AMC Continues to Create High-Quality Content; Cost Pressures Continue to Mount
AMC ended 2018 with a strong fourth quarter, as revenue and EBITDA beat consensus expectations despite weak ratings for The Walking Dead. Advertising revenue grew by 1.4% in the U.S., as the firm was still able to push through higher pricing even as the ratings for its flagship program dropped. We are maintaining our narrow moat rating and fair value estimate of $69. With shares trading in 3-star territory, investors should wait for a pullback before investing.Total net revenue expanded by 6% y...
AMC Networks is a holding company. Through its subsidiaries, the company is engaged in owning and operating entertainment businesses and assets. The company's operating segments are: National Networks, which includes activities of the company's programming businesses, which include programming networks such as AMC, WE tv, BBC AMERICA, IFC, and SundanceTV in the U.S., and AMC and IFC in Canada; and International and Other, which includes AMC Networks International, the company's international programming businesses consisting of a portfolio of channels; IFC Films, the company's independent film distribution business, and its subscription streaming services Acorn TV and UMC, Shudder and Sundance Now.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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