Kinepolis Group FIRST LOOK: ‘So far so good' after 9 months in 2023
‘So far so good' is a quote of CEO Eddy Duquenne, summarizing 9M23 which is evolving very well both in terms of visitor development, as well as turnover and EBITDA generation which exceed even 2019 levels so far.We incorporated in our updated model that Kinepolis continued to post strong results in 3Q23. A further recovering Hollywood film offering and the success of 'Barbie' and 'Oppenheimer' ensured a successful summer film season. Without giving exact numbers, Kinepolis highlighted it recorded higher visitor-related revenue (BO and ITS) y/y as well as compared to 3Q19, both overall and per visitor. Positive is that Kinepolis indicated that LfL 3Q23 revenue was higher than in 3Q19.
We welcome that in 3Q23 -as expected- Kinepolis Group continued the positive momentum already seen in 1H23. For 4Q23, Kinepolis Group is confident that - despite the postponement of ‘Dune: Part Two' to March next year - new releases such as ‘Killers of the Flower Moon' and ‘Napoleon' will perform strongly. Kinepolis Group, as the entire film industry, hopes that the actors' strike in Hollywood will shortly be resolved. This is necessary to limit the longer-term impact on the film programming. To reflect this, we incorporated some more prudency in our FY24E and FY25E visitor numbers but we maintain our Buy and € 59 Target Price.
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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