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AMC Entertainment Holdings, Inc.NYSE:APE Rapporto sulle azioni

Cap. di mercato US$958.7m
Prezzo delle azioni
n/a
1Y-78.2%
7D-37.4%
1D-17.9%
Valore del portafoglio
​
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AMC Entertainment Holdings, Inc.

Report azionario NYSE:APE

Capitalizzazione di mercato: US$958.7m

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AMC Entertainment Holdings (APE) Panoramica del titolo

Engages in the theatrical exhibition business in the United States and internationally. Maggiori dettagli

APE analisi fondamentale
Punteggio fiocco di neve
Valutazione3/6
Crescita futura0/6
Prestazioni passate0/6
Salute finanziaria0/6
Dividendi0/6

Premi

Negoziato a un buon valore rispetto ai pari e al settore

Analisi del rischio

Patrimonio netto negativo

Ha meno di 1 anno di pista di cassa

Attualmente non redditizio e non si prevede che diventerà redditizio nei prossimi 3 anni

Gli azionisti sono stati diluiti nell'ultimo anno

+ 1 più rischio

APE Community Fair Values

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Concorrenti di AMC Entertainment Holdings, Inc.

Storia dei prezzi e prestazioni

Riepilogo dei massimi, dei minimi e delle variazioni dei prezzi delle azioni per AMC Entertainment Holdings
Prezzi storici delle azioni
Prezzo attuale dell'azioneUS$1.42
Massimo di 52 settimaneUS$6.28
Minimo di 52 settimaneUS$0.65
Beta1.93
Variazione di 1 mese-21.11%
Variazione a 3 mesi-10.69%
Variazione di 1 anno-78.15%
Variazione a 3 annin/a
Variazione a 5 annin/a
Variazione dall'IPO-76.33%

Notizie e aggiornamenti recenti

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:

Rendimenti per gli azionisti

APEUS EntertainmentUS Mercato
7D-37.4%-4.7%-2.7%
1Y-78.2%-27.8%18.6%

Ritorno vs Industria: APE ha avuto una performance inferiore rispetto al US Entertainment che ha registrato un rendimento -27.8 % nell'ultimo anno.

Rendimento vs Mercato: APE ha avuto una performance inferiore al mercato US che ha registrato un rendimento 18.6 % nell'ultimo anno.

Volatilità dei prezzi

Is APE's price volatile compared to industry and market?
APE volatility
APE Average Weekly Movement9.7%
Entertainment Industry Average Movement9.6%
Market Average Movement7.2%
10% most volatile stocks in US Market16.9%
10% least volatile stocks in US Market3.1%

Prezzo delle azioni stabile: Negli ultimi 3 mesi il prezzo delle azioni di APE è stato volatile rispetto al mercato US.

Volatilità nel tempo: La volatilità settimanale di APE è diminuita da 19% a 10% nell'ultimo anno, ma è comunque superiore al 75% delle azioni US.

Informazioni sull'azienda

FondatoI dipendentiAMMINISTRATORE DELEGATOSito web
192018,241Adam Aronwww.amctheatres.com

AMC Entertainment Holdings, Inc. Riepilogo dei fondamenti

Come si confrontano gli utili e i ricavi di AMC Entertainment Holdings con la sua capitalizzazione di mercato?
APE statistiche fondamentali
Capitalizzazione di mercatoUS$958.74m
Utili (TTM)-US$741.50m
Ricavi(TTM)US$4.26b
0.5x
Rapporto P/S
-2.8x
Rapporto P/E

APE è sopravvalutato?

Vedi Fair Value e analisi di valutazione

Utili e ricavi

Statistiche chiave sulla redditività dall'ultima relazione sugli utili (TTM)
APE Conto economico (TTM)
RicaviUS$4.26b
Costo del fatturatoUS$3.80b
Profitto lordoUS$457.50m
Altre speseUS$1.20b
Utili-US$741.50m

Ultimi utili riportati

Jun 30, 2023

Prossima data di guadagno

n/a

Utile per azione (EPS)-4.49
Margine lordo10.74%
Margine di profitto netto-17.40%
Rapporto debito/patrimonio netto-186.5%

Come si è comportato APE nel lungo periodo?

Vedi performance storica e confronto

Analisi aziendale e situazione dei dati finanziari

DatiUltimo aggiornamento (ora UTC)
Analisi dell'azienda2023/08/27 08:19
Prezzo dell'azione a fine giornata2023/08/24 00:00
Utili2023/06/30
Utili annuali2022/12/31

Fonti dei dati

I dati utilizzati nella nostra analisi aziendale provengono da S&P Global Market Intelligence LLC. I seguenti dati sono utilizzati nel nostro modello di analisi per generare questo report. I dati sono normalizzati, il che può comportare un ritardo nella disponibilità della fonte.

PacchettoDatiTempisticaEsempio Fonte USA *
Dati finanziari della società10 anni
  • Conto economico
  • Rendiconto finanziario
  • Bilancio
Stime di consenso degli analisti+3 anni
  • Previsioni finanziarie
  • Obiettivi di prezzo degli analisti
Prezzi di mercato30 anni
  • Prezzi delle azioni
  • Dividendi, scissioni e azioni
Proprietà10 anni
  • Top azionisti
  • Insider trading
Gestione10 anni
  • Team di leadership
  • Consiglio di amministrazione
Sviluppi principali10 anni
  • Annunci aziendali

* Esempio per i titoli statunitensi, per i titoli non statunitensi si utilizzano forme e fonti normative equivalenti.

Se non specificato, tutti i dati finanziari si basano su un periodo annuale ma vengono aggiornati trimestralmente. Si tratta dei cosiddetti dati TTM (Trailing Twelve Month) o LTM (Last Twelve Month). Per saperne di più.

Modello di analisi e Snowflake

I dettagli del modello di analisi utilizzato per generare questo report sono disponibili sulla nostra pagina Github; disponiamo inoltre di guide su come utilizzare i nostri report e di tutorial su Youtube.

Scoprite il team di livello mondiale che ha progettato e realizzato il modello di analisi Simply Wall St.

Metriche di settore e industriali

Le nostre metriche di settore e di sezione sono calcolate ogni 6 ore da Simply Wall St; i dettagli del nostro processo sono disponibili su Github.

Fonti analitiche

AMC Entertainment Holdings, Inc. è coperta da 17 analisti. 8 di questi analisti ha fornito le stime di fatturato o di utile utilizzate come input per il nostro report. Le stime degli analisti vengono aggiornate nel corso della giornata.

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