Appendix 16
Valuation of Companies in the Cinema Industry Using the Black–Scholes–Merton Method
| Company | d1 | d2 | F(d1) | F(d2) | F(-d1) | F(-d2) | Econ. value of debt | Econ. net debt in %EV | Econ. value of equity | B&S growth potential |
| 21st Century Fox | 2.947 | 2.296 | 0.998 | 0.989 | 0.002 | 0.011 | 8,795 | 10% | 76,456 | 0.56% |
| AMC | 1.456 | 0.734 | 0.927 | 0.769 | 0.073 | 0.231 | 1,364 | 30% | 3,170 | 4.14% |
| Carmike | 1.620 | 0.851 | 0.947 | 0.803 | 0.053 | 0.197 | 261 | 23% | 855 | 3.22% |
| CIDM | 0.609 | -0.151 | 0.729 | 0.440 | 0.271 | 0.560 | 142 | 46% | 169 | 20.78% |
| Cinemark | 2.489 | 1.929 | 0.994 | 0.973 | 0.006 | 0.027 | 1,313 | 20% | 5,307 | 0.87% |
| Cineplex | 9.354 | 9.071 | 1.000 | 1.000 | 0.000 | 0.000 | 154 | 6% | 2,430 | -0.02% |
| Cineworld | 4.677 | 4.158 | 1.000 | 1.000 | 0.000 | 0.000 | 168 | 9% | 1,777 | -0.02% |
| Dreamworks | 2.067 | 0.606 | 0.981 | 0.728 | 0.019 | 0.272 | 147 | 7% | 1,830 | 1.48% |
| Eros | 2.532 | 1.824 | 0.994 | 0.966 | 0.006 | 0.034 | 135 | 12% | 1,016 | 0.19% |
| EuropaCorp | 1.148 | 0.854 | 0.874 | 0.803 | 0.126 | 0.197 | 117 | 45% | 141 | 3.70% |
| Lionsgate | 3.364 | 2.743 | 1.000 | 0.997 | 0.000 | 0.003 | 796 | 14% | 4,926 | 0.00% |
| Mediaset | 2.294 | 1.667 | 0.989 | 0.952 | 0.011 | 0.048 | 1,607 | 25% | 4,788 | 0.16% |
| RealDInc | 4.212 | 3.507 | 1.000 | 1.000 | 0.000 | 0.000 | 16 | 2% | 704 | 0.03% |
| Regal | 2.502 | 2.123 | 0.994 | 0.983 | 0.006 | 0.017 | 1,973 | 36% | 3,455 | 0.26% |
| TimeWarner | 2.545 | 1.775 | 0.995 | 0.962 | 0.005 | 0.038 | 15,617 | 17% | 77,646 | 0.37% |
| Viacom | 2.724 | 2.253 | 0.997 | 0.988 | 0.003 | 0.012 | 8,888 | 24% | 27,644 | 0.48% |
| Walt Disney | 6.006 | 5.541 | 1.000 | 1.000 | 0.000 | 0.000 | 10,127 | 5% | 196,013 | 0.03% |
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