DCF Tool

AMCX

AMC Networks Inc – Radio Networks
AMC Networks is a global entertainment company known for its popular and critically-acclaimed content. Its portfolio of brands includes AMC, BBC AMERICA (operated through a joint venture with BBC Studios), IFC, SundanceTV, WE tv, IFC Films, and a number of fast-growing streaming services, including the AMC+ premium streaming bundle, Acorn TV, Shudder, Sundance Now and ALLBLK (formerly branded 'UMC'). AMC Studios, the Company's in-house studio, production and distribution operation, is behind award-winning owned series and franchises, including The Walking Dead, the highest-rated series in cable history. The Company also operates AMC Networks International, its international programming business, and Levity Entertainment Group, its production services and comedy venues business.
Analysis Results
Intrinsic Value $376.59
Latest Price $17.72
Relative Value 95% undervalued
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Cash Flow (Millions)
Analysis Parameters
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Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of -3.3%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 4.3%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of -3.3%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (million) Present value (million)
2022 483 464
2023 467 430
2024 452 399
2025 437 370
2026 422 343
Terminal Value

Assuming the company was sold after the projection period at an exit multiple of 30, the terminal value of the company would be 12700 million. This corresponds to a present value of 9860 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 2000 million. Adding in the terminal value gives a total present value of 11900 million.

There are presently 31.5 million outstanding shares, so the intrinsic value per share is 376.59.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 2,000,186,000
Current Cash 892,221,000
Current Liabilities 1,058,085,000
Current Debt 37,417,000
Non-Cash Working Capital (NCWC) 87,297,000
Change in NCWC -163,098,000
EBIT 659,910,000
Tax Provision 94,393,000
Depreciation and Amortization 93,881,000
Capital Expenditure -42,572,000
Unlevered Free Cash Flow 381,671,084
Current Assets 1,938,766,000
Current Cash 888,526,000
Current Liabilities 878,467,000
Current Debt 78,622,000
Non-Cash Working Capital (NCWC) 250,395,000
Change in NCWC -519,428,000
EBIT 599,939,000
Tax Provision 145,391,000
Depreciation and Amortization 104,606,000
Capital Expenditure -46,595,000
Unlevered Free Cash Flow -78,253,058
Current Assets 2,330,297,000
Current Cash 816,170,000
Current Liabilities 804,342,000
Current Debt 60,038,000
Non-Cash Working Capital (NCWC) 769,823,000
Change in NCWC 132,295,000
EBIT 772,794,000
Tax Provision 78,470,000
Depreciation and Amortization 101,098,000
Capital Expenditure -91,604,000
Unlevered Free Cash Flow 789,854,716
Current Assets 1,963,411,000
Current Cash 554,886,000
Current Liabilities 797,421,000
Current Debt 26,424,000
Non-Cash Working Capital (NCWC) 637,528,000
Change in NCWC 55,716,000
EBIT 777,242,000
Tax Provision 156,306,000
Depreciation and Amortization 91,281,000
Capital Expenditure -89,802,000
Unlevered Free Cash Flow 638,575,519
Current Assets 1,879,850,000
Current Cash 558,783,000
Current Liabilities 744,102,000
Current Debt 4,847,000
Non-Cash Working Capital (NCWC) 581,812,000
Change in NCWC 94,452,000
EBIT 756,635,000
Tax Provision 150,741,000
Depreciation and Amortization 94,638,000
Capital Expenditure -80,049,000
Unlevered Free Cash Flow 687,568,824
Current Assets 1,696,343,000
Current Cash 481,389,000
Current Liabilities 954,178,000
Current Debt 226,584,000
Non-Cash Working Capital (NCWC) 487,360,000
Change in NCWC -54,297,000
EBIT 754,864,000
Tax Provision 164,862,000
Depreciation and Amortization 84,778,000
Capital Expenditure -79,220,000
Unlevered Free Cash Flow 432,506,819
Current Assets 1,537,338,000
Current Cash 316,321,000
Current Liabilities 830,921,000
Current Debt 151,561,000
Non-Cash Working Capital (NCWC) 541,657,000
Change in NCWC 28,683,000
EBIT 724,191,000
Tax Provision 201,090,000
Depreciation and Amortization 83,031,000
Capital Expenditure -68,321,000
Unlevered Free Cash Flow 517,705,709
Current Assets 1,329,080,000
Current Cash 201,367,000
Current Liabilities 731,692,000
Current Debt 116,953,000
Non-Cash Working Capital (NCWC) 512,974,000
Change in NCWC 143,302,000
EBIT 562,068,000
Tax Provision 129,155,000
Depreciation and Amortization 69,048,000
Capital Expenditure -39,739,000
Unlevered Free Cash Flow 551,835,743
Current Assets 1,304,658,000
Current Cash 521,951,000
Current Liabilities 414,753,000
Current Debt 1,718,000
Non-Cash Working Capital (NCWC) 369,672,000
Change in NCWC 455,044,000
EBIT 449,223,000
Tax Provision 178,841,000
Depreciation and Amortization 54,667,000
Capital Expenditure -24,303,000
Unlevered Free Cash Flow 763,331,811

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