Film Exhibition: Cannibalisation Risk Lower Versus QSR. Visibility Of Better Ad Rate For Inox
|
|
- Todd Holt
- 5 years ago
- Views:
Transcription
1 Management Meet Update Institutional Equities Cinepolis 19 September 2017 Film Exhibition: Cannibalisation Risk Lower Versus QSR. Visibility Of Better Ad Rate For Inox Mexico-based Cinepolis, which is the world s fourth largest film exhibitor with ~5,000 screens (most of which are in Latin America), started operations in India in 2009 and currently has 311 screens in 43 cities under the brand names: (1) Cinepolis (219 screens) (2) Cinepolis VIP (12 screens) and (3) Fun Cinemas (80 screens). We had a meeting with Mr. Devang Sampat, business head (strategic initiatives) of Cinepolis recently to understand his take on the Indian industry, the company s growth plans and points of differentiation vis-à-vis players like PVR and Inox Leisure. From our meeting there were two key takeaways: (1) Mall growth is very anaemic with no signs of pick-up limiting the supply of screens. (2) There is scope for narrowing the large gap (~50%) in advertisement revenue per screen that exists between Inox Leisure and PVR as Cinepolis with a smaller and, in our view, a slightly weaker locational footprint commands better rates that Inox Leisure. We came away with the feeling that while other consumer discretionary segments like Quick Service Restaurants (QSR) are facing a decline in revenue per store (see Exhibit 1) because of substitution (many alternatives exacerbated by introduction of online food ordering mobile applications) and cannibalisation (following rapid store expansion by various players), the multiplex industry will see revenue per screen hold up, if not improve (that has been the trend, see Exhibits 2 & 3) in the foreseeable future. This should result in improved margins/ RoIC. As indicated in our sector initiating coverage report, Indian Film Exhibition Sector- Oligopolistic Business In Its Infancy, entry barriers are formidable (as top players have locked in mall space in key locations/cities) and there are no substitutes (at least as of date). The revenue per screen is also holding up/improving as multiplexes are weaning market share away from single screens and more of the population is moving into the middle income bracket. Cinepolis highlighted that while ATP & SPH of its core Cinepolis brand is in line with that of industry leader PVR (~Rs200 and ~Rs85, respectively), PVR enjoys higher advertisement revenue/screen because of better location and perception. Cinepolis advertisement revenue per screen is between that of PVR s (~Rs4.4mn/screen,FY17) and Inox Leisure s (~Rs2.2mn/screen). As regards Fun Cinemas, incremental screens are under management contracts where it pays no fixed rentals but takes a consultancy fee plus incremental revenue share. But unlike Mukta Arts (Faster Expansion Planned In Film Exhibition), it is not going for any capex. In our film exhibition coverage we have a buy on Inox Leisure and accumulate on PVR. On our estimates, Inox is trading at a 38% discount to the FY19E EV/EBITDA multiple of PVR. Our primary thesis for being more bullish on Inox is that it would partly bridge the gap on F&B SPH and ad revenue per screen (which were 14% and 40% lower respectively vis-a-vis PVR in 1QFY18) thereby fostering faster EBITDA growth. Key points of differentiation vis-à-vis PVR and Inox Leisure: Cinepolis highlighted that: (1) It brings the expertise of successfully running 5,000 screens worldwide, which is not the case with Indian peers. (2) It has a customer-focused mindset which takes care of their needs by bringing the best technologies such as RealD-3D, 4DX and IMAX to India much earlier than others while other players have shareholder-focused mindset. (3) The company has the design expertise of 5,000 screens which helps it to make the best utilisation of mall space allocated to it. (4) It has pioneered the gourmet food concept in India under the banner of CoffeeTree rather than selling just packed foods like samosas and chips. Capex strategy: Capex per screen in the core brand is at ~Rs25m which is in line with that of industry. Cinepolis stated that it expects a payback period of four years at EBITDA level. The company stated that it added 50 screens last year which were all under the Cinepolis banner and that over the next two years 60% of the expansion will be under its Cinepolis banner and the balance 40% under its Fun Cinemas banner. The company also stated that it has the highest inventory of screens as it has signed >500 screens, but the development of these screens is dependent on several external factors like pace of mall development and licence approvals. As regards acquisitions, the company stated that it will look at all potential acquisitions if they are available at the right price. On industry-wide screen expansion, the company highlighted that building 200 screens is achievable in the coming years as construction of 30 malls (~150 screens) is possible and the remaining screens can be single-screen conversions. Content cyclicality: Cinepolis stated that although Bollywood has been performing poorly in recent years, it has been balanced with some good regional and Hollywood content and its average footfalls/screen remained constant at ~1,20,000 admits/screen/year over a period of time and a similar trend is expected in the coming years as well. NOT LISTED Sector: Film Exhibition Girish Pai Head of Research girish.pai@nirmalbang.com Devanshu Bansal Research Associate devanshu.bansal@nirmalbang.com
