Kinepolis Group 4Q24 will be good but not as good as we thought
We updated our FY24 visitor numbers after Canadian peer Cineplex disclosed that recent Hollywood tentpoles like Moana 2 and Wicked fuelled blockbuster box office performance in December 2024 but less than we thought. The Canadian exhibition giant also cautioned Thanksgiving holdovers and more year-end titles left Cineplex still below pre-pandemic box office revenue in Dec-2019. If we extrapolate this (combined with recent Box Office Mojo data for US box office data for 4Q24) we now bank on 33.3m visitors for Kinepolis in FY24 (was 33.9m).We maintain our Buy rating and € 50 TP.
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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