Johannes Salim, CFA
CFA, long/short equity, hedge fund manager

AMC Entertainment: A Leveraged Play On Growth Re-Acceleration

Having gone public on 17 Dec 2013, AMC Entertainment Holdings (NYSE:AMC) rounds out the Top 3 players of the movie theatre chain in America as a public company. As a matter of fact, AMC is the second largest operator (345 theatres with 4,967 screens as of Dec 2013). This is behind Regal Entertainment Group (RGC, 580 theatres with 7,393 screens), but ahead of Cinemark Holdings (CNK, 334 theatres with 4,233 screens excluding its international presence). While these three operators have a similar business model (a chain of modern theatres with state-of-the-art multi screens in a location), what is most interesting to me is AMC's growth strategy. In particular, unlike its rivals Regal and Cinemark,...

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