2 We are positive on the film exhibition sector (see sector report Indian Film Exhibition Sector- Oligopolistic Business In Its Infancy). We believe that: (1) Indian multiplex industry is an oligopoly (top four players control ~70% of screens) and will remain so as entry barriers are quite formidable and there are no substitutes. This industry s structure will deliver steady revenue growth, and improve margins as well as RoIC over a long period of time. (2) PVR and Inox Leisure (the two large players) can deliver in the next 10 years at least 5%- 10% volume/footfall growth (new screen-driven, attracting both single-screen and new generation customers) per year, respectively, with a rise in realisation of 4%-5%. This will result in revenue CAGR of 10%-15% with PAT growing a tad faster. Structurally, expectations of a rise in relevant customer households which can afford this type of entertainment (currently at 8%-11% of total, in our view) are going to drive demand. Same store/screen sales growth (SSG), in our view, will be realisation-led at 4%-6%. We believe that: (1) These players deserve premium valuations, considering the longevity of earnings compounding and good RoICs. (2) Expensive M&A activity in the past five years and consequent weak return ratios are a small price to pay for achieving consolidation in a nascent industry. Over the long run, as organic growth predominates, the benefits of a better industry structure will far outweigh the price paid. We believe the stranglehold over retail real estate (and slow pace of its expansion) will be the key drivers of positive industry dynamics. This will lead to a steady increase in capacity, solid pricing power and a high occupancy rate. The key risk to sector earnings tends to be the volatility induced by success of content. This is a very difficult thing to predict. Some movies may look great on paper, but may turn out to be duds at the box office. But increasingly the content risk is being lowered as Hollywood and regional movies (both in their original and dubbed versions) are able to command a greater share of GBOC. Other points discussed Business model and revenue-sharing contracts: Fun Cinemas - Cinepolis acquired 83 screens of Fun Cinemas which were spread across 24 properties in December As on date, out of 83 Fun Cinemas screens, ~30 screens have been brought under the Cinepolis brand and it has gone for management contracts for ~30 new screens which keep the number of screens under the Fun Cinemas banner to ~80. The company highlighted that it plans to bring most of its single-screen conversions under the Fun Cinemas banner. In such contracts, the exhibitor pays consultancy fee plus an incremental revenue share. Unlike Mukta Arts which goes for small capex on its properties, Cinepolis does not do any capex and only provides consultancy services and its brand name, similar to a franchise agreement. As regards its core Cinepolis (219 screens) and Cinepolis VIP (12 screens) screens, it follows a business model similar to Inox Leisure and PVR. Advertisement revenues and role of external agencies: Cinepolis stated that advertisements in cinemas only account for 1% (Rs6bn) of total advertisement budgets of companies (which is ~Rs500bn) and stated that external advertisement agencies like Khushi and Interactive act as influencers when advertisers approach them for advertisement slots. Cinepolis stated that its advertisement revenues are driven by an internal team as well as external agencies and also stated that it now sells advertisement slots for its complete portfolio of screens and there are no differential rates for Fun Cinemas screens and Cinepolis screens (advertisement rates for Fun Cinemas were below advertisement rates for Cinepolis earlier). Currently, advertisement revenues and other revenues account for 15% of overall revenues. For PVR's advertisement revenues being abnormally high, Cinepolis stated that location and perception are the two main reasons for PVR being able to command higher rates. It mentioned that PVR has a strong location advantage in the form of its greater presence in key mall properties of Mumbai, Delhi and Bengaluru which creates a bigger brand perception for PVR and PVR s advertisement revenues are a reflection of that. As regards Inox Leisure, Cinepolis stated that it was earlier working with Khushi and Interactive only, but it has now expanded to all available players which it believes is a step in the right direction. Points of differentiation with PVR and Inox Leisure: Cinepolis stated that: (1) It brings with it the expertise of successfully running 5,000 cinema screens worldwide. (2) It has a customer-focused mindset which takes care of customer needs by bringing the best technologies such as RealD-3D, 4DX and IMAX (much earlier than others) to India. The company mentioned that its revenues are extremely high during the release of 3D movies. The company also stated that its occupancy rate is as high as 70% for its 4DX screen at Viviana Mall in Thane since its inception and masses have loved it. (3) It has the design expertise of 5,000 screens which helps in making the best utilisation of mall space allocated for cinema exhibition. An example of this expertise is the vinyl flooring under the seats which helps in easy washing of food stains when compared with carpet flooring. This helps provide a feeling of freshness to its patrons. The company also highlighted that it was the first one to launch recliner seats globally.(4) It was also the first one to introduce gourmet food under the banner CoffeeTree in India rather than the usual packed foods like samosas. 2 Cinepolis
