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AMC Entertainment Holdings, Inc.NYSE:APE Aktienübersicht

Marktkapitalisierung US$958.7m
Aktienkurs
n/a
1Y-78.2%
7D-37.4%
1D-17.9%
Wert des Portfolios
​
Siehe

AMC Entertainment Holdings, Inc.

NYSE:APE Lagerbericht

Marktkapitalisierung: US$958.7m

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AMC Entertainment Holdings (APE) Aktienübersicht

Engages in the theatrical exhibition business in the United States and internationally. Mehr Details

APE grundlegende Analyse
Schneeflocken-Punktzahl
Bewertung3/6
Künftiges Wachstum0/6
Vergangene Leistung0/6
Finanzielle Gesundheit0/6
Dividenden0/6

Belohnungen

Im Vergleich zu Wettbewerbern und der Branche gut bewertet

Risikoanalyse

Negatives Eigenkapital

Hat weniger als 1 Jahr Cash Runway

Derzeit unrentabel und in den nächsten 3 Jahren nicht rentabel zu werden prognostiziert

Die Aktionäre wurden im vergangenen Jahr verwässert

+ 1 mehr Risiko

APE Community Fair Values

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AMC Entertainment Holdings, Inc. Wettbewerber

Preisentwicklung & Leistung

Zusammenfassung der Höchst- und Tiefststände sowie der Veränderungen der Aktienkurse für AMC Entertainment Holdings
Historische Aktienkurse
Aktueller AktienkursUS$1.42
52-Wochen-HochUS$6.28
52-Wochen-TiefUS$0.65
Beta1.93
1 Monat Veränderung-21.11%
3 Monate Veränderung-10.69%
1 Jahr Veränderung-78.15%
3 Jahre Veränderungn/a
5 Jahre Veränderungn/a
Veränderung seit IPO-76.33%

Aktuelle Nachrichten und Updates

Seeking Alpha • Jan 28

AMC preferred units jump as March 14 date set for conversion vote

AMC Entertainment preferred shares (APE) soared 20% in after hours trading after AMC (NYSE:AMC) set a March shareholder vote for its plan to convert APE preferred equity units into common shares.  AMC fell 2.5%. AMC Entertainment (AMC) set March 14 for a holder vote on the conversion plan, according to a proxy filing on Friday. The vote comes after movie theater chain announced in late December a plan to raise $110M in equity, swap debt for equity and convert its preferred shares into common stock.  AMC said it intended to hold a special shareholder meeting to vote on proposals from its board of directors to convert APE units into common stock and reverse split its stock at a 1-10 ratio. The AMC preferred units (APE) began trading on Aug. 22 and dropped almost 70% through the Friday close. The movie theater giant first announced the APE preferred units in early August to help support its retail-investor "Ape Army." Also see SA contributor Kevin Mack's piece from earlier thIs month entitled "AMC - APE Convergence Trade."

Recent updates

Seeking Alpha • Jan 28

AMC preferred units jump as March 14 date set for conversion vote

AMC Entertainment preferred shares (APE) soared 20% in after hours trading after AMC (NYSE:AMC) set a March shareholder vote for its plan to convert APE preferred equity units into common shares.  AMC fell 2.5%. AMC Entertainment (AMC) set March 14 for a holder vote on the conversion plan, according to a proxy filing on Friday. The vote comes after movie theater chain announced in late December a plan to raise $110M in equity, swap debt for equity and convert its preferred shares into common stock.  AMC said it intended to hold a special shareholder meeting to vote on proposals from its board of directors to convert APE units into common stock and reverse split its stock at a 1-10 ratio. The AMC preferred units (APE) began trading on Aug. 22 and dropped almost 70% through the Friday close. The movie theater giant first announced the APE preferred units in early August to help support its retail-investor "Ape Army." Also see SA contributor Kevin Mack's piece from earlier thIs month entitled "AMC - APE Convergence Trade."
Seeking Alpha • Dec 20

