NCMI
🎬 Emerged from bankruptcy following the pandemic.
📉 Stock has been affected by writer strikes.
⬆️ Riverwater believes National CineMedia can recover approximately $105 million in EBITDA with the recovery of the box office.
💰 Currently trading at five times enterprise value over EBITDA.
@bernardodegarcia:
“National CineMedia, an operator of cinema advertising, has emerged from bankruptcy following the pandemic. The stock has been impacted by writer strikes. Riverwater believes that with the recovery of the box office, National CineMedia can recover approximately $105 million in EBITDA, even with a lower margin than in 2019. Trading at five times enterprise value over EBITDA, it presents an interesting opportunity. The key factor is whether the release schedule will improve in 2025 and 2026, and if major advertisers like Amazon and Google will reinvest in cinema advertising.”
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