3 Lower screen capacity compared with peers: Cinepolis stated that it has 202 seats/screen against 230/250 seats/screen in case of PVR and Inox Leisure, respectively, as its back-to-back seating space is 1,200mm which is greater than the normal space of 1,000mm and in turn provides better legroom space to its patrons. Cinepolis stated that its footfalls are somewhere between that of Inox Leisure and PVR whose footfalls are 2,400 and 2,550 admits/screen/week, respectively.these numbers indicate that the occupancy rate for Cinepolis should be at least at par with that of PVR and most likely a tad better. Revenue segmentation: Box office/f&b/(advertisement revenues + other income) contribution is 60%/25%/15%, respectively, and stated that its EBITDA margin is in line with PVR and Inox Leisure when averaged out over a period of time. Cinepolis is fairly bullish on F&B revenues where it believes that going forward the SPH to ATP ratio will become 1:1 compared to 0.4:1 currently. Screen concentration: Cinepolis currently has 311 multiplex screens across India and it plans to take this screen count to 400 by the end of Currently, it has ~110 screens in North India, ~ screens in West India and ~50 screens in both South and East India (Exhibit 6). Cinepolis also stated that it is looking quite seriously at South India market as this is a lucrative market with higher occupancy level (~50%-65%) & F&B revenues and greater content options (Hindi/English/Regional). Cinepolis has lease rental contract periods similar to those of PVR and Inox Leisure. Rentals are ~17%-18% of total revenues and have a fixed 12%-15% kind of jump every three years. Premiumisation: For Cinepolis VIP, the company stated that these screens are comparable to PVR s Gold class and Inox s Insignia screens and it has 12 screens in Pune, Thane (Viviana Mall), Kochi and Mangalore and the ATPs vary from property to property and are in the range of Rs300 to Rs700. Mexico operations: It mentioned that Mexican market is a duopoly and, anecdotally, indicated that it has a 65% market share and the rest is with Cinemex. It mentioned that while ATPs are not that high relative to Indian multiplexes, the ratio of ticket price to SPH is 1:1 there and admits/screen are much lower and nearly half of that in India. Goods and Services Tax or GST impact: Cinepolis stated that there is no change on the ATP front and it is charging 15% GST on F&B because of non-clarity at this stage. Management and board of directors: Cinepolis India s Managing Director is Mr.Javier Sotomayor, and Chief Financial Officer is Mr.Rodrigo Perez. Mr.Devang Sampat is Business Head-Strategic Investments. 3 Cinepolis
4 1QFY15 2QFY15 3QFY15 4QFY15 1QFY16 2QFY16 3QFY16 4QFY16 1QFY17 2QFY17 3QFY17 4QFY17 1QFY18 Present Institutional Equities Exhibit 1: QSR s Revenue/store is on a declining trend 45 Exhibit 2: Footfall/screen/year (in lakh) Exhibit 3: Revenue/screen for Inox Leisure & PVR is on a rising trend (Rsmn) Exhibit 5: Screen growth of top players Jubilant Rev/Store (Rsmn) Westlife Rev/Store (Rsmn) PVR Rev/Screen (Rsmn) Inox Rev/Screen (Rsmn) Exhibit 4: Overall multiplex screen growth over the years 2,500 2,000 1,500 1, Source: Inox Investor Presentation, Nirmal Bang Institutional Equities Research Exhibit 6: Geographic screen concentration of top players PVR Inox PVR Average fotfall Inox Average Footfall 1,075 1,225 1,350 1,500 1,630 2,134 2,225 2,343 FY10 FY11 FY12 Overall Multiplex Screen growth PVR Cinepolis Inox Leisure 0 North South East West PVR Inox Cinepolis 4 Cinepolis
5 Disclaimer Stock Ratings Absolute Returns BUY > 15% ACCUMULATE -5% to15% SELL < -5% This report is published by Nirmal Bang s Institutional Equities Research desk. Nirmal Bang group has other business units with independent research teams separated by Chinese walls, and therefore may, at times, have different or contrary views on stocks and markets. Reports based on technical and derivative analysis may not match with reports based on a company's fundamental analysis. This report is for the personal information of the authorised recipient and is not for public distribution. This should not be reproduced or redistributed to any other person or in any form. This report is for the general information for the clients of Nirmal Bang Equities Pvt. Ltd., a division of Nirmal Bang, and should not be construed as an offer or solicitation of an offer to buy/sell any securities. We have exercised due diligence in checking the correctness and authenticity of the information contained herein, so far as it relates to current and historical information, but do not guarantee its accuracy or completeness. The opinions expressed are our current opinions as of the date appearing in the material and may be subject to change from time to time without notice. Nirmal Bang or any persons connected with it do not accept any liability arising from the use of this document or the information contained therein. The recipients of this material should rely on their own judgment and take their own professional advice before acting on this information. Nirmal Bang or any of its connected persons including its directors or subsidiaries or associates or employees or agents shall not be in any way responsible for any loss or damage that may arise to any person/s from any inadvertent error in the information contained, views and opinions expressed in this publication. Nirmal Bang Equities Private Limited (hereinafter referred to as NBEPL ) is a registered Member of National Stock Exchange of India Limited, Bombay Stock Exchange Limited. NBEPL has registered with SEBI as a Research Entity in terms of SEBI (Research Analyst) Regulations, (Registration No: INH to ). NBEPL or its associates including its relatives/analyst do not hold any financial interest/beneficial ownership of more than 1% in the company covered by Analyst. NBEPL or its associates/analyst has not received any compensation from the company covered by Analyst during the past twelve months. NBEPL /analyst has not served as an