AMCX

AMC Networks Inc

TMT


Presented:11/05/2018
Price:$61.05
Cap:$3.45B
Current Price:$7.83
Cap:$0.35B

Presented

Date11/05/2018
Price$61.05
Market Cap$3.45B
Ent Value$6.18B
P/E Ratio7.08x
Book Value$4.65
Div Yield0%
Shares O/S56.53M
Ave Daily Vol674,150
Short Int19.89%

Current

Price$7.83
Market Cap$0.35B
AMC Networks, Inc. is a holding company, which engages in owning and management of cable television networks through its subsidiaries. It operates through the National Networks and International and Other segments. The National Networks segment includes activities of AMC Studios operations, AMC Broadcasting and Technology, and national programming networks, namely: AMC, WEtv, BBC AMERICA, IFC, and SundanceTV in the U. S.; and AMC, IFC, and Sundance Channel in Canada. The International and Other segment comprises AMC Networks International (AMCNI), the international programming businesses consisting of a portfolio of channels in Europe, Latin America, the Middle East, and parts of Asia and Africa; IFC Films, the independent film distribution business; and subscription streaming services, Sundance Now and Shudder. The company was founded by Charles Francis Dolan on March 9, 2011 and is headquartered in New York, NY.

Publicly traded companies mentioned herein: AMC Networks Inc (AMCX), Netflix Inc (NFLX)

Highlights

AMC Networks (AMC or AMCX) is experiencing “an implosion of its business” this year (2018), yet somehow the market seems to be missing it (the stock should be down ‘a lot’ more), said the presenter. He is short in the low $60s, and thinks the management team, led by CEO Josh Sapan, has “somehow been able to kick the can down the road” despite the obvious deterioration of ratings - especially for The Walking Dead. With viewership down across all its shows, operating income declining, and overly optimistic Street estimates for 2019, he sees the potential for EBITDA to fall well short of estimates next year, and the stock to decline to $35 from $60 - $61 (roughly 6x $800MM of 2019 EBITDA).

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Idea Discussion

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