AMC Mergers and Acquisitions Presentation Deck
Revised Offer Represents a Premium Valuation
US public comps and Carmike precedent transactions represent the most relevant valuation benchmark
International public comps and precedents are not comparable given different operating environments,
accounting standards and corporate tax laws
●
Significant Premium to US Comparables...
(Enterprise Value / LTM Adj. EBITDA (¹))
9.2x
amc
Carmike Cinemas
8.9x
(1)
(2)
amc
8.7x
REGAL
ENTERTAINMENT
GROUP
8.5x
CINEMARK
...And to Precedent Carmike Transactions
(Transaction Value / LTM Adj. EBITDA Post-Synergies)
Transaction
Date
Announced
6.8x
AMC /
Carmike
7/25/2016
6.7x
Carmike /
Digiplex
5/15/2014
6.5x
Carmike /
Sundance
10/6/2015
5.9x
Carmike /
Muvico
11/4/2013
Source: Company filings, press releases and Carmike management.
amc Note: Because the exchange ratio is fixed and the market value of AMC stock will fluctuate, the actual value of the merger consideration will fluctuate.
As of 3/31/2016. Net of stock based compensation ("SBC") and M&A expenses. Excludes NCMI cash distribution which are included in AMC, Regal and Cinemark's reported Adj. EBITDA
Carmike acquired 16 out of 21 theatres.
(2)
5.1x
Carmike /
Rave
10/1/2012
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