officer, director or employee of company covered by Analyst and has not been engaged in market-making activity of the company covered by Analyst. The views expressed are based solely on information available publicly and believed to be true. Investors are advised to independently evaluate the market conditions/risks involved before making any investment decision. Access all our reports on Bloomberg, Thomson Reuters and Factset. Team Details: Name Id Direct Line Rahul Arora CEO rahul.arora@nirmalbang.com - Girish Pai Head of Research girish.pai@nirmalbang.com / 18 Dealing Ravi Jagtiani Dealing Desk ravi.jagtiani@nirmalbang.com , Pradeep Kasat Dealing Desk pradeep.kasat@nirmalbang.com /8101, Michael Pillai Dealing Desk michael.pillai@nirmalbang.com /8103, Nirmal Bang Equities Pvt. Ltd. Correspondence Address B-2, 301/302, Marathon Innova, Nr. Peninsula Corporate Park, Lower Parel (W), Mumbai Board No. : /1; Fax. : Cinepolis
Institutional Equities
Result Update 29 October 218 Reuters: L.BO; Bloomberg: L IN One Of The Cheapest Consumer Discretionary Plays s performance (including SPI Cinemas) was in line with our expectations. Individually, and SPI
More informationInstitutional Equities. This page has been intentionally left blank
This page has been intentionally left blank Initiating Coverage Report Institutional Equities Indian Film Exhibition Sector 5 October 216 Oligopolistic Business In Its Infancy; GST To Lift Margins And
More informationInstitutional Equities
Result Update Reuters: L.BO; Bloomberg: L IN Good Content Drives Strong Performance posted a strong set of numbers in. Consolidated (including SPI Cinemas for the entire quarter compared to a half-quarter
More informationINVESTOR PRESENTATION. March 2016
INVESTOR PRESENTATION March 2016 DISCLAIMER Safe Harbor: - Some information in this report may contain forward-looking statements. We have based these forward looking statements on our current beliefs,
More informationINVESTOR PRESENTATION. June 17
INVESTOR PRESENTATION June 17 Company Overview India s largest cinema chain Leadership position in India with approx. 40% share of Hollywood Box Office and approx. 25% share of 75 Million Guests 587 Screens
More informationINVESTOR PRESENTATION. February 2017
INVESTOR PRESENTATION February 2017 Disclaimer Safe Harbor: - Some information in this report may contain forward-looking statements. We have based these forward looking statements on our current beliefs,
More informationDate: 27 th April 2015 UFO-MOVIEZ INDIA-IPO. Issue Size and Purpose
Date: 27 th April 2015 UFO-MOVIEZ INDIA-IPO Issue Size and Purpose The company is coming out with an initial public offering (IPO) amounting to Rs 600 crore at an price band of Rs 615-625 per share of
More informationBUY Current Price: $21.28 Target Price: $24.36 Market Cap: 3.39B S&P Debt Rating B+
February, 17, 2017 Regal Entertainment Group (RGC) Analyst: Edward Stumm Sector: Consumer Discretionary Industry: Media Company Description: Regal Entertainment Group (RGC) is one of the leading and most
More informationThis is a licensed product of AM Mindpower Solutions and should not be copied
1 TABLE OF CONTENTS 1. The US Theater Industry Introduction 2. The US Theater Industry Size, 2006-2011 2.1. By Box Office Revenue, 2006-2011 2.2. By Number of Theatres and Screens, 2006-2011 2.3. By Number
More informationUTV Software Communications Limited
UTV Software Communications Limited EARNINGS RELEASE FOR THE QUARTER ENDED JUN 30, 2007 UTV s Consolidated Results for 1QFY2008 as compared to 1QFY2007 Total revenues Rs 571 million, up by 9% EBITDA Rs
More informationMARKET OUTPERFORMERS CELERITAS INVESTMENTS
MARKET OUTPERFORMERS CELERITAS INVESTMENTS Universal Displays (OLED) Rating: Strong Buy Stock Price: $101/share Price Target: $130/share MOP Idea of the Month: Universal Displays Business Overview: Universal
More informationINVESTING for GROWTH. The Marcus Corporation. Gabelli & Company Inaugural Movie Conference March 12, 2009
INVESTING for GROWTH The Marcus Corporation Gabelli & Company Inaugural Movie Conference March 12, 2009 Forward-Looking Statement Certain matters discussed in this presentation are forward-looking statements
More informationPiper Jaffray Non-Deal Roadshow New York, New York
Piper Jaffray Non-Deal Roadshow New York, New York June 25, 2015 Disclaimer The following information contains, or may be deemed to contain, forward-looking statements. By their nature, forward-looking
More informationUTV Software Communications Limited
UTV Software Communications Limited EARNINGS RELEASE FOR THE QUARTER AND YEAR ENDED MAR 31, 2007 FY2007 as compared to FY2006 Total revenues Rs 2,030 million, from Rs 2,182 million Operating Income Rs
More informationMACQUARIE CONFERENCE Wednesday 2 May, 2018
MACQUARIE CONFERENCE Wednesday 2 May, 2018 2017 Financial Highlights Global Cinema Screens Introducing Kimbal Riley Vista Group - Growth Movio Will Palmer Questions 2 2 OPERATING SEGMENTS CINEMA MOVIO
More informationGrowth of Cinepolis in India: Organic or Inorganic?
IOSR Journal of Business and Management (IOSR-JBM) e-issn: 2278-487X, p-issn: 2319-7668. Volume 20, Issue 11. Ver.III (November. 2018), PP 14-19 www.iosrjournals.org Sudheer Kumar J S*, Dr.A. SathishBabu**
More informationMultimedia Polska S.A. 4March 2015
Multimedia Polska S.A. 2014 fourth quarter and FY results 4March 2015 Disclaimer This presentation may contain forward-looking statements with respect to the business, financial results, and/or results
More informationNetflix Inc. (NasdaqGS:NFLX) Company Description
Analyst: Anthony Petretti Sector: Consumer Discretionary Valuation: Netflix Inc. Ticker: (NasdaqGS:NFLX) Date: 12/18/2017 Current Price: $190.42 Recommendation: Short Company Description Investment Thesis