AMC APE: Massive Dilution Downside Still Possible

Summary Shares hit new low after Avatar opening weekend disappoints. Company provides update on significant dilution. Financial position still not great overall. Back in early November, I told investors to sell what they owned of AMC Preferred Units (APE). This stock had fallen considerably already as movie theater giant AMC Entertainment (AMC) was in a very precarious spot regarding its financial situation. As the year comes to a close, APE units have dropped to a new low, yet there is still room for plenty of downside if the theater business doesn't improve meaningfully in 2023. I mentioned back in August that the company likely needed a capital raise, and that process started with AMC management deciding to use a preferred share class to raise funds. As a reminder, there currently are 1 billion preferred units authorized, but also 4 billion more could be eventually authorized by the board. At the end of Q3, AMC reported about 519.5 million APE units outstanding, so there has been the potential for the number outstanding to surge several times over. On Monday, AMC management issued a press release to update investors on the company's current financial situation. During Q4 2022 to date, AMC has raised approximately $153.2 million of gross cash proceeds before fees and commissions through the sale of 123.2 million AMC Preferred Equity Units. That's nearly 24% dilution in less than three months already, and APE units have lost about half of their value since my previous article. The big problem for AMC here is that its financial situation is only getting worse, despite raising over $150 million so far during Q4. In the press release, management stated that it expects to finish this month with total liquidity of $725 million to $825 million, which includes $211.2 million of undrawn capacity under the Company’s revolving credit facility. However, at the end of September, total liquidity was around $896 million. The only small good piece of news here is the debt repurchases that management has detailed: During the fourth quarter of 2022, AMC used a portion of the net proceeds from its ATM to repurchase approximately $30.7 million principal amount of its 10% Second Lien Debt due 2026 at an average discount of approximately 60% and approximately $5.25 million principal amount of its 6.125% Senior Subordinated Notes due 2027 at an average discount of 70%. These debt moves will slightly lower the company's interest expenses, but it's really a drop in the bucket with more than $5 billion in total debt on the books. When thinking about the above statement regarding liquidity, AMC could finish this year with less than $600 million in total cash. That's not a great place to be at considering how much worse the balance sheet has gotten in recent quarters as detailed in the table below. Dollar values are in millions. AMC Key Financials (Company Filings) AMC doesn't have any major debts coming due in the short term, but a large negative working capital balance implies you have a bunch of other bills outstanding that you need to pay back. Thus, unless some lender out there is willing to allow the company to borrow a good chunk of change, which would come at a very high interest rate, the likely way to raise capital here is to continue selling APE units into the market.
Seeking Alpha • Nov 09

Sell APE As AMC Financial Troubles Mount

Summary Q3 loss puts balance sheet in tough spot. Interest rate surge only hurts large debt position. AMC will be selling lots of preferred shares. After the bell on Tuesday, we received third quarter results from theater giant AMC Entertainment (AMC). With domestic box office figures being reported daily, we had a general idea of where things would finish, but the full report is always helpful for investors. After another quarter of large cash burn, the key here today is that investors need to continue selling their AMC Preferred Units (APE), which are likely to keep falling in value. For the third quarter, total revenues of $968 million came in ahead of street estimates and were up about 27% over last year's pandemic impacted quarter. Since we get box office data daily, and AMC has only missed analyst estimates on the top line twice in the past five years, I'm not too concerned with the revenue headline. What's really interesting is that the beat could have potentially been larger if AMC had stronger pricing, as the average ticket price in the U.S. was down over 5% sequentially as seen below. This was the first time in two years that the average price was down over the prior year period. AMC US Average Ticket Price (Company Earnings Reports) For AMC though, the more important item here is the bottom line. After nearly reporting an operating profit in Q2, the company saw its operating loss balloon by almost $100 million sequentially. Despite the surge in revenues, AMC actually lost more money than the year ago period, although this was partly due to a write-down of its investment in Hycroft Mining (HYMC). Rising interest rates are also hurting, as the company's credit facility has seen its interest rate jump by 2.65 percentage points so far in 2022, and that adds up on nearly $2 billion in borrowings there. With large losses continuing, AMC saw another quarter of significant cash burn, almost $280 million in this three month period. The company ended Q3 with its lowest amount of cash on the balance sheet since the end of 2020, and negative working capital increased by more than $312 million. In the table below, you can see a number of key balance sheet metrics, and they all paint a very troubling picture. As a point of reference, the shares outstanding number is only for the Class A shares that trade with the AMC ticker. Dollar values are in millions. AMC Key Balance Sheet Metrics (Company Filings) I mentioned back in August that the company likely needed a capital raise, and that process has begun albeit very slowly. As of November 8, 2022, AMC has sold approximately 14.9 million shares of its AMC Preferred Equity Units (the "APE" shares) and has raised net proceeds of approximately $36.4 million. Unfortunately, this is just a drop in the bucket with more than $5.3 billion in total debt. In fact, the company's 10-Q filing detailed that another nearly $147 million in cash was used in October during the company's latest debt swap. With the AMC ticker brushing up against its authorized number of outstanding shares, the primary way to raise capital currently is to sell those APE shares. Unfortunately, the "split" that the company underwent a few months back did not go well. As the chart below shows, it's been all downhill for the APE ticker since then, closing Tuesday just above $1.60, but down another 30 cents Wednesday morning. APE Share Chart (Yahoo! Finance) Even if AMC management were to sell the rest of the 450 million plus APE shares it currently could into the market, it wouldn't even raise a billion dollars at current levels. Of course, the number could be much lower than that, because trading volumes in APE remain quite low, only averaging 19 million shares recently despite trading at that very low price. Only so many shares can be sold at a time as a result, and AMC is not likely to match the nearly $2.50 per share it grossed to this point on the next 15 million shares it sells.
Seeking Alpha • Sep 26

