AMC Posts Mixed 3Q; Ad Revenue Surprises Despite Weak Ratings
AMC reported a mixed quarter as third-quarter revenue fell short of expectations but EBITDA beat our projections. Top-line growth of 2% was driven by advertising revenue growth in the U.S. which offset lowering licensing revenue and declines in the international segment. We are maintaining our narrow moat rating but lowering our fair value estimate to $71 from $78 to account for slower margin expansion within both the U.S. and international segments. With shares trading inside 4-star territory e...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.
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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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