More information(Company Registration No N) (Incorporated in Singapore) (the Company)
(Company Registration No. 201424372N) (Incorporated in Singapore) (the Company) PROPOSED ACQUISITION OF THE CATHAY CINEPLEXES BUSINESS SIGNING OF OPTION AGREEMENT FOR THE PROPOSED ACQUISITION OF 100% OF
More informationHathway Cable &Datacom Limited
PRESS RELEASE UNAUDITED STANDALONEFINANCIAL RESULTS FOR THE QUARTER ENDED 31 st DECEMBER, 2014 Standalone Statement of Accounts Q3FY15 (Unaudited) The Board of Directors of Hathway Cable and Datacom Limited
More informationIsrael Analyst Presentation 24 th May 2017
Israel Analyst Presentation 24 th May 2017 Overview Overview Israel economy and demographics The cinema market in Israel Our brands in Israel Israel a case study for the UK Israel Economy & Demographics
More informationPT M Cash IPO Profile
PT M Cash IPO Profile February 2018 Summary of Initial Public Offering SPECIALIZED INVESTMENT BANKERS AT THE INTERSECTION OF FINANCE & TECHNOLOGY Initial Public Offering Overview IDX: MCAS Headquarters
More informationCineplex Inc. Company Update. Updating Forecast For Q4 Box Office & Other Adjustments, Record 2017 To Gain Traction HIGHLIGHTS. The NBF Daily Bulletin
CGX (T) Stock Rating: Target: Risk Rating: Cdn$51.41 Outperform Cdn$60.00 Below Average Est. Total Return 19.9% Stock Data: 52-w eek High-Low (Canada) $52.50 - $44.67 52-w eek High-Low (U.S.) NA Bloomberg/Reuters:
More informationFidelity Capital Structure Corp. Annual Dividends
Fidelity Capital Structure Corp. Annual Dividends The Board of Directors of the Fidelity Capital Structure Corp. announces that it has declared ordinary dividends to shareholders in the es listed below
More informationSonic's Third Quarter Results Reflect Current Challenges
Sonic's Third Quarter Results Reflect Current Challenges Sales Improve Steadily after Slow March, and Development Initiatives Maintain Strong Momentum Partner Drive-in Operations Slip OKLAHOMA CITY, Jun
More informationCINEPLEX GALAXY INCOME FUND Reports Third Quarter Results. Three months ended September 30, 2008
Not for release over US newswire services FOR IMMEDIATE RELEASE CINEPLEX GALAXY INCOME FUND Reports Third Quarter Results TORONTO, CANADA, November 6, 2008 (TSX: CGX.UN) Cineplex Galaxy Income Fund (the
More informationCINEPLEX GALAXY INCOME FUND Reports Record First Quarter Results and Announces Distribution Increase. Three months ended March 31, 2008
Not for release over US newswire services FOR IMMEDIATE RELEASE CINEPLEX GALAXY INCOME FUND Reports Record First Quarter Results and Announces Distribution Increase TORONTO, CANADA, May 8, 2008 (TSX: CGX.UN)
More informationEARNINGS RELEASE: Q
A listed subsidiary of Network18 EARNINGS RELEASE: Q1 2018-19 Mumbai, 24 th July, 2018 TV18 Broadcast Limited today announced its results for the quarter ended 30 th June 2018. Summary Consolidated Financials
More informationVista Group International Limited 2015 Annual General Meeting Chairman s Address
Vista Group International Limited 2015 Annual General Meeting Chairman s Address Before moving to the formal business of today s meeting, I would like to comment on some of the Group s activities and achievements
More informationStrong all-round performance drives growth
Strong all-round performance drives growth Domestic advertising revenue grew by 23.3% YoY to Rs. 11,526 mn Domestic subscription revenue grew by 26.0% YoY to Rs. 5,093 mn EBITDA grew by 37.6% YoY to Rs.
More informationVOTE THE ENCLOSED WHITE PROXY CARD TODAY FOR TAUBMAN S DIRECTOR NOMINEES
VOTE THE ENCLOSED WHITE PROXY CARD TODAY FOR TAUBMAN S DIRECTOR NOMINEES May 5, 2017 Dear Fellow Taubman Shareholder, Over the past 20 years, the knowledge and expertise of the Taubman Board has contributed
More informationLOCAL TELEVISION STATIONS: Maintaining an Important Presence in 2016 & Beyond. August Copyright All Rights Reserved.
Maintaining an Important Presence in 2016 & Beyond August 2016 Copyright 2016. All Rights Reserved. BIA/Kelsey CONTENTS Executive Summary... 1 Introduction... 3 Viewer Options... 6 Viewing Hours... 6 Subscription
More informationVillage Roadshow Limited Hong Kong May 27 th Singapore May 29 th
Village Roadshow Limited Hong Kong May 27 th Singapore May 29 th AGENDA Company Overview Our History Business Portfolio Financial Performance Capital Management Future Strategy Summary 2 Australia s Leading
More informationDEN Networks Limited Investor Update: Q1 FY
DEN Networks Limited Investor Update: QUARTER FINANCIALS I. CONSOLIDATED 1. Year on Year ( vs. Q1 FY 2012-13) Consolidated Revenues Up 37% Y-o-Y Consolidated Revenues for Q1 FY 14 were Rs 275.42 crores
More informationCoinstar, Inc. Analyst Day May 16, 2012
Coinstar, Inc. Analyst Day May 16, 2012 Redbox Business Review Gregg Kaplan President and COO Coinstar, Inc. Safe Harbor for Forward Looking Statements Various remarks that we may make about future expectations,
More informationCredit Suisse Global Media and Communications Convergence Conference March 8, 2011
Credit Suisse Global Media and Communications Convergence Conference March 8, 2011 Cineplex Entertainment The Largest and Most Successful Motion Picture Theatre Exhibition Company in Canada 131 Theatres
More informationGabelli & Co Exhibitor Media Conference March 17, 2011
Gabelli & Co Exhibitor Media Conference March 17, 2011 Cineplex Entertainment The Largest and Most Successful Motion Picture Theatre Exhibition Company in Canada 131 Theatres with 1,362 Screens *as of
More information1. Introduction. 2. Part A: Executive Summary
MTN'S RESPONSE TO ICASA'S INQUIRY INTO SUBSCRIPTION TELEVISION BROADCASTING SERVICES IN TERMS OF SECTION 4 B OF THE ICASA ACT 13 OF 2000 IN GORVENMENT GAZETTE NO. 41070 DATED 25 AUGUST 2017 1 P a g e 1.
