Appendix 15
Characteristics of Companies in the Cinema Industry
| Company | Market capitalization (April 3, 2015) | Target equity value (DCF) | Broker consensus EV | Broker growth potential | Risk-free rate | Share volatility |
| 21st Century Fox | 76,033 | 86,326 | 103,993 | 13.54% | 0.54% | 21.52% |
| AMC | 3,044 | 3,119 | 4,801 | 2.46% | 0.54% | 28.11% |
| Carmike | 828 | 1,039 | 1,039 | 25.51% | 0.54% | 31.32% |
| CIDM | 140 | 319 | 546 | 128.25% | 0.12% | 53.81% |
| Cinemark | 5,262 | 5,497 | 6,840 | 4.47% | 0.54% | 19.60% |
| Cineplex | 2,430 | 2,442 | 2,691 | 0.46% | -0.03% | 15.74% |
| Cineworld | 1,777 | 1,750 | 1,721 | -1.53% | 0.12% | 24.09% |
| Dreamworks | 1,803 | 1,758 | 2,346 | -2.52% | 0.54% | 45.30% |
| Eros | 1,014 | 1,301 | 1,464 | 28.32% | -0.03% | 41.28% |
| EuropaCorp | 136 | 178 | 287 | 30.53% | -0.01% | 40.16% |
| Lionsgate | 4,926 | 6,120 | 7,415 | 24.22% | -0.03% | 36.30% |
| Mediaset | 4,780 | 4,475 | 5,129 | -6.39% | -0.08% | 44.49% |
| RealDInc | 704 | 856 | 864 | 21.60% | 0.08% | 45.46% |
| Regal | 3,446 | 3,426 | 5,936 | -0.59% | 0.30% | 18.63% |
| TimeWarner | 77,359 | 87,125 | 109,666 | 12.62% | 0.94% | 24.09% |
| Viacom | 27,512 | 31,296 | 44,919 | 13.75% | 0.54% | 19.27% |
| Walt Disney | 195,950 | 201,142 | 217,743 | 2.65% | 0.22% | 17.99% |
| Company | EV consensus (calculator) | Volatility of assets | Accounting debt | Cash flow and equiv. | Net debt | Net debt in %EV | Average maturity |
| 21st Century Fox | 85,251 | 19.34% | 16,458 | 6,659 | 9,799 | 11.49% | 11.3 |
| AMC | 4,534 | 20.75% | 2,195 | 546 | 1,649 | 36.36% | 12.1 |
| Carmike | 1,116 | 24.51% | 455 | 144 | 311 | 27.90% | 9.8 |
| CIDM | 311 | 31.79% | 263 | 57 | 206 | 66.25% | 5.7 |
| Cinemark | 6,620 | 16.24% | 2,049 | 600 | 1,449 | 21.89% | 11.9 |
| Cineplex | 2,584 | 14.83% | 190 | 35 | 154 | 5.97% | 3.7 |
| Cineworld | 1,945 | 22.12% | 198 | 29 | 169 | 8.71% | 5.5 |
| Dreamworks | 1,977 | 41.33% | 300 | 95 | 205 | 10.35% | 12.5 |
| Eros | 1,150 | 36.70% | 246 | 110 | 136 | 11.83% | 3.7 |
| EuropaCorp | 258 | 27.00% | 192 | 70 | 122 | 47.30% | 1.2 |
| Lionsgate | 5,722 | 31.73% | 858 | 62 | 796 | 13.90% | 3.8 |
| Mediaset | 6,395 | 35.33% | 1,840 | 220 | 1,620 | 25.34% | 3.2 |
| RealDInc | 720 | 44.41% | 48 | 31 | 16 | 2.29% | 2.5 |
| Regal | 5,429 | 13.76% | 2,311 | 281 | 2,030 | 37.39% | 7.6 |
| TimeWarner | 93,263 | 20.39% | 20,165 | 1,862 | 18,303 | 19.63% | 14.3 |
| Viacom | 36,532 | 15.54% | 11,885 | 2,403 | 9,482 | 25.96% | 9.2 |
| Walt Disney | 206,140 | 17.12% | 14,288 | 3,931 | 10,357 | 5.02% | 7.4 |
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