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IMAX

NYSE:IMAX
Snowflake Description

Excellent balance sheet and slightly overvalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
IMAX
NYSE
$1B
Market Cap
  1. Home
  2. US
  3. Media
Company description

IMAX Corporation, together with its subsidiaries, operates as an entertainment technology company that specializes in motion picture technologies and presentations worldwide. The last earnings update was 60 days ago. More info.


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  • IMAX has significant price volatility in the past 3 months.
IMAX Share Price and Events
7 Day Returns
-5.5%
NYSE:IMAX
1.5%
US Entertainment
1.4%
US Market
1 Year Returns
-15.4%
NYSE:IMAX
6%
US Entertainment
4.9%
US Market
IMAX Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
IMAX (IMAX) -5.5% -13.9% -15.8% -15.4% -31.3% -32.8%
US Entertainment 1.5% 4.8% 9% 6% 78.7% 90.3%
US Market 1.4% 3.8% 3.5% 4.9% 44.8% 40.1%
1 Year Return vs Industry and Market
  • IMAX underperformed the Entertainment industry which returned 6% over the past year.
  • IMAX underperformed the Market in United States of America which returned 4.9% over the past year.
Price Volatility
IMAX
Industry
5yr Volatility vs Market
Related Companies

IMAX Value

 Is IMAX undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of IMAX to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for IMAX.

NYSE:IMAX Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 13 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.6%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:IMAX
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Entertainment Unlevered Beta Simply Wall St/ S&P Global 0.93
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.934 (1 + (1- 26.5%) (6.61%))
0.986
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.99
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.986 * 5.96%)
8.61%

Discounted Cash Flow Calculation for NYSE:IMAX using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for IMAX is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

NYSE:IMAX DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 8.61%)
2019 50.31 Analyst x3 46.32
2020 70.84 Analyst x2 60.05
2021 87.64 Est @ 23.72% 68.41
2022 102.91 Est @ 17.42% 73.96
2023 116.31 Est @ 13.02% 76.96
2024 127.86 Est @ 9.93% 77.90
2025 137.79 Est @ 7.77% 77.30
2026 146.41 Est @ 6.26% 75.63
2027 154.03 Est @ 5.2% 73.25
2028 160.89 Est @ 4.46% 70.45
Present value of next 10 years cash flows $700.25
NYSE:IMAX DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $160.89 × (1 + 2.73%) ÷ (8.61% – 2.73%)
$2,811.75
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $2,811.75 ÷ (1 + 8.61%)10
$1,231.23
NYSE:IMAX Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $700.25 + $1,231.23
$1,931.48
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $1,931.48 / 61.48
$31.42
NYSE:IMAX Discount to Share Price
Calculation Result
Value per share (USD) From above. $31.42
Current discount Discount to share price of $19.03
= -1 x ($19.03 - $31.42) / $31.42
39.4%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price IMAX is available for.
Intrinsic value
39%
Share price is $19.03 vs Future cash flow value of $31.42
Current Discount Checks
For IMAX to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • IMAX's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • IMAX's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for IMAX's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are IMAX's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:IMAX PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $0.36
NYSE:IMAX Share Price ** NYSE (2019-06-25) in USD $19.03
United States of America Entertainment Industry PE Ratio Median Figure of 23 Publicly-Listed Entertainment Companies 29.78x
United States of America Market PE Ratio Median Figure of 3,095 Publicly-Listed Companies 17.73x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of IMAX.

NYSE:IMAX PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:IMAX Share Price ÷ EPS (both in USD)

= 19.03 ÷ 0.36

52.43x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • IMAX is overvalued based on earnings compared to the US Entertainment industry average.
  • IMAX is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does IMAX's expected growth come at a high price?
Raw Data
NYSE:IMAX PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 52.43x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 13 Analysts
18%per year
United States of America Entertainment Industry PEG Ratio Median Figure of 18 Publicly-Listed Entertainment Companies 2.66x
United States of America Market PEG Ratio Median Figure of 2,133 Publicly-Listed Companies 1.53x

*Line of best fit is calculated by linear regression .

