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Equity Bottom-Up

<p>Kinepolis is ‘ready to tango’, according to management, after impressive FY23 results defied last year’s Hollywood strikes (H2 adjusted EBITDA up 26% despite 2% fewer visitors in Q4). Its confidence is compounded by an improving film slate on the strikes’ resolution (eg blockbuster Dune: Part Two postponed from 2023) as well as clear post-pandemic expansion opportunities, heightened by the impact of the strikes and enabled by the company’s strong finances. However, premiumisation remains at the fore (eg 5.5% higher FY23 in-theatre sales per visitor, currency adjusted) with FY24 set to benefit from dining (a potentially transformative new offering), initial 270-degree ScreenX installations, further premium seating and recent IMAX openings. Consensus FY24 EBITDA forecasts of €198m give an EV/EBITDA of c 9.2x.</p>

Kinepolis is ‘ready to tango’, according to management, after impressive FY23 results defied last year’s Hollywood strikes (H2 adjusted EBITDA up 26% despite 2% fewer visitors in Q4). Its confidence is compounded by an improving film slate on the strikes’ resolution (eg blockbuster Dune: Part Two postponed from 2023) as well as clear post-pandemic expansion opportunities, heightened by the impact of the strikes and enabled by the company’s strong finances. However, premiumisation remains at the fore (eg 5.5% higher FY23 in-theatre sales per visitor, currency adjusted) with FY24 set to benefit from dining (a potentially transformative new offering), initial 270-degree ScreenX installations, further premium seating and recent IMAX openings. Consensus FY24 EBITDA forecasts of €198m give an EV/EBITDA of c 9.2x.

Belgium

Kinepolis Group NV operates movie theaters located in Belgium, Luxembourg, France and Spain.  The group also builds cinema complexes and is involved in the production and the distribution of motion pictures.  Kinepolis consolidates 31 subsidiaries and operations of movie theaters account for more than 80% of its revenues.

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Kinepolis Group Nv (KIN BB)

Kinepolis - On the move

Kinepolis is ‘ready to tango’, according to management, after impressive FY23 results defied last year’s Hollywood strikes (H2 adjusted EBITDA up...

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