

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, %
  2.31
  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
  4.87
Revenue, $m
  2,919
  2,986
  3,063
  3,149
  3,245
  3,349
  3,463
  3,587
  3,720
  3,863
  4,015
  4,178
  4,352
  4,536
  4,732
  4,939
  5,159
  5,391
  5,636
  5,895
  6,168
  6,457
  6,760
  7,080
  7,417
  7,772
  8,146
  8,539
  8,952
  9,387
  9,845
Variable operating expenses, $m
 
  2,541
  2,603
  2,673
  2,750
  2,835
  2,927
  3,027
  3,135
  3,250
  3,374
  3,379
  3,519
  3,669
  3,827
  3,995
  4,172
  4,360
  4,558
  4,768
  4,989
  5,222
  5,467
  5,726
  5,999
  6,286
  6,588
  6,906
  7,240
  7,592
  7,962
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
  2,509
  2,541
  2,603
  2,673
  2,750
  2,835
  2,927
  3,027
  3,135
  3,250
  3,374
  3,379
  3,519
  3,669
  3,827
  3,995
  4,172
  4,360
  4,558
  4,768
  4,989
  5,222
  5,467
  5,726
  5,999
  6,286
  6,588
  6,906
  7,240
  7,592
  7,962
Operating income, $m
  409
  445
  460
  476
  494
  514
  536
  560
  585
  612
  642
  799
  832
  868
  905
  945
  987
  1,031
  1,078
  1,128
  1,180
  1,235
  1,293
  1,354
  1,419
  1,487
  1,558
  1,633
  1,712
  1,796
  1,883
EBITDA, $m
  618
  701
  719
  739
  762
  786
  813
  842
  873
  907
  943
  981
  1,022
  1,065
  1,111
  1,159
  1,211
  1,265
  1,323
  1,384
  1,448
  1,516
  1,587
  1,662
  1,741
  1,824
  1,912
  2,004
  2,101
  2,204
  2,311
Interest expense (income), $m
  108
  107
  111
  115
  120
  125
  131
  137
  144
  151
  159
  167
  176
  186
  196
  206
  218
  230
  243
  256
  270
  285
  301
  318
  335
  354
  373
  394
  415
  438
  462
Earnings before tax, $m
  361
  338
  349
  361
  375
  389
  406
  423
  442
  462
  483
  632
  656
  682
  709
  738
  769
  801
  835
  872
  910
  950
  992
  1,037
  1,083
  1,133
  1,185
  1,240
  1,297
  1,358
  1,421
Tax expense, $m
  104
  91
  94
  97
  101
  105
  109
  114
  119
  125
  130
  171
  177
  184
  192
  199
  208
  216
  226
  235
  246
  256
  268
  280
  293
  306
  320
  335
  350
  367
  384
Net income, $m
  255
  247
  255
  264
  273
  284
  296
  309
  322
  337
  353
  461
  479
  498
  518
  539
  561
  585
  610
  636
  664
  693
  724
  757
  791
  827
  865
  905
  947
  991
  1,038