NYSE:IMAX PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 52.43x ÷ 18%

2.91x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • IMAX is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on IMAX's assets?
Raw Data
NYSE:IMAX PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $8.42
NYSE:IMAX Share Price * NYSE (2019-06-25) in USD $19.03
United States of America Entertainment Industry PB Ratio Median Figure of 63 Publicly-Listed Entertainment Companies 3.21x
United States of America Market PB Ratio Median Figure of 5,255 Publicly-Listed Companies 1.79x
NYSE:IMAX PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:IMAX Share Price ÷ Book Value per Share (both in USD)

= 19.03 ÷ 8.42

2.26x

* Primary Listing of IMAX.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • IMAX is good value based on assets compared to the US Entertainment industry average.
X
Value checks
We assess IMAX's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Entertainment industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Entertainment industry average (and greater than 0)? (1 check)
  5. IMAX has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

IMAX Future Performance

 How is IMAX expected to perform in the next 1 to 3 years based on estimates from 13 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
18%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is IMAX expected to grow at an attractive rate?
  • IMAX's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • IMAX's earnings growth is expected to exceed the United States of America market average.
  • IMAX's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:IMAX Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:IMAX Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 13 Analysts 18%
NYSE:IMAX Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 13 Analysts 5.1%
United States of America Entertainment Industry Earnings Growth Rate Market Cap Weighted Average 16.6%
United States of America Entertainment Industry Revenue Growth Rate Market Cap Weighted Average 11.7%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.9%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.4%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:IMAX Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:IMAX Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 440 69 4
2020-12-31 411 138 62 10
2019-12-31 397 132 56 13
NYSE:IMAX Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 370 94 23
2018-12-31 374 110 23
2018-09-30 391 90 26
2018-06-30 408 95 20
2018-03-31 397 101 11
2017-12-31 381 85 2
2017-09-30 362 96 6
2017-06-30 349 79 10
2017-03-31 353 72 18
2016-12-31 376 78 29
2016-09-30 389 87 42
2016-06-30 388 102 48

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • IMAX's earnings are expected to grow by 18% yearly, however this is not considered high growth (20% yearly).
  • IMAX's revenue is expected to grow by 5.1% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:IMAX Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below

All data from IMAX Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:IMAX Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 1.01 1.01 1.01 1.00
2020-12-31 1.02 1.30 0.87 7.00
2019-12-31 0.92 1.15 0.84 7.00
NYSE:IMAX Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 0.36
2018-12-31 0.36
2018-09-30 0.41
2018-06-30 0.31
2018-03-31 0.17
2017-12-31 0.04
2017-09-30 0.10
2017-06-30 0.15
2017-03-31 0.26
2016-12-31 0.43
2016-09-30 0.62
2016-06-30 0.70

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • IMAX is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess IMAX's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
IMAX has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

