Kinepolis Group Hollywood strike weighed a little more than expected on visitor numbers
Hollywood strike weighed a little more than we expected on Kinepolis' 1H24 visitor numbers (-16.7% y/y at 14m), but Kinepolis Group highlighted that line-up for the rest of the year is promising.We updated our model and lower our Target Price from € 53 to € 50 as Kinepolis had, as expected, a challenging first half of the year, with even fewer visitors than we expected due to a poor blockbuster offering. Recall that the long strike in 2023 in Hollywood prevented a return to the rich film offering from before the pandemic, but Kinepolis indicated that improvement is heralded. Since June, a turnaround has begun thanks to the success of 'Inside Out 2' and 'Deadpool & Wolverine', and numerous big releases are planned in the autumn, including the highly anticipated 'Joker: Folie à Deux', 'Gladiator II' and 'Moana 2'. We maintain our Buy rating.
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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