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  561
  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
  4,307
  3,833
  3,932
  4,042
  4,165
  4,299
  4,446
  4,604
  4,775
  4,958
  5,154
  5,364
  5,586
  5,823
  6,074
  6,340
  6,622
  6,920
  7,235
  7,567
  7,918
  8,288
  8,678
  9,089
  9,522
  9,977
  10,457
  10,961
  11,492
  12,051
  12,638
Adjusted assets (=assets-cash), $m
  3,746
  3,833
  3,932
  4,042
  4,165
  4,299
  4,446
  4,604
  4,775
  4,958
  5,154
  5,364
  5,586
  5,823
  6,074
  6,340
  6,622
  6,920
  7,235
  7,567
  7,918
  8,288
  8,678
  9,089
  9,522
  9,977
  10,457
  10,961
  11,492
  12,051
  12,638
Revenue / Adjusted assets
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
Average production assets, $m
  1,943
  1,986
  2,037
  2,094
  2,158
  2,227
  2,303
  2,385
  2,474
  2,569
  2,670
  2,779
  2,894
  3,017
  3,147
  3,285
  3,431
  3,585
  3,748
  3,920
  4,102
  4,294
  4,496
  4,708
  4,933
  5,169
  5,417
  5,678
  5,953
  6,243
  6,547
Working capital, $m
  233
  -308
  -315
  -324
  -334
  -345
  -357
  -369
  -383
  -398
  -414
  -430
  -448
  -467
  -487
  -509
  -531
  -555
  -581
  -607
  -635
  -665
  -696
  -729
  -764
  -801
  -839
  -880
  -922
  -967
  -1,014
Total debt, $m
  2,044
  2,089
  2,168
  2,257
  2,356
  2,464
  2,582
  2,710
  2,848
  2,995
  3,153
  3,322
  3,502
  3,692
  3,895
  4,109
  4,337
  4,577
  4,830
  5,098
  5,381
  5,679
  5,994
  6,325
  6,673
  7,041
  7,427
  7,834
  8,262
  8,712
  9,185
Total liabilities, $m
  3,045
  3,090
  3,169
  3,258
  3,357
  3,465
  3,583
  3,711
  3,849
  3,996
  4,154
  4,323
  4,503
  4,693
  4,896
  5,110
  5,338
  5,578
  5,831
  6,099
  6,382
  6,680
  6,995
  7,326
  7,674
  8,042
  8,428
  8,835
  9,263
  9,713
  10,186
Total equity, $m
  1,262
  744
  763
  784
  808
  834
  862
  893
  926
  962
  1,000
  1,041
  1,084
  1,130
  1,178
  1,230
  1,285
  1,343
  1,404
  1,468
  1,536
  1,608
  1,684
  1,763
  1,847
  1,936
  2,029
  2,126
  2,229
  2,338
  2,452
Total liabilities and equity, $m
  4,307
  3,834
  3,932
  4,042
  4,165
  4,299
  4,445
  4,604
  4,775
  4,958
  5,154
  5,364
  5,587
  5,823
  6,074
  6,340
  6,623
  6,921
  7,235
  7,567
  7,918
  8,288
  8,679
  9,089
  9,521
  9,978
  10,457
  10,961
  11,492
  12,051
  12,638
Debt-to-equity ratio
  1.620
  2.810
  2.840
  2.880
  2.920
  2.950
  2.990
  3.030
  3.070
  3.110
  3.150
  3.190
  3.230
  3.270
  3.310
  3.340
  3.380
  3.410
  3.440
  3.470
  3.500
  3.530
  3.560
  3.590
  3.610
  3.640
  3.660
  3.680
  3.710
  3.730
  3.750
Adjusted equity ratio
  0.187
  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
  255
  247
  255
  264
  273
  284
  296
  309
  322
  337
  353
  461
  479
  498
  518
  539
  561
  585
  610
  636
  664
  693
  724
  757
  791
  827
  865
  905
  947
  991
  1,038
Depreciation, amort., depletion, $m
  209
  256
  259
  263
  267
  272
  277
  282
  288
  294
  301
  182
  189
  197
  206
  215
  224
  234
  245
  256
  268
  281
  294
  308
  322
  338
  354
  371
  389
  408
  428
Funds from operations, $m
  446
  503
  514
  527
  541
  556
  573
  591
  610
  631
  653
  643
  668
  695
  723
  754
  786
  819
  855
  892
  932
  974
  1,018
  1,064
  1,113
  1,165
  1,219
  1,276
  1,336
  1,399
  1,465
Change in working capital, $m
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -37
  -38
  -40
  -43
  -45
  -47
Cash from operations, $m
  452
  510
  522
  536
  551
  567
  585
  604
  624
  646
  669
  660
  686
  714
  744
  775
  808
  843
  880
  919
  960
  1,004
  1,049
  1,097
  1,148
  1,201
  1,257
  1,317
  1,379
  1,444
  1,513
Maintenance CAPEX, $m
  0
  -127
  -130
  -133
  -137
  -141
  -146
  -151
  -156
  -162
  -168
  -175
  -182
  -189
  -197
  -206
  -215
  -224
  -234
  -245
  -256
  -268
  -281
  -294
  -308
  -322
  -338
  -354
  -371
  -389
  -408
New CAPEX, $m
  -327
  -43
  -51
  -57
  -63
  -70
  -76
  -82
  -88
  -95
  -102
  -108
  -115
  -123
  -130
  -138
  -146
  -154
  -163
  -172
  -182
  -192
  -202
  -213
  -224
  -236
  -248
  -261
  -275
  -289
  -304
Cash from investing activities, $m
  -328
  -170
  -181
  -190
  -200
  -211
  -222
  -233
  -244
  -257
  -270
  -283
  -297
  -312
  -327
  -344
  -361
  -378
  -397
  -417
  -438
  -460
  -483
  -507
  -532
  -558
  -586
  -615
  -646
  -678
  -712
Free cash flow, $m
  124
  339
  341
  345
  350
  356
  363
  371
  380
  389
  400
  377
  389
  402
  416
  431
  447
  465
  483
  502
  522
  544
  567
  591
  616
  643
  671
  701
  732
  766
  800
Issuance/(repayment) of debt, $m
  -13
  72
  79
  89
  99
  108
  118
  128
  138
  148
  158
  169
  180
  191
  202
  215
  227
  240
  254
  268
  283
  298
  314
  331
  349
  367
  386
  407
  428
  450
  473
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  
  -28
  72
  79
  89
  99
  108
  118
  128
  138
  148
  158
  169
  180
  191
  202
  215
  227
  240
  254
  268
  283
  298
  314
  331
  349
  367
  386
  407
  428
  450
  473
Total cash flow (excl. dividends), $m
  98
  411
  421
  434
  449
  465
  481
  499
  517
  537
  558
  545
  569
  593
  619
  646
  675
  705
  736
  770
  805
  842
  881
  922
  965
  1,010
  1,058
  1,108
  1,160
  1,216
  1,274
Retained Cash Flow (-), $m
  -162
  -16
  -19
  -21
  -24
  -26
  -28
  -31
  -33
  -36
  -38
  -41
  -43
  -46
  -49
  -52
  -55
  -58
  -61
  -64
  -68
  -72
  -76
  -80
  -84
  -88
  -93
  -98
  -103
  -108
  -114
Prev. year cash balance distribution, $m
 