More informationCity Screens fiscal 1998 MD&A and Financial Statements
City Screens fiscal 1998 MD&A and Financial Statements Management's Discussion and Analysis (Note: Fiscal 1998 is for the year ending April 1, 1999) OPERATING RESULTS Revenues. Total revenues increased
More informationEros International Plc Corporate Presentation
Eros International Plc Corporate Presentation Jefferies Global TMT Conference May 2014 A Leading Global Indian Film Entertainment Company Leading co-producer, acquirer and distributor of Indian language
More informationNetflix: Amazing Growth But At A High Price
Netflix: Amazing Growth But At A High Price Mar. 17, 2018 5:27 AM ET8 comments by: Jonathan Cooper Summary Amazing user growth, projected to accelerate into Q1'18. Contribution profit per subscriber continues
More informationStrategic Partnership to Advance Dedicated and New Cinema Solutions
Strategic Partnership to Advance Dedicated and New Cinema Solutions Analyst presentation Jan De Witte, CEO & Ann Desender, CFO 4 December 2017 Executive summary Catalysts driving next stage of growth in
More informationGlobal Invacom Group Limited. FY2014 Results Presentation 26 February 2015
Global Invacom Group Limited FY2014 Results Presentation 26 February 2015 Presentation Outline 1 Global Invacom Overview 2 Recent Corporate Developments 3 FY2014 Financial Highlights 4 Strategy, Outlook
More informationInstitutional Equities
Event Update Institutional Equities Film Exhibition Sector 2 May 2017 Baahubali 2 Augurs Well For FY18 Baahubali 2, which was released on 28 April 2017, has beaten all historical records in the Indian
More informationAn Economic Overview, Stocks vs. Bonds, and An Update on Three Stocks
Excerpt: Netflix Slides An Economic Overview, Stocks vs. Bonds, and An Update on Three Stocks Whitney Tilson Value Investing Congress October 1, 2012 T2 Accredited Fund, LP Tilson Offshore Fund, Ltd. T2
More informationInvestor Day Thursday, May 11 th
Investor Day 2017 Thursday, May 11 th Safe Harbor This presentation contains forward looking statements that are based on IMAX management's assumptions and existing information and involve certain risks
More informationWhy Netflix Is Still Undervalued
Why Netflix Is Still Undervalued Feb. 19, 2018 1:35 PM ET 34 comments About: Netflix, Inc. (NFLX), Includes: DIS Ziyadd Manie, CFA Summary Netflix s first mover advantage in an industry with structural
More informationTV Azteca in Grupo Salinas
March 2018 0 The following information contains or may be deemed to contain, forward-looking statements. By their nature, forward-looking statements involve risks and uncertainties because they relate
More informationBank of America Merrill Lynch Media, Communications and Entertainment Conference
Bank of America Merrill Lynch Media, Communications and Entertainment Conference Pat Doyle Chief Financial Officer September 10, 2009 Cautionary Statement This presentation includes certain statements
More informationCineworld Group 2016 Results 9 th March 2017
Cineworld Group 2016 Results 9 th March 2017 Overview Summary of 2016 another record year Reached the milestone of 100m admissions Overall strong financial performance for the Group, EBITDA growth of 13.2%,
More information2014 FOURTH. QUARTER (As of December 31, 2014)
2014 FOURTH QUARTER (As of December 31, 2014) Contact: Pat Marshall Vice President, Communications and Investor Relations 416.323.6648 pat.marshall@cineplex.com Cineplex Entertainment The Largest and Most
More informationCharacteristics of the liquid crystals market
Characteristics of the liquid crystals market Information Day 2013 A Deep Dive into the LC&OLED Business Walter Galinat President of Performance Materials Darmstadt, Germany June 26, 2013 Disclaimer Remarks
More informationMajor Cineplex Group Plc. Annual. Results Briefing. February 25, 2009
Annual Major Cineplex Group Plc. Results Briefing February 25, 29 Quarterly Results Briefing Contents 4Q8 P&L snapshots: Core revenue, EBITDA, & Net profit Revenue by business unit EBITDA growth analysis
More informationInox Leisure Ltd Bloomberg Code: INOL IN
Jul 16, 215 Consumer Discretionary Jul 16, 215 Bloomberg Code: INOL IN India Research - Stock Broking Living the Movie Experience Inox Expanding its Presence and Strengthening its Foothold in Movie Exhibition
More informationIs the takeover of Regal Entertainment a solid solution for Cineworld?
JANUARY 2018 1 Is the takeover of Regal Entertainment a solid solution for Cineworld? AUTHOR JULIA KLINKENBERG JULIA.KLINKENBERG@EDHEC.COM The first news about a potential acquisition of Regal Entertainment
More informationExtraordinary Together. Zee Entertainment Entertainment Content Company
Extraordinary Together Zee Entertainment 360 0 Entertainment Content Company Presentation Flow India M&E Industry Domestic Broadcast Movies & Music A to ZEE of Content Leadership Digital International
More informationP V R T O A C Q U I R E S P I C I N E M A S A U G U S T
P V R T O A C Q U I R E S P I C I N E M A S A U G U S T 2 0 1 8 DISCLAIMER Safe Harbor: - Some information in this report may contain forward-looking statements. Forward-looking statements may be identified
More informationFILM, TV & GAMES CONFERENCE 2015
FILM, TV & GAMES CONFERENCE 2015 Sponsored by April 2015 at The Royal Institution Session 5: Movie Market Update Ben Keen, Chief Analyst & VP, Media, IHS This report summarises a session that took place
More informationDeutsche Bank Conference June 2005
Deutsche Bank Conference June 2005 www.hearstargyle.com This presentation includes forward-looking statements. We based these forward-looking statements on our current expectations and projections about
More informationTV Azteca en Grupo Salinas
October 2017 The following information contains or may be deemed to contain, forward-looking statements. By their nature, forward-looking statements involve risks and uncertainties because they relate
More informationCatalogue no XIE. Television Broadcasting Industries
Catalogue no. 56-207-XIE Television Broadcasting Industries 2006 How to obtain more information Specific inquiries about this product and related statistics or services should be directed to: Science,
More informationBBC Fair Trading: BBC Studios use of BBC Brand
BBC Fair Trading: BBC Studios use of BBC Brand 30 April 2018 V2 1 BBC Studios use of the BBC Brand (1) Background and Introduction Following the merger in April 2018 of the BBC s commercial production
More informationDiscussion Materials December 10, 2012
Discussion Materials December 10, 2012 Assumptions The following analysis estimates the break even U.S. streaming subscriber growth or price increases required in order for Netflix to pay $300 to $350
More informationWhy split up Netflix?