Why I've Taken A Position In AMC's APE Units

Summary AMC issued preferred shares in order to be able to raise equity. These preferred shares are economically equivalent to, or even slightly better than, AMC shares. Nonetheless, the preferred shares are trading at a substantial discount to AMC shares. I give my assessment of why this might be, and then explain why I have bought the preferred shares. In this article I explain why I've taken a speculative long position in AMC Preferred Equity Units (APE). I'll also discuss a possible pair trade that in theory should be less risky than an outright long position in APE. What is APE? The genesis of these preferred units is a little bit convoluted. Essentially AMC (AMC) wanted to issue more common shares to raise money and pay off debt, but because shareholders didn't want to be diluted, they voted against authorizing more shares to be issued. AMC currently has 516,820,595 common shares issued (not including any to be issued on the exercise of options) with 524,173,073 authorized so it is essentially capped in the number of new shares it can issue. In order to bypass this limit, AMC decided to issue preferred shares (of which there are plenty of unissued authorized shares available) as a special dividend to the common shares. As we'll see in detail below, these preferred shares are intended to be equivalent to common shares, the only difference being that AMC can issue more of them to raise cash. And by first issuing the stock as a dividend, it creates an active market into which the company can eventually sell more preferred shares. This 8-K SEC filing has many of the key details, the most important of which are (with my emphasis): Each AMC Preferred Equity Unit is a depositary share and represents an interest in one one-hundredth (1/100th) of a share of Preferred Stock. Each AMC Preferred Equity Unit is designed to have the same economic and voting rights as a share of Common Stock Each AMC Preferred Equity Unit, by virtue of its interest in the underlying Preferred Stock is automatically convertible into one (1) share of Common Stock upon effectiveness of the Common Stock Amendment To provide for the authorization of a sufficient number of authorized and unissued and unreserved shares of the Common Stock into which the Preferred Stock (and, by virtue of such conversion, AMC Preferred Equity Units) can convert in full, the Company may seek to obtain the requisite stockholder approval Under Delaware law, the affirmative vote of holders of at least a majority in voting power of the Company's outstanding capital stock will be required for stockholder approval of the Common Stock Amendment. The holders of the AMC Preferred Equity Units will be entitled to vote on the Common Stock Amendment. The Company expects that the AMC Preferred Equity Units will serve as a "currency" to raise additional equity capital to strengthen its balance sheet, including debt repayments, and provide capital for opportunistic and value-enhancing and transformative acquisitions and/or investments. Any dilution caused by future sales of AMC Preferred Equity Units could adversely affect the market price of the AMC Preferred Equity Units and the Common Stock. For those who prefer tabular representations, this exhibit may also be helpful. SEC exhibit So APE is intended to be equivalent to AMC common stock (though it would have a higher standing in the event of liquidation), but currently it isn't exchangeable because shareholders haven't yet voted on the Common Stock Amendment and no date has yet been set for this vote. However, at least in my opinion, if APE continues to trade below the AMC share price, and given that APE shareholders can vote on the Stock Amendment, eventually this vote will have to take place and I would assume it would be ratified since