  534
  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
 
  929
  401
  413
  425
  439
  453
  468
  484
  501
  520
  505
  525
  547
  570
  594
  620
  647
  675
  705
  737
  770
  805
  842
  881
  922
  965
  1,010
  1,057
  1,107
  1,160
Discount rate, %
 
  6.80
  7.14
  7.50
  7.87
  8.27
  8.68
  9.11
  9.57
  10.05
  10.55
  11.08
  11.63
  12.21
  12.82
  13.46
  14.14
  14.84
  15.59
  16.37
  17.18
  18.04
  18.94
  19.89
  20.89
  21.93
  23.03
  24.18
  25.39
  26.66
  27.99
PV of cash for distribution, $m
 
  870
  350
  332
  314
  295
  275
  254
  233
  212
  191
  159
  140
  122
  105
  89
  75
  62
  50
  40
  31
  24
  18
  13
  9
  6
  4
  3
  2
  1
  1
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

Cinemark Holdings, Inc. is engaged in the motion picture exhibition business with theatres in the United States (U.S.), Brazil, Argentina, Chile, Colombia, Peru, Ecuador, Honduras, El Salvador, Nicaragua, Costa Rica, Panama, Guatemala, Paraguay, Curacao and Bolivia. The Company manages its business in two segments: U.S. markets and international markets. The international segment consists of operations in Brazil, Argentina, Chile, Colombia, Peru, Ecuador, Honduras, El Salvador, Nicaragua, Costa Rica, Panama, Guatemala, Bolivia, Curacao and Paraguay. As of December 31, 2016, the Company operated 526 theatres and 5,903 screens in the United States and Latin America. As of December 31, 2016, its the United States circuit had 339 theatres and 4,559 screens in 41 states and its international circuit had 187 theatres and 1,344 screens in 15 countries. It develops new platforms for its theatre circuit, such as XD, Cinemark Reserve, Luxury Lounger reclining seats, CineArts and other concepts.

FINANCIAL RATIOS  of  Cinemark Holdings (CNK)

Valuation Ratios
P/E Ratio 16.6
Price to Sales 1.5
Price to Book 3.4
Price to Tangible Book
Price to Cash Flow 9.4
Price to Free Cash Flow 33.9
Growth Rates
Sales Growth Rate 2.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -1.5%
Cap. Spend. - 3 Yr. Gr. Rate 4.7%
Financial Strength
Quick Ratio 21
Current Ratio 0
LT Debt to Equity 159.8%
Total Debt to Equity 162%
Interest Coverage 4
Management Effectiveness
Return On Assets 7.9%
Ret/ On Assets - 3 Yr. Avg. 7.1%
Return On Total Capital 8%
Ret/ On T. Cap. - 3 Yr. Avg. 7%
Return On Equity 21.6%
Return On Equity - 3 Yr. Avg. 19.6%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 49.5%
Gross Margin - 3 Yr. Avg. 49.5%
EBITDA Margin 23.2%
EBITDA Margin - 3 Yr. Avg. 22.7%
Operating Margin 14%
Oper. Margin - 3 Yr. Avg. 14.2%
Pre-Tax Margin 12.4%
Pre-Tax Margin - 3 Yr. Avg. 11.9%
Net Profit Margin 8.7%
Net Profit Margin - 3 Yr. Avg. 7.9%
Effective Tax Rate 28.8%
Eff/ Tax Rate - 3 Yr. Avg. 33%
Payout Ratio 49%

