Diligent Dollar (https://diligent-dollar.com) is back to talk about National CineMedia ($NCMI) and the movie theater industry before and after COVID. Are theaters in secular decline? Are studios dismantling their relationships with theaters to move to Premium Video on Demand (PVOD)? Which of the major theater chains ($CNK, $AMC, Cineworld (Regal's parent company)) are facing bankruptcy risk and how would bankruptcies impact NCMI? How is the movie theater industry faring outside the US? Diligent answers all these questions and more. We explore NCMI's origin story and its competitive moat in movie advertising. Diligent breaks down the company's free cash flow potential and why he thinks the stock could be a multi-bagger. You can read more of Diligent at https://diligent-dollar.com/ and follow him on Twitter at https://twitter.com/DollarDiligent .