Atlanta Braves Holdings, Inc. (BATRA) vs IMAX Corporation (IMAX)

Atlanta Braves Holdings, Inc. and IMAX Corporation are both Entertainment companies. Atlanta Braves Holdings, Inc. is the larger, with a market value of $3.5B against $3.0B — 1.1× the size. Atlanta Braves Holdings, Inc. has negative trailing earnings, so its P/E is not meaningful; IMAX Corporation trades at 74.7×. IMAX Corporation grew revenue faster over the last twelve months: 14.8% against 6.77%. IMAX Corporation has the higher net margin (9.84% vs −8.56%) and the higher return on invested capital (16.0% vs −3.57%). Across the 18 metrics below, IMAX Corporation leads on 16 and Atlanta Braves Holdings, Inc. on 2.

Valuation

Metric BATRA IMAX Entertainment median
P/E n/m 74.73 22.03
P/S 5.05 7.40 1.47
P/B 7.19 6.85 2.00
Price to free cash flow n/m 25.15 16.60
EV/EBITDA 405.76 19.93 9.65
EV/Sales 6.00 7.11 1.76
Earnings yield (1.69%) 1.34% (0.67%)
Free cash flow yield (2.51%) 3.98% 3.26%

Profitability

Metric BATRA IMAX Entertainment median
Gross margin 24.90% 59.63% 45.02%
Operating margin (9.42%) 20.16% 2.30%
Net margin (8.56%) 9.84% 0.00%
Free cash flow margin (12.65%) 29.44% 1.56%
Return on equity (12.09%) 9.58% 0.00%
Return on assets (3.75%) 4.58% 0.00%
Return on invested capital (3.57%) 15.95% 0.00%

Growth

Metric BATRA IMAX Entertainment median
Revenue growth (TTM) 6.77% 14.79% 5.07%
EPS growth (last fiscal year) 26.00% 31.25% —
Revenue growth, 5-year CAGR — 24.52% 10.25%
Net income growth, 5-year CAGR — 0.00% 0.00%

Health

Metric BATRA IMAX Entertainment median
Debt to equity 1.69 0.09 0.46
Current ratio 0.49 1.24 0.86
Net debt to EBITDA 11.68 (0.78) 0.72

Dividend

Metric BATRA IMAX Entertainment median
Dividend yield — — 1.16%
Payout ratio — 0.00 0.00

Size

Metric BATRA IMAX Entertainment median
Market cap 3.47b 3.03b 1.87b

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