Imax will leverage its brand and format to maintain its lead in the premium large cinema market.
Imax ended 2017 with another strong quarter as the firm slightly exceeded our top line estimate and beat our adjusted EBITDA projection. The company continues to expand theater installation backlog, with 23 theaters in 12 countries added in the fourth quarter. Imax signed agreements covering 170 new theaters during the year and ended the year with a backlog of 494 new theaters with 28% outside of the U.S. and China. There is no change to our narrow moat rating or to our $30 fair value estimate. ...IMAX is an entertainment technology company. Co.'s businesses are: the design and manufacture of theater systems and the sale or contribution of those systems to customers under theater system arrangements; and the Digital Re-Mastering of films into the IMAX format and the exhibition of those films in the IMAX theater network. Co. is also engaged in the production and distribution of original large-format films, the provision of services in support of the IMAX theater network, the provision of post-production services for large-format films, the operation of three IMAX theaters and, from time-to-time the conversion of two-dimensional and three-dimensional Hollywood feature films.
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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