IMAX Past Performance

  How has IMAX performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare IMAX's growth in the last year to its industry (Entertainment).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • IMAX's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • IMAX's 1-year earnings growth exceeds its 5-year average (109.8% vs -23.9%)
  • IMAX's earnings growth has exceeded the US Entertainment industry average in the past year (109.8% vs 62.5%).
Earnings and Revenue History
IMAX's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from IMAX Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:IMAX Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 369.62 22.60 120.81 11.27
2018-12-31 374.40 22.84 121.11 13.73
2018-09-30 390.99 25.98 115.03 17.76
2018-06-30 407.68 20.11 113.89 18.36
2018-03-31 397.09 10.77 110.46 20.11
2017-12-31 380.77 2.34 113.05 20.86
2017-09-30 361.83 6.46 119.52 19.35
2017-06-30 349.35 9.83 123.98 19.18
2017-03-31 352.59 17.56 127.78 16.94
2016-12-31 376.06 28.79 125.70 16.32
2016-09-30 388.78 42.31 126.38 14.72
2016-06-30 387.56 48.14 120.75 12.98
2016-03-31 403.58 66.21 116.79 11.90
2015-12-31 373.66 55.08 116.10 12.73
2015-09-30 356.79 53.45 108.27 14.24
2015-06-30 332.43 49.82 106.48 16.08
2015-03-31 304.56 38.90 100.94 17.04
2014-12-31 290.54 38.96 94.18 16.10
2014-09-30 293.14 45.98 92.44 14.97
2014-06-30 283.90 43.00 88.90 14.39
2014-03-31 286.47 41.69 87.24 14.74
2013-12-31 287.56 44.42 85.30 14.77
2013-09-30 258.02 29.95 84.05 15.06
2013-06-30 287.22 43.12 83.72 13.61
2013-03-31 275.72 42.30 82.13 12.42
2012-12-31 282.02 41.85 82.08 11.41
2012-09-30 274.52 34.50 78.04 9.43
2012-06-30 260.22 27.98 78.22 8.94

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • IMAX has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • IMAX used its assets less efficiently than the US Entertainment industry average last year based on Return on Assets.
  • IMAX's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess IMAX's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Entertainment industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
IMAX has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

IMAX Health

 How is IMAX's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up IMAX's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • IMAX is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • IMAX's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of IMAX's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 6x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from IMAX Company Filings, last reported 2 months ago.

NYSE:IMAX Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 607.58 57.85 123.08
2018-12-31 599.36 37.75 141.59
2018-09-30 621.50 17.63 133.62
2018-06-30 612.02 24.38 133.04
2018-03-31 633.53 24.87 145.58
2017-12-31 603.61 25.36 158.73
2017-09-30 592.09 25.85 157.71
2017-06-30 582.38 26.34 158.24
2017-03-31 624.40 26.83 190.48
2016-12-31 626.55 27.32 204.76
2016-09-30 627.06 27.81 218.10
2016-06-30 626.48 28.30 228.08
2016-03-31 651.27 28.79 259.75
2015-12-31 677.16 29.28 317.45
2015-09-30 494.61 22.28 117.36
2015-06-30 518.82 22.28 146.38
2015-03-31 477.62 16.08 140.34
2014-12-31 426.69 4.71 106.50
2014-09-30 388.22 0.00 93.71
2014-06-30 381.42 0.00 75.09
2014-03-31 322.77 0.00 29.69
2013-12-31 319.59 0.00 29.55
2013-09-30 284.47 5.00 25.96
2013-06-30 277.13 18.00 20.77
2013-03-31 260.48 18.00 15.16
2012-12-31 253.08 11.00 21.34
2012-09-30 238.58 30.00 29.45
2012-06-30 219.25 55.00 23.58
  • IMAX's level of debt (9.5%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (0% vs 9.5% today).
  • Debt is well covered by operating cash flow (162.2%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 71.5x coverage).
X
Financial health checks
We assess IMAX's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. IMAX has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

IMAX Dividends

 What is IMAX's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from IMAX dividends. Estimated to be 0% next year.
If you bought $2,000 of IMAX shares you are expected to receive $0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate IMAX's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate IMAX's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:IMAX Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below
United States of America Entertainment Industry Average Dividend Yield Market Cap Weighted Average of 11 Stocks 1.2%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2012 Stocks 2.4%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:IMAX Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.00 2.00
2020-12-31 0.00 2.00
2019-12-31 0.00 2.00

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as IMAX has not reported any payouts.
  • Unable to verify if IMAX's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of IMAX's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as IMAX has not reported any payouts.
Future Payout to shareholders
  • No need to calculate the sustainability of IMAX's dividends in 3 years as they are not expected to pay a notable one for United States of America.
X
Income/ dividend checks
We assess IMAX's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can IMAX afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. IMAX has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

