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.
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