Report
Guy Sips

KINEPOLIS: Will survive; even after a long time of forced closure

Our base case scenario is now closure till end June for all complexes and a postponement of EURO2020 and The Summer Olympics to 2021. But as a) over 70% of the costs above EBITDA are variable; b) Kinepolis has € 190m cash on the bank; and c) a cash burn of below € 10m per month when closed, we argue that Kinepolis will survive, even after a long time of forced closure. Buy and new € 57 TP.
Underlying
Kinepolis Group NV

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.

Provider
KBC Securities
KBC Securities

We are a financial services provider for several types of professional clients, each with distinct needs.

 

Analysts
Guy Sips

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