that would be in APE shareholders' best interest. Moreover, if over time AMC issues more APE preferred shares, then these will outnumber the number of AMC shares making a positive vote that much more likely. This eventual equivalence is the basis for my speculative long position, but before I discuss that, let's look at a few more issues, including delving into the company itself. Why APE? For those who don't follow social media, the preferred shares were named and given their symbol in deference to the "army" of reddit posters who ran AMC stock up last year as one of the "meme" stocks (like GME) and who call themselves "apes". AMC Theatres According to its website: AMC is the largest movie exhibition company in the United States, the largest in Europe and the largest throughout the world with approximately 1,000 theatres and 11,000 screens across the globe. AMC has propelled innovation in the exhibition industry by: deploying its Signature power-recliner seats; delivering enhanced food and beverage choices; generating greater guest engagement through its loyalty and subscription programs, web site and mobile apps; offering premium large format experiences and playing a wide variety of content including the latest Hollywood releases and independent programming. Revenues AMC revenues took a huge hit during the pandemic and still haven't recovered to pre pandemic levels. Data by YCharts In its most recent 10-Q, the company sounded an optimistic note on the subject, stating (with my emphasis): In order to achieve net positive operating cash flows and long-term profitability, the Company believes that box office revenues will need to increase significantly compared to 2021 and the combined first and second quarter of 2022 to levels in line with pre COVID-19 box office revenues. The Company believes the global re-opening of its theatres, the anticipated volume of titles available for theatrical release, and the anticipated broad appeal of many of those titles will support increased attendance levels. The Company believes that recent attendance levels are positive signs of continued demand for the moviegoing experience. For the six months ended June 30, 2022 attendance was 98.2 million patrons, a 69.3 million patron increase from the approximately 28.9 million patrons for the six months ended June 30, 2021 Domestic vs International AMC's revenues are derived principally (75%) in the US, with the remaining 25% generated internationally. 10-Q Losses AMC is still running losses, but as mentioned above, this might turn around if it can return to pre-pandemic revenue levels. However the company has never been particularly profitable as shown in the chart below. Data by YCharts Heavily Indebted AMC's balance sheet carries a substantial amount of debt, and its current liabilities exceed its current assets, both of which explain why the company is so intent on issuing more equity in the near term. 10-Q Valuation and Ratings Given its unprofitability and its high debt and poor current ratio, it's not surprising that both the SA quant ratings and analysts' are bearish on the company. For example, the SA quant rating is a 2.06 which is a sell, with low factor ratings on valuation and profitability (along with momentum): Seeking Alpha Likewise, analysts also have a sell rating on the company: Seeking Alpha Long term I agree with these appraisals, but given the huge structural discrepancy between the AMC and APE share prices, I've gone long APE for a shorter term trade. Competitors Recently the second biggest international movie-theatre chain declared bankruptcy, which is an indication that this is also a risk for AMC (see my last section below). However, AMC's CEO noted that AMC is in a much different position because it was able to raise cash over the past few years. Specifically he said:

Aktionärsrenditen

APEUS EntertainmentUS Markt
7D-37.4%-2.2%-2.5%
1Y-78.2%-26.2%19.0%

Rendite im Vergleich zur Industrie: APE unter dem Niveau der Branche US Entertainment , die im vergangenen Jahr eine Rendite von -26.2% erzielte.

Rendite vs. Markt: APE hinter dem Markt US zurück, der im vergangenen Jahr eine Rendite von 19 erzielte.

Preisvolatilität

Is APE's price volatile compared to industry and market?
APE volatility
APE Average Weekly Movement9.7%
Entertainment Industry Average Movement8.9%
Market Average Movement7.3%
10% most volatile stocks in US Market16.8%
10% least volatile stocks in US Market3.1%

Stabiler Aktienkurs: Der Aktienkurs von APE war in den letzten 3 Monaten im Vergleich zum US -Markt volatil.

Volatilität im Zeitverlauf: APEDie wöchentliche Volatilität der Aktie ist im letzten Jahr von 19% auf 10% gesunken, liegt aber immer noch höher als bei 75% der Aktien von US.

Über das Unternehmen

GegründetMitarbeiterCEOWebsite
192018,241Adam Aronwww.amctheatres.com

AMC Entertainment Holdings, Inc.'s Grundlagenzusammenfassung

Wie verhalten sich die Erträge und Einnahmen von AMC Entertainment Holdings im Vergleich zum Marktanteil des Unternehmens?
APE grundlegende Statistiken
MarktanteilUS$958.74m
Gewinn(TTM)-US$741.50m
Umsatz(TTM)US$4.26b
0.5x
Kurs-Umsatz-Verhältnis
-2.8x
Kurs-Gewinn-Verhältnis

Ist APE zu teuer?

Siehe Fair Value und Bewertungsanalyse

Erträge & Einnahmen

Wichtige Rentabilitätsstatistiken aus dem letzten Ergebnisbericht (TTM)
APE Gewinn- und Verlustrechnung (TTM)
EinnahmenUS$4.26b
Kosten der EinnahmenUS$3.80b
BruttogewinnUS$457.50m
Sonstige AusgabenUS$1.20b
Gewinn-US$741.50m

Zuletzt gemeldete Gewinne

Jun 30, 2023

Datum des nächsten Gewinnberichts

k.A.

Gewinn per Aktie (EPS)-4.49
Bruttomarge10.74%
Nettogewinnspanne-17.40%
Schulden/Eigenkapital-Verhältnis-186.5%

Wie hat sich APE auf lange Sicht entwickelt?

Historische Performance und Vergleiche

Unternehmensanalyse und Finanzdaten Status

DatenZuletzt aktualisiert (UTC-Zeit)
Unternehmensanalyse2023/08/27 21:21
Aktienkurs zum Tagesende2023/08/24 00:00
Gewinne2023/06/30
Jährliche Einnahmen2022/12/31

Datenquellen

Die in unserer Unternehmensanalyse verwendeten Daten stammen von S&P Global Market Intelligence LLC. Die folgenden Daten werden in unserem Analysemodell verwendet, um diesen Bericht zu erstellen. Die Daten sind normalisiert, was zu einer Verzögerung bei der Verfügbarkeit der Quelle führen kann.

PaketDatenZeitrahmenBeispiel US-Quelle *
Finanzdaten des Unternehmens10 Jahre
  • Gewinn- und Verlustrechnung
  • Kapitalflussrechnung
  • Bilanz
Konsensschätzungen der Analysten+3 Jahre
  • Finanzielle Vorausschau
  • Kursziele der Analysten
Marktpreise30 Jahre
  • Aktienkurse
  • Dividenden, Splits und Aktionen
Eigentümerschaft10 Jahre
  • Top-Aktionäre
  • Insiderhandel
Verwaltung10 Jahre
  • Das Führungsteam
  • Direktorium
Wichtige Entwicklungen10 Jahre
  • Ankündigungen des Unternehmens

* Beispiel für US-Wertpapiere, für nicht-US-amerikanische Wertpapiere werden gleichwertige regulatorische Formulare und Quellen verwendet.

Sofern nicht anders angegeben, beziehen sich alle Finanzdaten auf einen Jahreszeitraum, werden aber vierteljährlich aktualisiert. Dies wird als Trailing Twelve Month (TTM) oder Last Twelve Month (LTM) Daten bezeichnet. Erfahren Sie mehr.

Analysemodell und Schneeflocke

Details des Analysemodells, das zur Erstellung dieses Berichts verwendet wurde, sind auf unserer GitHub-Seite verfügbar. Außerdem haben wir Leitfäden zur Nutzung unserer Berichte und Tutorials auf YouTube.

Erfahren Sie mehr über das Weltklasse-Team, das das Simply Wall St-Analysemodell entworfen und entwickelt hat.

Metriken für Industrie und Sektor

Unsere Branchen- und Sektionskennzahlen werden alle 6 Stunden von Simply Wall St berechnet. Details zu unserem Verfahren finden Sie auf Github.

Analysten-Quellen

AMC Entertainment Holdings, Inc. wird von 17 Analysten beobachtet. 8 dieser Analysten hat die Umsatz- oder Gewinnschätzungen übermittelt, die als Grundlage für unseren Bericht dienen. Die von den Analysten übermittelten Daten werden im Laufe des Tages aktualisiert.

AnalystEinrichtung
Kannan VenkateshwarBarclays
Patrick ShollBarrington Research Associates, Inc.
Michael HickeyBenchmark Company