NCMI - National CineMedia: Starting With A Clean Slate
2024-02-15 17:31:33 ET
Summary
- As expected, National CineMedia filed for Chapter 11 bankruptcy and restructured debts.
- Post restructuring, NCMI looks to be on much sounder footing, as the company's adj. OIBDA was positive with no debt.
- However, at 9.1x EV/EBITDA, I believe NCMI is currently properly valued relative to its theater chain peers.
The last time I covered National CineMedia, Inc. ( NCMI ), the company had just cut its dividend and was struggling under an enormous debt load. I warned that the company would likely have to restructure its debts, and that is exactly what happened .
On June 27th, 2023, National CineMedia confirmed it had filed for Chapter 11 bankruptcy with the United States Bankruptcy Court for the Southern District of Texas....
National CineMedia: Starting With A Clean Slate