Kinepolis Group Model update impacted by a softer box office outlook for 2024
We updated our model after French attendance published by CNC and US/Canada box office Mojo figures for 4Q23. We are also lowering our FY24 visitor numbers impacted by the wreckage inflicted on Hollywood's production apparatus during the six months of combined actors' and writers' strikes. As a substantial number of movies that would've brought in major sums of money were pushed out of this year's calendar we lower our Target Price from € 59 to € 55 but we maintain our Buy as there are some highly anticipated films in store (from Dune Part 2 to Mad Max: Furiosa and The Holdovers).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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