Kinepolis Group FIRST LOOK - OK 1Q23 and 2Q23 started strong thanks to Super Mario
Despite the fact that the Hollywood film offering has still not fully recovered, Kinepolis recorded higher visitor-related revenue even compared to 1Q19 (pre-pandemic) thanks to the success of premium cinema experiences and higher consumption.Our positive stance (Buy, € 59 Target Price) is built on the belief that the impact of Kinepolis' Entrepreneurship and Star plans will continue to strengthen revenue and EBITDA development as visitor numbers continue to pick up in line with increasing international offerings. We welcome that 2Q23 started with a strong Easter period, partly thanks to the success of ‘The Super Mario Bros. Movie', and the film offering for the next few months looks promising.
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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