IMAX Management

 What is the CEO of IMAX's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Rich Gelfond
COMPENSATION $6,286,123
AGE 62
TENURE AS CEO 10.2 years
CEO Bio

Mr. Richard Lewis Gelfond, also known as Rich, has been the Chief Executive Officer at IMAX Corporation since April 1, 2009. Mr. Gelfond serves as the Co-Chief Executive Officer and Co-Chairman of Clarion Capital Partners, LLC. Mr. Gelfond has been an Executive Director of IMAX Corporation since March 1994. He served as Co-Chief Executive Officer at IMAX Corporation from May 1996 to April 1, 2009. He served as Co-Chairman at Imax Corp. from June 1999 to 2009. He serves as Vice Chairman of the New York Historical Society. From March 1994 to June 1999, Mr. Gelfond served as Vice Chairman of Imax Corp. In 1991, he founded Cheviot Capital Advisors Inc. He served as the Chairman of the Columbia Shuttle Memorial Trust Steering Committee. Mr. Gelfond serves on the boards of several private and philanthropic entities. He serves as Chairman of IMAX China Holding, Inc. since May 27, 2015 and Director since April 8, 2014. Previously He served as Director of IMAX China Holding, Inc. from August 30, 2010 to April 02, 2012. Mr. Gelfond serves as a Director of Clarion Capital Partners. He serves as the Chairman of the Board of Trustees of Stony Brook Foundation, affiliated with Stony Brook University and is on the Board of Directors for Brookhaven Science Associates, the management company of Brookhaven National Laboratories. He served as a Director of Mainframe Entertainment Inc. Mr. Gelfond also serves as a Trustee and a member of the Executive Committee at the New York Historical Society. Mr. Gelfond is a Member of the Motion Picture Academy of Arts & Science and serves on the International Advisory Board of the Turkana Basin Institute. Mr. Gelfond graduated from the State University of New York at Stony Brook, the United States, with a Bachelor of Arts in May 1976 and from the Northwestern University School of Law, the United States, with a juris doctor degree in June 1979.

CEO Compensation
  • Rich's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Rich's remuneration is higher than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the IMAX management team in years:

7.5
Average Tenure
49
Average Age
  • The average tenure for the IMAX management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Rich Gelfond

TITLE
CEO & Director
COMPENSATION
$6M
AGE
62
TENURE
10.2 yrs

Patrick McClymont

TITLE
Executive VP & CFO
COMPENSATION
$3M
AGE
48
TENURE
2.8 yrs

Robert Lister

TITLE
Chief Legal Officer & Senior EVP
COMPENSATION
$3M
AGE
49
TENURE
7.4 yrs

Graeme Ferguson

TITLE
Co-Founder

Brian Bonnick

TITLE
CTO & Executive VP
AGE
61
TENURE
7.7 yrs

Denny Tu

TITLE
Chief Marketing Officer & Senior VP
AGE
41
TENURE
0.3 yrs

Giovanni Dolci

TITLE
Interim Head of Global Sales
TENURE
0.3 yrs

Carrie Lindzon-Jacobs

TITLE
Chief Human Resources Officer & Executive VP
AGE
41
TENURE
8.1 yrs

Edward MacNeil

TITLE
Senior Vice President of Finance
COMPENSATION
$461K
AGE
53
TENURE
17.8 yrs

Heather Anthony

TITLE
Senior Vice President of FP&A
Board of Directors Tenure

Average tenure and age of the IMAX board of directors in years:

