Kinepolis - Buyback launched & Cineplex posting strong box office numbers
Kinepolis announces the launch of a buyback program to cover share options up to 200,000 shares for a maximum of EUR 10mCineplex announced that for the period May-June 11th it realized on average 88% of 2019 box office revenues and 92% including food service revenuesOnce again good news flow from both the company and the sector. However, the share price remains somewhat in the doldrums whereas its FCF should return almost in full in 2023. Hence, we stick to our BUY rating and EUR 55.3 TP, which is DCF-based. Kinepolis is also part of our Preference ListKinepolis Group NV is a Belgium-based company, which is primarily engaged in the operation of cinemas. The Company's activities are divided into such business units, as Box office, In-theatre sales, Business-to-business (B2B), Film distribution and Real Estate. The Box office unit includes sale of the tickets. The In-theatre sales unit is involved in the sale of snacks and related articles. The B2B unit takes care of the organization of corporate events and the sale of screen advertizing to corporate customers. The Film distribution unit includes all activities related to movies showed in the cinema. The Real Estate is responsible for the property management and utilization. Additionally, the Company has a Technical department, which delivers technological support to Kinepolis facilities. The Company is present in Belgium, France, Spain and Poland.
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