AMC Posts In-Line 3Q; Domestic Ad Revenue Growth Remains Weak
AMC Networks reported an in-line third quarter, as revenue and EBITDA met consensus expectations. The firm’s ability to generate over two thirds of its revenue from nonadvertising sources continues to offset the weak domestic advertising revenue, which was up only 1% year over year for the second quarter in a row. We are maintaining our narrow moat rating and our fair value estimate of $69. Shares still appear modestly undervalued to us.Total net revenue grew 8% year over year to $697 million. ...
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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