AMC Networks (AMCX) is cheap. At Tuesday's close of $46.93, the stock trades just north of 5x trailing twelve-month adjusted EPS, and at about 5.4x EV/EBITDA. Those valuations come despite the fact that this isn't a declining business - at least not yet. The company is guiding for revenue and Adjusted Operating Income (which is what most companies call Adjusted EBITDA) to grow this year, if modestly. Leverage is a concern, but debt levels have come down (particularly relative to underlying profits) and AMC Networks bonds actually have strengthened over the past ten