⚡️Update: National CineMedia Inc ($NCMI)⚡️

Much like other companies tied to movie theaters, National CineMedia Inc ($NCMI) has experienced a bit of a stock run-up since we wrote about it in September 2020. Back then the stock price was around $3.45/share and today its around $4.50/share. While this is apropos of nothing, really, other than an equity market commentary where equity prices and market capitalizations are (mostly) detached from reality, it is especially fascinating when considered in the context of recent earnings results.

On March 8, 2021, NCMI reported Q420 and full year ‘20 results. They were a massive turd. It’s hard to make money selling advertising in movie theaters when movie theaters aren’t open and, to the extent they are open, they’re not really showing anything that anyone deems important enough to go out and see while risking contracting a deadly virus. Go figure.

The company, therefore, spent the majority of 2020…

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