reddit.com/r/investing/comments/s4j03m/my_first_concise_stock_analysis_looking_for
AMC Networks gets most of its revenue from cable networks. It is focusing on expanding its targeted streaming segments. They've grown their streaming subscribers by 150% in the period of Q2 2020 - Q4 2021. Assuming they grow their total streaming subscribers from (an estimated) 8.5 million in 2021 to 17.5million in 2025 and, in this time period, earnings from cable Networks decline by 5% per year, they would have total earnings of $410 million.

AMC Networks has 84 million subscribers in the US as of December 31st 2020. Their major source of revenue (and earnings) is cable networks, mostly spread around North America. Given a 10x earnings multiple and a required rate of return of 17.5% per year, the fair value is $44.9 per share.

AMC Networks has created some major hits such as Breaking Bad and The Walking Dead franchise. Currently shows such as Better Call Saul and Kevin Can F**k Himself are some of the big names. Their goal for the end of 2021 was to hit 9 million subscribers and in their latest 10Q, published on November 5th, they mentioned being 'on track' to hitting that goal.

AMC Networks has made it very clear that they don't try to compete with say Netflix or Amazon Prime, who are focused on the broad streaming market. AMC Networks simply does not have the resources to battle these parties. Since streaming has become so popular during the pandemic, they believe that customers will look for more specific segments of streaming.
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