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AMC Networks Inc Class A AMCX

Morningstar Rating
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Stock XNAS Rating as of
$15.15 −0.68 (4.30%)
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As of Delayed Price Post-Trading: $15.29 +0.13
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Company Report

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AMC Networks Earnings: Poor Results but Big-Picture Strategic Progress Is What We’re Waiting For

Matthew Dolgin

AMC Networks reported weak first-quarter revenue and profit, but we don't think near-term results will determine the firm's fate. We see the no-moat firm as a niche competitor that needs partners in its evolution. Until we see a bigger shift in operations, we expect underwhelming results to be the norm. We're maintaining our $15 fair value estimate, and we still see much more potential value in the larger traditional media companies that face the same secular risk.

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Price vs Fair Value

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AMCX is trading at a 169% premium.
Price
$15.83
Fair Value
$53.00
Uncertainty
Very High
1-Star Price
$37.76
5-Star Price
$6.60
Economic Moat
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Capital Allocation
Snbphmzm

Bulls Say, Bears Say

Bulls

AMC has the flexibility to experiment with streaming, because it receives low affiliate fees from pay-TV distributors. It is unlikely to face pushback for making its programming nonexclusive.

Bears

AMC’s small size could allow pay-TV providers to cut it out of the bundle with little pushback from consumers, and it doesn’t have deep enough programming to gain sufficient scale with a standalone streaming platform.

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News

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Trading Information

Previous Close Price
$15.83
Day Range
$14.37–16.00
52-Week Range
$9.87–20.97
Bid/Ask
$15.14 / $15.29
Market Cap
$667.26 Mil
Volume/Avg
1.5 Mil / 713,010

Key Statistics

Price/Earnings (Normalized)
2.75
Price/Sales
0.27
Dividend Yield (Trailing)
—
Dividend Yield (Forward)
—
Total Yield
0.75%

Company Profile

AMC Networks owns several linear pay-TV networks, including AMC, WE tv, BBC America, IFC, and SundanceTV. AMC, its most widely distributed network, reached nearly 65 million pay-TV households in the US at the end of 2023. The firm also had nearly 11.5 million US streaming subscribers, with AMC+ as the flagship streaming platform. With both its linear networks and streaming offerings, the firm caters to specific niche audiences. Over the last 15 years, AMC has shifted its focus to original scripted programming from classic movies. It creates content through AMC Studios and also generates revenue from licensing content. Following an international divestiture at the end of 2023, domestic operations make up nearly 90% of total revenue.
Sector
Communication Services
Industry
Entertainment
Stock Style Box
Small Value
Total Number of Employees
1,900
Website
https://www.amcnetworks.com

Competitors

Valuation

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Metric
AMCX
WBD
FOXA
Price/Earnings (Normalized)
 2.75—9.76
Price/Book Value
 0.650.461.47
Price/Sales
 0.270.501.17
Price/Cash Flow
 0.511.1010.17
Price/Earnings
AMCX
WBD
FOXA

Financial Strength

Metric
AMCX
WBD
FOXA
Quick Ratio
 1.480.552.83
Current Ratio
 1.850.823.24
Interest Coverage
 2.29−0.665.96
Quick Ratio
AMCX
WBD
FOXA

Profitability

Metric
AMCX
WBD
FOXA
Return on Assets (Normalized)
 4.84%−1.84%7.90%
Return on Equity (Normalized)
 24.82%−5.08%16.87%
Return on Invested Capital (Normalized)
 8.05%−0.61%9.94%
Return on Assets
AMCX
WBD
FOXA
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