Netflix Group 4 Why split up Netflix? DVD by mail is slowly dying, but Netflix will do everything it can to keep it alive Netflix has diverged into two different business lines, with two very different
More informationIMAX CHINA HOLDING, INC. (Incorporated in the Cayman Islands with limited liability) (Stock Code: 1970)
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationADB Group Presentation
ADB Group Presentation This presentation contains forward-looking statements. You are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties,
More informationEros: A Multi-Platform Model
Eros: A Multi-Platform Model l Leading player in a growing and underpenetrated cinema market Eros has had an average 3 out of top 10 India Box Office hits for the past five years Film pre-sales facilitated
More informationDividend Investor Canada s Top Dividend Stock for 2017
Dividend Investor Canada s Top Dividend Stock for 2017 Candidate #1 Dividend Investor Canada s Top Dividend Stock for 2017 A special message from Bryan White, Lead Adviser, Motley Fool Dividend Investor
More informationContribution from commercial cinema owners, Denmark
Contribution from commercial cinema owners, Denmark We, Michael Obel, Kim Brochdorf and John Tønnes own and manage both smaller commercial cinemas with few screens and multi screen cinemas forming part
More informationMr. William Kwan Chief Financial Officer
Mr. William Kwan Chief Financial Officer Consolidated Results (HK$ M) 2005 Turnover 2,441 Opex before dep n (1,681) EBITDA 760 Depreciation (480) Operating profit 280 Net interest income / (expense) 3
More information2011 Q1 Results Presentation
2011 Q1 Results Presentation TCL Multimedia Technology Holdings Limited Stock Code:01070 Disclaimer The information contained herein should not be utilized for any legal purposes in regards to any investor's
More informationSKYCITY Entertainment Group Limited. Interim Results for six months to 31 December 2014
MEDIA RELEASE 11 February 2015 SKYCITY Entertainment Group Limited Interim Results for six months to 31 December 2014 Result Highlights: Normalised revenue up 9.2% to $510.0 million, normalised EBITDA
More informationExtraordinary Together. Zee Entertainment Entertainment Content Company
Extraordinary Together Zee Entertainment 360 0 Entertainment Content Company Presentation Flow India M&E Industry Domestic Broadcast Digital A to ZEE of Content Leadership Movies & Music International
More informationGTPL Hathway Limited NEUTRAL. Issue Open: June 21, 2017 Issue Close: June 23, IPO Note Cable. Key Financials
IPO Note Cable June 20, 2017 GTPL Hathway Limited GTPL Hathway Ltd. (GTPL) was initially incorporated by Aniruddhasinhji Jadeja and Kanaksinh Rana, through the consolidation of cable service businesses
More informationPredicts 2004: U.S. Color Copier Market Is All Business
Dataquest Predicts Predicts 2004: U.S. Color Copier Market Is All Business Abstract: Shipments of color multifunction products jumped more than 300 percent in the third quarter of 2003, compared with the
More informationGLOBAL INVACOM. FY2016 Annual General Meeting
GLOBAL INVACOM FY2016 Annual General Meeting AGM Agenda Corporate Highlights Financial Review IR Activities Outlook Q&A Corporate Highlights Corporate Highlights Date Milestone 15 Jun Partners telecom
More informationQ1 2012: SES CONTINUES ON ITS GROWTH TRACK
PRESS RELEASE Q1 2012: SES CONTINUES ON ITS GROWTH TRACK Luxembourg, 11 May 2012 SES S.A. (NYSE Euronext Paris and Luxembourg Stock Exchange: SESG) reports financial results for the three months ended
More informationStrong all-round performance
Strong all-round performance Domestic advertising revenue grew by 20.6% YoY to Rs. 13,719 mn Domestic subscription revenue grew by 28.6% YoY to Rs. 5,192 mn EBITDA grew by 26.9% YoY to Rs. 7,543 mn, EBITDA
More informationDQ Entertainment (International) Limited, India
DQ Entertainment (International) Limited, India Management Perspective on Q 1 results and year ahead: Earnings Release For the quarter ended June 30, 2010 As reported in the management guidance issued
More informationThe Communications Market: Digital Progress Report
The Communications Market: Digital Progress Report Digital TV, 2009 This is Ofcom s twenty-third Digital Progress Report covering developments in multichannel television. The data are the latest available
More informationThe Ministry of Business, Innovation and Employment and SkyCity Entertainment Group Limited
The Ministry of Business, Innovation and Employment and SkyCity Entertainment Group Limited Report in connection with the New Zealand International Convention Centre 10 May 2013 Table of contents 1 Introduction...
More informationInterim Results. 16 th August 2012
Interim Results 16 th August 2012 Today s presentation team Steve Wiener Founder & Chief Executive Officer Philip Bowcock Chief Financial Officer Crispin Lilly Vice President of Business Affairs 2 2012
More informationetflix Reducing Our Rating from BUY to HOLD
Wednesday, February 23, 2011 etflix Reducing Our Rating from BUY to HOLD Overview and Investment Opinion We are reducing our rating on etflix ( ASDAQ: FLX - $221.60) from BUY to HOLD, due in part to valuation,
More information1H 2017 Investors Briefing Financial and Operating Results August 11, 2017
1H 2017 Investors Briefing Financial and Operating Results August 11, 2017 Business Segments Media Networks & Studio Entertainment Digital & Interactive Media - Entertainment - News - Global - Film & Music
More informationFinancial Summary of 3Q/FY2006 Business Strategy. February 2007 SKY Perfect Communications Inc.
