We believe the impact of sustained negative publicity from the Blackfish
documentary will impact visitation into 2014. We lower our target price by $3 to
$27, applying a below peer 9X EV/EBITDA multiple. We lower our 2014 EPS estimate
$0.14 to $1.28 due to a lower attendance forecast and higher promotional spend
to counter negative public relations. We think SEAS's passive stance is less
effective in today's environment where social media can amplify messages. Adding
further attention to the film is its addition to Netflix, musical act boycotts
and a potential Oscar nomination.