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AMC Networks Inc Class A AMCX

Morningstar Rating
$12.80 −0.43 (3.25%)
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Company Report

AMC Networks Earnings: Despite Best Efforts, Declining Trend of Linear Television Remains a Weight

AMC continues to pursue a host of outlets for its content but none seem sufficient at this point to offset the big declines in the linear television revenue that the firm historically relied upon. Neither fourth-quarter results nor weak 2024 guidance were materially different than what we expected after adjusting for the December sale of its remaining stake in an international production services business, 25/7 Media. However, with growing skepticism that the recent rate of decline will materially improve over the next few years, we’re lowering our long-term sales and profit forecasts, resulting in our fair value estimate going down to $20 from $25.

Price vs Fair Value

AMCX is trading within a range we consider fairly valued.
Price
$12.80
Fair Value
$17.00
Uncertainty
Very High
1-Star Price
$27.00
5-Star Price
$72.00
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

AMC has the shows and ratings to increase affiliate fees, decreasing its reliance on the more volatile advertising revenue stream.

Bears

AMC's direct competitors own large studios that can produce shows for their own networks or other networks. These competitors are more likely to be approached first by show creators.

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News

Trading Information

Previous Close Price
$13.23
Day Range
$12.6913.20
52-Week Range
$9.9624.89
Bid/Ask
$12.80 / $14.11
Market Cap
$557.59 Mil
Volume/Avg
462,850 / 573,450

Key Statistics

Price/Earnings (Normalized)
1.93
Price/Sales
0.23
Dividend Yield (Trailing)
Dividend Yield (Forward)
Total Yield
1.30%

Company Profile

AMC Networks owns several cable networks, including flagship AMC, WE tv, BBC America, IFC, and SundanceTV. AMC, the most widely distributed channel, reaches more than 70 million pay-TV households in the U.S. Over the last decade, AMC shifted its focus to original scripted programming from classic movies. WE tv targets a female audience and reaches roughly 68 million households. IFC mainly shows independent films and alternative comedy series. AMC also operates a number of niche streaming platforms including Acorn (focused on British shows) and Shudder (focused on horror programming). The firm launched AMC+, a streaming platform for its own content in 2020.
Sector
Communication Services
Industry
Entertainment
Stock Style Box
Small Value
Total Number of Employees
1,900

Competitors

Valuation

Metric
AMCX
PARA
WBD
Price/Earnings (Normalized)
1.9323.14
Price/Book Value
0.580.390.53
Price/Sales
0.230.280.56
Price/Cash Flow
0.430.531.20
Price/Earnings
AMCX
PARA
WBD

Financial Strength

Metric
AMCX
PARA
WBD
Quick Ratio
1.310.870.60
Current Ratio
1.721.260.88
Interest Coverage
2.70−0.74−1.58
Quick Ratio
AMCX
PARA
WBD

Profitability

Metric
AMCX
PARA
WBD
Return on Assets (Normalized)
5.88%0.76%−2.22%
Return on Equity (Normalized)
32.75%1.93%−6.24%
Return on Invested Capital (Normalized)
9.66%2.43%−1.14%
Return on Assets
AMCX
PARA
WBD
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