KINEPOLIS - A quality Covid recovery play, as they know how to weather the storm KIN BB
We updated our numbers as we believe Kinepolis is on track in execution of its ‘Entrepreneurship plan’ and ‘Star plan’ to secure its future performance. This should compensate for 15-20% decline in visitors versus pre-covid (so 2019 levels) on EBITDA-level. As we do not expect FY22E visitor numbers to be LfL 20% below FY19 levels these performance plans should have a substantial leverage effect on profitably. A surge in Covid-19 cases can postpone the timing but we see Kinepolis as a quality Covid-19 recovery play. As Kinepolis knows how to weather the storm, we would see (any) price weaknesses due to potential more ristrictions in Belgium as a buy opportunity.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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