Intrinsic value of National CineMedia - NCMI

Previous Close

$7.47

  Intrinsic Value

$14.47

stock screener

  Rating & Target

str. buy

+94%

Previous close

$7.47

 
Intrinsic value

$14.47

 
Up/down potential

+94%

 
Rating

str. buy

We calculate the intrinsic value of NCMI 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 0001), $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 0.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  17.10
  15.89
  14.80
  13.82
  12.94
  12.14
  11.43
  10.79
  10.21
  9.69
  9.22
  8.80
  8.42
  8.08
  7.77
  7.49
  7.24
  7.02
  6.82
  6.63
  6.47
  6.32
  6.19
  6.07
  5.97
  5.87
  5.78
  5.70
  5.63
  5.57
Revenue, $m
  499
  578
  664
  756
  853
  957
  1,066
  1,181
  1,302
  1,428
  1,560
  1,697
  1,840
  1,988
  2,143
  2,303
  2,470
  2,644
  2,824
  3,011
  3,206
  3,409
  3,620
  3,840
  4,069
  4,307
  4,557
  4,816
  5,088
  5,371
Variable operating expenses, $m
  49
  45
  41
  37
  32
  27
  22
  17
  11
  6
  -72
  -79
  -85
  -92
  -99
  -107
  -114
  -122
  -131
  -139
  -148
  -158
  -168
  -178
  -188
  -200
  -211
  -223
  -236
  -249
Fixed operating expenses, $m
  230
  235
  240
  245
  251
  256
  262
  268
  274
  280
  286
  292
  299
  305
  312
  319
  326
  333
  340
  348
  355
  363
  371
  379
  388
  396
  405
  414
  423
  432
Total operating expenses, $m
  279
  280
  281
  282
  283
  283
  284
  285
  285
  286
  214
  213
  214
  213
  213
  212
  212
  211
  209
  209
  207
  205
  203
  201
  200
  196
  194
  191
  187
  183
Operating income, $m
  220
  298
  383
  473
  570
  673
  782
  897
  1,017
  1,143
  1,346
  1,483
  1,627
  1,775
  1,930
  2,091
  2,259
  2,433
  2,614
  2,803
  2,999
  3,203
  3,416
  3,638
  3,869
  4,111
  4,363
  4,626
  4,900
  5,188
EBITDA, $m
  315
  397
  485
  580
  681
  789
  903
  1,023
  1,149
  1,280
  1,418
  1,562
  1,711
  1,867
  2,029
  2,198
  2,373
  2,555
  2,745
  2,942
  3,147
  3,361
  3,583
  3,815
  4,057
  4,309
  4,573
  4,848
  5,135
  5,435
Interest expense (income), $m
  53
  53
  36
  47
  59
  72
  86
  100
  116
  132
  149
  167
  186
  205
  225
  246
  268
  291
  314
  339
  364
  391
  418
  447
  477
  508
  540
  574
  609
  646
  684
Earnings before tax, $m
  168
  263
  336
  414
  498
  588
  682
  781
  885
  994
  1,179
  1,298
  1,422
  1,550
  1,684
  1,823
  1,968
  2,119
  2,276
  2,439
  2,609
  2,785
  2,970
  3,162
  3,362
  3,571
  3,789
  4,017
  4,255
  4,504
Tax expense, $m
  45
  71
  91
  112
  135
  159
  184
  211
  239
  268
  318
  350
  384
  419
  455
  492
  531
  572
  614
  658
  704
  752
  802
  854
  908
  964
  1,023
  1,084
  1,149
  1,216
Net income, $m
  122
  192
  245
  303
  364
  429
  498
  570
  646
  725
  861
  948
  1,038
  1,132
  1,229
  1,331
  1,437
  1,547
  1,661
  1,780
  1,904
  2,033
  2,168
  2,308
  2,454
  2,607
  2,766
  2,932
  3,106
  3,288

