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 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.Kinepolis 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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