7.4
Average Tenure
61
Average Age
  • The tenure for the IMAX board of directors is about average.
Board of Directors

Bradley Wechsler

TITLE
Chairman of the Board
COMPENSATION
$462K
AGE
67
TENURE
10.2 yrs

Rich Gelfond

TITLE
CEO & Director
COMPENSATION
$6M
AGE
62
TENURE
25.3 yrs

David Leebron

TITLE
Lead Independent Director
COMPENSATION
$200K
AGE
63

Eric Demirian

TITLE
Director
COMPENSATION
$200K
AGE
59
TENURE
8.8 yrs

Darren Throop

TITLE
Director
COMPENSATION
$182K
AGE
53
TENURE
4 yrs

Neil Braun

TITLE
Director
COMPENSATION
$190K
AGE
65
TENURE
16 yrs

Michael I. MacMillan

TITLE
Director
COMPENSATION
$180K
AGE
61
TENURE
6 yrs

Dana Settle

TITLE
Director
COMPENSATION
$180K
AGE
45
TENURE
3.9 yrs

Kevin Douglas

TITLE
Director
COMPENSATION
$182K
AGE
55
TENURE
2.7 yrs
Who owns this company?
Recent Insider Trading
  • IMAX individual insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
07. May 19 Sell Kenneth Weissman Individual 03. May 19 03. May 19 -2,500 $24.90 $-62,258
01. May 19 Sell Mark Welton Individual 29. Apr 19 29. Apr 19 -15,000 $24.83 $-372,474
11. Mar 19 Sell Robert Lister Individual 08. Mar 19 11. Mar 19 -34,052 $23.08 $-773,630
17. Aug 18 Sell Robert Lister Individual 16. Aug 18 16. Aug 18 -15,000 $22.67 $-340,031
X
Management checks
We assess IMAX's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. IMAX has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

IMAX News

Simply Wall St News

The IMAX (NYSE:IMAX) Share Price Is Down 33% So Some Shareholders Are Getting Worried

We regret to report that long term IMAX Corporation (NYSE:IMAX) shareholders have had that experience, with the share price dropping 33% in three years, versus a market return of about 46%. … See our latest analysis for IMAX While markets are a powerful pricing mechanism, share prices reflect investor sentiment, not just underlying business performance. … One flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price.

Simply Wall St -

Evaluating IMAX Corporation’s (NYSE:IMAX) Investments In Its Business

To be precise, we'll consider its Return On Capital Employed (ROCE), as that will inform our view of the quality of the business. … Analysts use this formula to calculate return on capital employed: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for IMAX: 0.084 = US$67m ÷ (US$893m - US$100m) (Based on the trailing twelve months to March 2019.) Therefore, IMAX has an ROCE of 8.4%. … Due to the way the ROCE equation works, having large bills due in the near term can make it look as though a company has less capital employed, and thus a higher ROCE than usual.

Simply Wall St -

How Much Are IMAX Corporation (NYSE:IMAX) Insiders Taking Off The Table?

So shareholders might well want to know whether insiders have been buying or selling shares in IMAX Corporation (NYSE:IMAX). … As Peter Lynch said, 'insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise.'. … While insider selling is not a positive sign, we can't be sure if it does mean insiders think the shares are fully valued, so it's only a weak sign

Simply Wall St -

A Look At The Fair Value Of IMAX Corporation (NYSE:IMAX)

I will use the Discounted Cash Flow (DCF) model! … We use what is known as a 2-stage model, which simply means we have two different periods of growth rates for the company's cash flows … Generally the first stage is higher growth, and the second stage is a lower growth phase.

Simply Wall St -

Does The IMAX Corporation (NYSE:IMAX) Share Price Tend To Follow The Market?

If you're interested in IMAX Corporation (NYSE:IMAX), then you might want to consider its beta (a measure of share price volatility) in order to understand how the stock could impact your portfolio. … Modern finance theory considers volatility to be a measure of risk, and there are two main types of price volatility. … Some investors use beta as a measure of how much a certain stock is impacted by market risk (volatility).

Simply Wall St -

Is IMAX Corporation's (NYSE:IMAX) CEO Salary Justified?

This report will, first, examine the CEO compensation levels in comparison to CEO compensation at companies of similar size. … How Does Rich Gelfond's Compensation Compare With Similar Sized Companies. … According to our data, IMAX Corporation has a market capitalization of US$1.4b, and pays its CEO total annual compensation worth US$5.4m.