Financial Summary of 3Q/FY2006 and Our Business Strategy February 2007 SKY Perfect Communications Inc. Section Financial Summary of 3Q/FY2006 2006 2 Summary of Consolidated Statement of Income (Millions
More informationentertainment Quarterly Briefing 3Q14 MAJOR CINEPLEX GROUP PLC. Analyst Meeting 3Q14 Paragon Cineplex, Siam Paragon: November 7 th, 2014
IFESTYLE Quarterly Briefing MAJOR CINEPLEX GROUP PLC. Analyst Meeting Paragon Cineplex, Siam Paragon: November 7 th, 2014 Q14 QUARTERLY BRIEFING LIFESTYLE Financial Highlights Revenue growth from highlight
More informationGlobal Concert Market: Size, Trends & Forecasts ( ) September 2016
Global Concert Market: Size, Trends & Forecasts (2016-2020) September 2016 Global Concert Market Report Scope of the Report The report titled Global Concert Market: Size, Trends & Forecasts (2016-2020),
More informationAs at December 31, 2016
As at December 31, 2016 Contact/Inquiries: Pat Marshall, Vice President, Communications and Investor Relations T: 416.323.6648 E: Pat.Marshall@cineplex.com CINEPLEX ENTERTAINMENT IS THE AS AT DECEMBER
More informationTeleChoice expands into Mobile Handset Retail with strategic stake in Planet Telecoms
For immediate release TeleChoice expands into Mobile Handset Retail with strategic stake in Planet Telecoms Planet Telecoms ranks amongst top mobile handset retailers in Singapore TeleChoice to acquire
More informationPlease find attached our presentation for the UBS Investor Conference.
16 November 2015 Client Market Services NZX Limited Level 1, NZX Centre 11 Cable Street WELLINGTON RE: SKYCITY ENTERTAINMENT GROUP LIMITED (SKC) Please find attached our presentation for the UBS Investor
More informationSlide 1. Fox Kids Europe NV
Slide 1 Fox Kids Europe NV Financial Results - Six Months Ended November 30, 2000 February 28, 2001 Slide 2 Operating Review Ynon Kreiz Chairman & CEO Slide 3 H1 01 Highlights! Successful roll-out of new
More informationNAME: SECTION DATE. John Chalmers. Used Fall 2002
NAME: SECTION DATE MASSACHUSETTS INSTITUTE OF TECHNOLOGY SLOAN SCHOOL OF MANAGEMENT 15.402 Sections A, B, and C Exam courtesy of Prof. Finance Theory II John Chalmers. Used Fall 2002 with permission. Rules:
More informationEARNINGS RELEASE: Q
A listed subsidiary of Network18 EARNINGS RELEASE: Q3 2017-18 Mumbai, 16 th January, 2018 TV18 Broadcast Limited today announced its results for the quarter ended 31 st December, 2017. Summary Consolidated
More informationSES CONTINUES TO SHOW RECURRING GROWTH IN Q1 2010
PRESS RELEASE SES CONTINUES TO SHOW RECURRING GROWTH IN Q1 2010 Luxembourg, 23 April 2010 SES S.A., one of the world s leading satellite operators, (Euronext Paris and Luxembourg Stock Exchange: SESG),
More informationCINEPLEX INC. Reports First Quarter Results and Announces Dividend Increase
FOR IMMEDIATE RELEASE CINEPLEX INC. Reports Results and Announces Dividend Increase TORONTO, Canada, May 8, 2015 (TSX: CGX) - Cineplex Inc. ( Cineplex ) today released its financial results for the three
More informationOur circuit is the third largest in the U.S. with 339 theatres and 4,566 screens in 41 states.
FINANCIAL TEAR SHEET CORPORATE PROFILE We are a leader in the motion picture exhibition industry with 539 theatres and 5,998 screens in the U.S. and Latin America as of June 30, 2018. Our circuit is the
More informationentertainment Quarterly Briefing 3Q13 MAJOR CINEPLEX GROUP PLC. Analyst Meeting Paragon Cineplex, Siam Paragon: November 11 th, 2013
IFESTYLE Quarterly Briefing MAJOR CINEPLEX GROUP PLC. Analyst Meeting Paragon Cineplex, Siam Paragon: November 11 th, 2013 81 657 193 215 192 165 201 235 230 293 301 942 440 Q13 QUATERLY BRIEFING The Bottom
More information1-Year Chart: 5-Year Chart:
1-Year Chart: 5-Year Chart: Table of Contents 1. Executive Summary 2. Industry Analysis 3. Company Background 4. Investment Thesis 5. Valuation 6. Catalysts 7. Risks Executive Summary I m currently recommending
More informationPVR Limited Bloomberg Code: PVRL IN
Scripting a Blockbuster Jul 24, 215 Consumer Discretionary Jul 24, 215 Bloomberg Code: PVRL IN India Research - Stock Broking Market leader in movie exhibition business: The company is expanding its market
More informationA Case Study for Business Studies HSC Course - Stage 6
BIG SCREEN BUSINESS Part 1: Management & Change A Case Study for Business Studies HSC Course - Stage 6 WORLD S BIGGEST SCREENS Pty Ltd LG IMAX Theatre Sydney, Darling Harbour Written by Julie Brown, Group
More information