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  1,375
  1,593
  1,829
  2,081
  2,351
  2,636
  2,938
  3,255
  3,587
  3,934
  4,297
  4,675
  5,069
  5,478
  5,903
  6,346
  6,805
  7,283
  7,779
  8,295
  8,832
  9,391
  9,972
  10,578
  11,209
  11,866
  12,552
  13,268
  14,016
  14,796
Adjusted assets (=assets-cash), $m
  1,375
  1,593
  1,829
  2,081
  2,351
  2,636
  2,938
  3,255
  3,587
  3,934
  4,297
  4,675
  5,069
  5,478
  5,903
  6,346
  6,805
  7,283
  7,779
  8,295
  8,832
  9,391
  9,972
  10,578
  11,209
  11,866
  12,552
  13,268
  14,016
  14,796
Revenue / Adjusted assets
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
Average production assets, $m
  410
  475
  545
  620
  701
  786
  875
  970
  1,069
  1,173
  1,281
  1,393
  1,511
  1,633
  1,759
  1,891
  2,028
  2,170
  2,318
  2,472
  2,632
  2,799
  2,972
  3,152
  3,340
  3,536
  3,741
  3,954
  4,177
  4,410
Working capital, $m
  65
  75
  86
  98
  111
  124
  139
  154
  169
  186
  203
  221
  239
  258
  279
  299
  321
  344
  367
  391
  417
  443
  471
  499
  529
  560
  592
  626
  661
  698
Total debt, $m
  625
  821
  1,034
  1,261
  1,503
  1,760
  2,032
  2,317
  2,616
  2,929
  3,255
  3,595
  3,949
  4,318
  4,701
  5,099
  5,512
  5,942
  6,389
  6,853
  7,337
  7,839
  8,362
  8,907
  9,475
  10,067
  10,685
  11,329
  12,002
  12,704
Total liabilities, $m
  1,237
  1,434
  1,646
  1,873
  2,116
  2,373
  2,644
  2,929
  3,228
  3,541
  3,867
  4,208
  4,562
  4,930
  5,313
  5,711
  6,125
  6,554
  7,001
  7,466
  7,949
  8,452
  8,975
  9,520
  10,088
  10,680
  11,297
  11,941
  12,614
  13,317
Total equity, $m
  137
  159
  183
  208
  235
  264
  294
  325
  359
  393
  430
  468
  507
  548
  590
  635
  681
  728
  778
  830
  883
  939
  997
  1,058
  1,121
  1,187
  1,255
  1,327
  1,402
  1,480
Total liabilities and equity, $m
  1,374
  1,593
  1,829
  2,081
  2,351
  2,637
  2,938
  3,254
  3,587
  3,934
  4,297
  4,676
  5,069
  5,478
  5,903
  6,346
  6,806
  7,282
  7,779
  8,296
  8,832
  9,391
  9,972
  10,578
  11,209
  11,867
  12,552
  13,268
  14,016
  14,797
Debt-to-equity ratio
  4.550
  5.160
  5.650
  6.060
  6.400
  6.680
  6.920
  7.120
  7.290
  7.440
  7.580
  7.690
  7.790
  7.880
  7.960
  8.040
  8.100
  8.160
  8.210
  8.260
  8.310
  8.350
  8.390
  8.420
  8.450
  8.480
  8.510
  8.540
  8.560
  8.590
Adjusted equity ratio
  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
  122
  192
  245
  303
  364
  429
  498
  570
  646
  725
  861
  948
  1,038
  1,132
  1,229
  1,331
  1,437
  1,547
  1,661
  1,780
  1,904
  2,033
  2,168
  2,308
  2,454
  2,607
  2,766
  2,932
  3,106
  3,288
Depreciation, amort., depletion, $m
  95
  98
  102
  107
  111
  116
  121
  126
  132
  138
  72
  78
  85
  92
  99
  106
  114
  122
  130
  139
  148
  157
  167
  177
  188
  199
  210
  222
  235
  248
Funds from operations, $m
  217
  290
  348
  409
  475
  545
  619
  696
  778
  863
  933
  1,026
  1,123
  1,223
  1,328
  1,437
  1,551
  1,669
  1,792
  1,919
  2,052
  2,191
  2,335