Simply Wall St -

Did You Manage To Avoid IMAX's 29% Share Price Drop?

IMAX Corporation (NYSE:IMAX) shareholders should be happy to see the share price up 23% in the last quarter. … In fact, the share price is down 29% in the last three years, falling well short of the market return. … By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time.

Simply Wall St -

Before You Buy IMAX Corporation (NYSE:IMAX), Consider Its Volatility

Modern finance theory considers volatility to be a measure of risk, and there are two main types of price volatility. … Beta is a widely used metric to measure a stock's exposure to market risk (volatility). … Before we go on, it's worth noting that Warren Buffett pointed out in his 2014 letter to shareholders that 'volatility is far from synonymous with risk.' Having said that, beta can still be rather useful.

Simply Wall St -

Read This Before Judging IMAX Corporation's (NYSE:IMAX) ROE

This article is for those who would like to learn about Return On Equity (ROE). … Another way to think of that is that for every $1 worth of equity in the company, it was able to earn $0.062. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

What Do You Get For Owning IMAX Corporation (NYSE:IMAX)?

Your return is tied to IMAX’s ability to do this because the amount earned is used to invest in opportunities to grow the business or payout dividends, which are the two sources of return on investment. … To understand IMAX’s capital returns we will look at a useful metric called return on capital employed. … Calculating Return On Capital Employed for IMAX

Simply Wall St -

IMAX Company Info

Description

IMAX Corporation, together with its subsidiaries, operates as an entertainment technology company that specializes in motion picture technologies and presentations worldwide. It offers cinematic solution comprising proprietary software, theater architecture, and equipment. The company engages in Digital Re-Mastering (DMR) of films into the IMAX format for exhibition in the IMAX theater network; the provision of IMAX premium theater systems to exhibitor customers through sales, long-term leases, and joint revenue sharing arrangements; the distribution of documentary films; the provision of production technical support and film post-production services; the ownership and operation of IMAX theaters; and the provision of camera and other miscellaneous items rental services. It also designs, manufactures, installs, sells, and leases IMAX theater projection system equipment; maintains IMAX theater projection system equipment in the IMAX theater network; distributes and licenses original content investment, IMAX home entertainment, and others; and sells or leases its theater systems to theme parks, private home theaters, tourist destination sites, fairs, and expositions, as well as engages in the after-market sale of projection system parts and 3D glasses. The company markets its theater systems through a direct sales force and marketing staff. It owns or otherwise has rights to trademarks and trade names, which include IMAX, IMAX Dome, IMAX 3D, IMAX 3D Dome, Experience It in IMAX, The IMAX Experience, An IMAX Experience, An IMAX 3DExperience, IMAX DMR, DMR, IMAX nXos, IMAX think big, think big, and IMAX Is Believing, as well as the service mark IMAX THEATRE. As of December 31, 2018, the company had a network of 1,505 IMAX theater systems comprising 1,409 commercial multiplexes, 14 commercial destinations, and 82 institutional facilities operating in 80 countries. IMAX Corporation was founded in 1967 and is headquartered in Mississauga, Canada.

Details
Name: IMAX Corporation
IMAX
Exchange: NYSE
Founded: 1967
$1,169,997,055
61,481,716
Website: http://www.imax.com
Address: IMAX Corporation
2525 Speakman Drive,
Mississauga,
Ontario, L5K 1B1,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE IMAX Common Shares New York Stock Exchange US USD 10. Jun 1994
DB IMA Common Shares Deutsche Boerse AG DE EUR 10. Jun 1994
Number of employees
Current staff
Staff numbers
660
IMAX employees.
Industry
Movies and Entertainment
Media
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/25 23:39
End of day share price update: 2019/06/25 00:00
Last estimates confirmation: 2019/06/21
Last earnings filing: 2019/04/26
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.