CNK stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CNK stock intrinsic value calculation we used $2919 million for the last fiscal year's total revenue generated by Cinemark Holdings. The default revenue input number comes from 2016 income statement of Cinemark Holdings. 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 CNK stock valuation model: a) initial revenue growth rate of 2.3% 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 6.8%, whose default value for CNK is calculated based on our internal credit rating of Cinemark Holdings, 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 Cinemark Holdings.
    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 CNK stock the variable cost ratio is equal to 85.2%.

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 CNK 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 5.3% for Cinemark Holdings.

Corporate tax rate of 27% is the nominal tax rate for Cinemark Holdings. 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 CNK 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 CNK are equal to 66.5%.

Life of production assets of 15.3 years is the average useful life of capital assets used in Cinemark Holdings 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 CNK is equal to -10.3%. 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 - $1262 million for Cinemark Holdings - 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 116.435 million for Cinemark Holdings 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 Cinemark Holdings at the current share price and the inputted number of shares is $4.2 billion.

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COMPANY NEWS

▶ [$$] Cinemark Theaters Jumps Into the Subscription Business   [12:36AM  The Wall Street Journal]
▶ AMC Entertainment CEO on media industry mergers   [Dec-05-17 04:41PM  CNBC Videos]
▶ How Cinemarks new Movie Club stacks up against AMC, Regal and MoviePass   [04:30PM  American City Business Journals]
▶ [$$] Cinemark Theaters Jumps Into the Subscription Business   [07:00AM  The Wall Street Journal]
▶ How Major Theater Companies Are Reacting to MoviePass   [Nov-18-17 10:50AM  Motley Fool]
▶ Cinemark to Participate at MKM Partners Investor Conference   [Nov-07-17 04:30PM  Business Wire]
▶ Company News For Nov 6, 2017   [10:04AM  Zacks]
▶ Cinemark misses 3Q profit forecasts   [06:43AM  Associated Press]
▶ At the Movies: 6 Top Theater Turnarounds   [Nov-01-17 07:37AM  Investopedia]
▶ Cinemark Now Accepts Chase Pay Online   [Oct-18-17 01:14PM  Business Wire]
▶ Dow on track for another major milestone   [08:52AM  Yahoo Finance]
▶ Does Cinemark Holdings Incs (CNK) PE Ratio Warrant A Buy?   [Oct-13-17 09:17AM  Simply Wall St.]
▶ Why Did Movie Theater Stocks Sink Today?   [Oct-09-17 06:56PM  Zacks]
▶ Harvey Weinstein ousted from The Weinstein Company   [10:27AM  Yahoo Finance Video]
▶ Court: Movie theaters must accommodate deaf-blind patrons   [Oct-06-17 07:33PM  Associated Press]
▶ Cinema Chains Take It On The Chin   [Oct-03-17 02:20PM  Forbes]
▶ 4 things to know about retail, dining at Howe Bout Arden (PHOTOS)   [Sep-30-17 12:27AM  American City Business Journals]
▶ At $36.41, Is It Time To Buy Cinemark Holdings Inc (CNK)?   [Sep-28-17 08:25PM  Simply Wall St.]
▶ Media Stocks Jump Following Goldman Conference   [Sep-13-17 11:54AM  TheStreet.com]
▶ Bear of the Day: Cinemark (CNK)   [06:18AM  Zacks]
▶ Cinemark to Participate in September Investor Conferences   [Aug-28-17 08:00AM  Business Wire]
▶ Why Theater Chains Are Tanking   [Aug-18-17 08:59PM  Motley Fool]
▶ Theater stocks tumble as MoviePass lowers fee   [Aug-15-17 12:36PM  CNBC Videos]
▶ [$$] Movie Theaters Have a Bigger Problem Than This Summer of Duds   [Aug-11-17 11:25PM  The Wall Street Journal]
▶ Cinemark Declares Quarterly Cash Dividend of $0.29   [Aug-10-17 04:30PM  Business Wire]
▶ Cinemark meets 2Q profit forecasts   [Aug-04-17 09:38PM  Associated Press]
Financial statements of CNK
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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