  2,485
  2,642
  2,805
  2,976
  3,154
  3,341
  3,535
Change in working capital, $m
  9
  10
  11
  12
  13
  13
  14
  15
  16
  16
  17
  18
  19
  19
  20
  21
  22
  23
  23
  24
  25
  26
  27
  29
  30
  31
  32
  34
  35
  37
Cash from operations, $m
  208
  280
  336
  397
  462
  531
  604
  681
  762
  847
  916
  1,008
  1,104
  1,204
  1,308
  1,417
  1,529
  1,646
  1,768
  1,895
  2,027
  2,164
  2,307
  2,456
  2,612
  2,774
  2,944
  3,121
  3,305
  3,498
Maintenance CAPEX, $m
  -20
  -23
  -27
  -31
  -35
  -39
  -44
  -49
  -54
  -60
  -66
  -72
  -78
  -85
  -92
  -99
  -106
  -114
  -122
  -130
  -139
  -148
  -157
  -167
  -177
  -188
  -199
  -210
  -222
  -235
New CAPEX, $m
  -60
  -65
  -70
  -75
  -80
  -85
  -90
  -94
  -99
  -104
  -108
  -113
  -117
  -122
  -127
  -132
  -137
  -142
  -148
  -154
  -160
  -166
  -173
  -180
  -188
  -196
  -204
  -213
  -223
  -233
Cash from investing activities, $m
  -80
  -88
  -97
  -106
  -115
  -124
  -134
  -143
  -153
  -164
  -174
  -185
  -195
  -207
  -219
  -231
  -243
  -256
  -270
  -284
  -299
  -314
  -330
  -347
  -365
  -384
  -403
  -423
  -445
  -468
Free cash flow, $m
  128
  192
  239
  291
  347
  407
  470
  538
  609
  683
  742
  823
  909
  997
  1,090
  1,186
  1,286
  1,390
  1,498
  1,611
  1,728
  1,850
  1,977
  2,109
  2,247
  2,391
  2,540
  2,697
  2,860
  3,031
Issuance/(repayment) of debt, $m
  -299
  197
  212
  227
  242
  257
  271
  285
  299
  313
  326
  340
  354
  368
  383
  398
  414
  430
  447
  464
  483
  503
  523
  545
  568
  592
  617
  644
  673
  703
Issuance/(repurchase) of shares, $m
  377
  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  
  78
  197
  212
  227
  242
  257
  271
  285
  299
  313
  326
  340
  354
  368
  383
  398
  414
  430
  447
  464
  483
  503
  523
  545
  568
  592
  617
  644
  673
  703
Total cash flow (excl. dividends), $m
  207
  388
  452
  519
  589
  664
  742
  823
  908
  996
  1,068
  1,164
  1,263
  1,366
  1,473
  1,584
  1,700
  1,820
  1,945
  2,075
  2,211
  2,353
  2,500
  2,654
  2,815
  2,983
  3,158
  3,341
  3,533
  3,734
Retained Cash Flow (-), $m
  -500
  -22
  -24
  -25
  -27
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -58
  -61
  -63
  -66
  -69
  -72
  -75
  -78
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
  -293
  366
  428
  493
  563
  635
  711
  791
  874
  961
  1,032
  1,126
  1,223
  1,325
  1,430
  1,540
  1,654
  1,772
  1,895
  2,024
  2,157
  2,297
  2,442
  2,593
  2,752
  2,917
  3,089
  3,270
  3,458
  3,656
Discount rate, %
  13.50
  14.18
  14.88
  15.63
  16.41
  17.23
  18.09
  19.00
  19.95
  20.94
  21.99
  23.09
  24.24
  25.46
  26.73
  28.07
  29.47
  30.94
  32.49
  34.11
  35.82
  37.61
  39.49
  41.47
  43.54
  45.72
  48.00
  50.40
  52.92
  55.57
PV of cash for distribution, $m
  -258
  281
  282
  276
  263
  245
  222
  197
  170
  144
  116
  93
  73
  55
  41
  29
  20
  14
  9
  6
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  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

