Elliot Turner presented his in-depth investment thesis on IMAX (Toronto: IMX) at Wide-Moat Investing Summit 2013.
The Bottom Line: The film industry is changing towards a more global and blockbuster-driven business. Differentiation between in-theater vs. at-home entertainment has reached its lowest level since the early 1950’s – IMAX is the difference today. Only IMAX improves the value proposition for each key player, in each key arena of the cinema industry (production, distribution, display). Moat derives from proprietary DMR technology and network effects (as the number of IMAX installs grows, IMAX’s leverage with each partner increases at an accelerating rate. Today, IMAX takes an ownership stake in half of the new theaters they install. IMAX’s business has a long pipeline of investment opportunities with very high IRR. Shares trade at ~10x average 2014 EBITDA estimates, right as margin expansion and revenue growth are accelerating.
About the instructor:
Elliot Turner is a managing director at RGA Investment Advisors, LLC. Prior to joining RGA, Elliot was a principal and managing director at AustinWeston Asset Management LLC, a value-driven investment management firm, where he specialized in discovering and analyzing long-term investment opportunities and strategic portfolio management. Elliot holds a Juris Doctor from Brooklyn Law School, and is admitted to practice law in New York State. He also holds a Bachelor of Arts degree from Emory University where he double majored in Political Science and Philosophy.
Members, log in below to access the full session.
Not a member?
Thank you for your interest. Please note that MOI Global is closed to new members at this time. If you would like to join the waiting list, complete the following form:
About The Author: MOI Global Editorial Team
The MOI Global Editorial Team, led by John Mihaljevic, CFA, includes community builders, event organizers, writers, editors, research associates, security analysts, and fanatical member support advocates. Our sole purpose is to serve the members of MOI Global as well as we possibly can in order to help them learn, invest intelligently, and build lifelong friendships with like-minded people.
Who is MOI Global? In recent years, The Manual of Ideas has expanded to become more than simply “the very best investing newsletter on the planet” (Mohnish Pabrai). We are now a thriving global community of intelligent investors, connected through great ideas, thought-provoking interviews, online conferences, live member events, and much more.
Members of MOI Global enjoy complimentary access to a growing array of resources and content related to the art of intelligent investing. Members also enjoy preferential access to selected offline events as well as exclusive access to other events hosted by MOI Global, including the Zurich Project Summit, the Latticework Conference, and Ideaweek.
More posts by MOI Global Editorial Team