National CineMedia, Inc. (NCM, Inc.) is a holding company that manages its consolidated subsidiary National CineMedia, LLC (NCM LLC). The Company operates digital in-theater network in North America, allowing NCM LLC to sell advertising and certain third-party theater circuits under long-term network affiliate agreements. It is engaged in the sale of advertising to national, regional and local businesses in First Look, its cinema advertising and entertainment pre-show seen on movie screens across the United States It also sells advertising on its Lobby Entertainment Network (LEN), a series of screens located in movie theater lobbies, as well as other forms of advertising and promotions in theater lobbies. The Company sells online and mobile advertising through its Cinema Accelerator digital product to reach entertainment audiences beyond the theater. In-theater advertising and entertainment content is distributed across NCM LLC's national theater network.

FINANCIAL RATIOS  of  National CineMedia (NCMI)

Valuation Ratios
P/E Ratio 17.9
Price to Sales 1
Price to Book -1.1
Price to Tangible Book
Price to Cash Flow 3.3
Price to Free Cash Flow 3.8
Growth Rates
Sales Growth Rate 0.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate -4.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity -218.4%
Total Debt to Equity -218.4%
Interest Coverage 3
Management Effectiveness
Return On Assets 6.9%
Ret/ On Assets - 3 Yr. Avg. 5.9%
Return On Total Capital 4.9%
Ret/ On T. Cap. - 3 Yr. Avg. 3.5%
Return On Equity -6%
Return On Equity - 3 Yr. Avg. -4.4%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 72.5%
Gross Margin - 3 Yr. Avg. 72%
EBITDA Margin 41.3%
EBITDA Margin - 3 Yr. Avg. 39.4%
Operating Margin 36.4%
Oper. Margin - 3 Yr. Avg. 36%
Pre-Tax Margin 21.4%
Pre-Tax Margin - 3 Yr. Avg. 19.7%
Net Profit Margin 5.6%
Net Profit Margin - 3 Yr. Avg. 4.1%
Effective Tax Rate 9.4%
Eff/ Tax Rate - 3 Yr. Avg. 14.8%
Payout Ratio 220%

NCMI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NCMI stock intrinsic value calculation we used $426.1 million for the last fiscal year's total revenue generated by National CineMedia. The default revenue input number comes from 0001 income statement of National CineMedia. 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 NCMI stock valuation model: a) initial revenue growth rate of 17.1% 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 13.5%, whose default value for NCMI is calculated based on our internal credit rating of National CineMedia, 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 National CineMedia.
    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 NCMI stock the variable cost ratio is equal to 12.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $225 million in the base year in the intrinsic value calculation for NCMI 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 5.7% for National CineMedia.

Corporate tax rate of 27% is the nominal tax rate for National CineMedia. 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 NCMI 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 NCMI are equal to 82.1%.

Life of production assets of 17.8 years is the average useful life of capital assets used in National CineMedia 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 NCMI is equal to 13%. 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 - $-362.5 million for National CineMedia - 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 78.995 million for National CineMedia 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 National CineMedia at the current share price and the inputted number of shares is $0.6 billion.

RELATED COMPANIES Price Int.Val. Rating
CNK Cinemark Holdi 40.30 71.82  str.buy
AMC AMC Entertainm 15.27 198.64  str.buy
OMC Omnicom Group 77.59 175.68  str.buy
ISIG Insignia Syste 1.64 96.03  str.buy

COMPANY NEWS

▶ National CineMedia: 3Q Earnings Snapshot   [07:18AM  Associated Press]
▶ 20 Consumer Discretionary Stocks to Bolster Your Portfolio   [Sep-05-18 03:08PM  InvestorPlace]
▶ National CineMedia: 2Q Earnings Snapshot   [Aug-06-18 07:06PM  Associated Press]
▶ Why National CineMedia Shares Jumped Today   [May-07-18 04:54PM  Motley Fool]
▶ National CineMedia: 1Q Earnings Snapshot   [07:41AM  Associated Press]
▶ 2018 U.S. Cannes Young Lions Winners Announced   [May-04-18 11:50AM  Business Wire]
▶ CinemaCon 2018: NCM brings AR gaming to movie theaters   [Apr-24-18 09:00AM  American City Business Journals]
▶ WPP CEO Sorrell leaves company, under investigation   [Apr-16-18 10:28AM  Yahoo Finance Video]
▶ National CineMedia reports 4Q loss   [Mar-12-18 04:23PM  Associated Press]
▶ Is National CineMedia Inc (NASDAQ:NCMI) Undervalued?   [Feb-21-18 06:38AM  Simply Wall St.]
▶ Top Tech Dividend Yielding Stocks To Profit From   [Feb-08-18 04:02PM  Simply Wall St.]
▶ Top Rated NasdaqGS Tech Dividend Stocks   [Jan-06-18 04:02PM  Simply Wall St.]
▶ Can National CineMedia, Inc.'s Dividend Even Survive?   [Dec-26-17 09:07PM  Motley Fool]
▶ Stay Away! 3 Dividend Stocks That Are Yield Traps   [Dec-01-17 09:43AM  Motley Fool]
▶ These Ultra High-Yield Plays Are Very Cheap Right Now (BKCC)   [Nov-25-17 07:36AM  ETF Daily News]
▶ National CineMedia beats Street 3Q forecasts   [Nov-06-17 05:03PM  Associated Press]
▶ Will Moviepass Save The Movie Theater?   [Oct-31-17 03:28PM  Forbes]
▶ How National CineMedia, Inc. Stock Soared in September   [Oct-10-17 01:38PM  Motley Fool]

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