Cinemark Analyst Turns Bullish On Box Office Strength, Potential Dividend Comeback: 'Should Prosper Over The Next 2.5 Years'
Cinemark Analyst Turns Bullish On Box Office Strength, Potential Dividend Comeback: 'Should Prosper Over The Next 2.5 Years'
Movie theater company Cinemark Holdings Inc (NYSE:CNK) gets upgraded by an analyst as several box office releases are showing strength for the movie industry in recent weeks.
電影院公司Cinemark Holdings Inc (NYSE:CNK)受一位分析師的升級評級，近幾周電影行業上映的幾部電影表現強勁。
The Cinemark Analyst: Roth MKM analyst Eric Handler upgrades the rating on Cinemark from Neutral to Buy and raises the price target from $19 to $26.
分析師Roth MKM的Eric Handler將Cinemark的評級從中立升級到買入，並將價格目標從19美元上調到26美元。
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The Analyst Takeaways: Cinemark has several headwinds turning to "very attractive tailwinds," Handler says in the new investor note.
分析師的結論：Handler在新的投資者報告中表示，Cinemark有幾股逆風變成了“非常有吸引力的順風”，。
"Cinemark should prosper over the next 2.5 years," Handler said.
“在未來2.5年內，Cinemark應該會繁榮發展，”Handler說。
The analyst said Cinemark's strength can be shown with box office improvement, debt reduction plans, and a reintroduction of capital returns.
分析師表示，Cinemark的實力可以從票房的提高、債務減少計劃和資本回報的重新引入中體現出來。
Handler calls Cinemark's valuation attractive, with the company trading at under 6x estimated 2025 EBITDA and a 10% free cash flow yield.
Handler認爲Cinemark的估值很有吸引力，公司的交易價格低於預測的2025年EBITDA的6倍，自由現金流收益率爲10%。
"We are increasingly optimistic about upcoming box office releases, especially the big 'mega-franchises' slated in 2025/2026."
“我們對即將上映的電影，尤其是計劃在2025/2026年上映的大型‘超級系列’的票房收入日益樂觀。”
The analyst said second quarter box office is expected to be down 30% year-over-year, but the third quarter could show a recovery with an estimated 6% decline year-over-year.
分析師說，預計第二季度的票房收入將同比下降30%，但第三季度可能會顯示出預期的同比下降6%的恢復。
"Monthly revenue should turn positive in September and remain strong throughout 4Q, where we forecast 27% growth driven by blockbuster titles."
“月收入在9月份應該會轉正，在整個第四季度保持強勁增長，預計增長27%，由大片帶動。”
Handler said domestic box office could hit $9.4 billion in 2025, which would be up 15% from 2024 estimates and up 6% from 2023 figures.
Handler表示，2025年國內票房收入可能會達到94億美元，這將比2024年的預期增加15%，比2023年的數字增加6%。
The analyst cites upcoming blockbusters from franchises like Avatar, Jurassic World, Superman, Mission: Impossible, Tron, and Marvel coming in 2025 among the reasons to be excited.
分析師引用了波場幣、漫威等超級品牌的即將推出的大片作爲興奮的原因之一。
Handler said Cinemark is likely to pay off debt with cash instead of letting debt convert to shares. The analyst said Cinemark could get its debt levels down to the same levels from the end of 2019.
Handler認爲Cinemark很可能用現金償還債務，而不是讓債務轉換爲股份。分析師表示，Cinemark可以將其債務水平降至2019年末的水平。
"After the convertible debt is repaid and net leverage returns to pre-pandemic levels, we expect Cinemark will revisit its capital return strategy. In our opinion, a dividend reinstatement is the most likely path, but we would not rule out a simultaneous share buyback authorization."
“在可轉換債務得到償還且淨槓桿回歸到疫情前的水平之後，我們預計Cinemark將重新審視其資本回報策略。在我們看來，恢復股息是最可能的路徑，但我們也不排除同時實施股票回購授權的可能性。”
The analyst said Cinemark could look to expand as the box office recovers and the capital return strategy is identified.
分析師表示，隨着票房的復甦和資本回報策略的確定，Cinemark可能會尋求擴張。
CNK Price Action: Cinemark shares are up 4% to $20.25 on Monday, versus a 52-week trading range of $13.19 to $20.40. Cinemark stock is up 22% over the last year.
CNK股價行情:週一，Cinemark的股價上漲4%至20.25美元，52周交易區間爲13.19至20.40美元。Cinemark股價在過去一年中上漲22%。
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Photo: Shutterstock
Photo: shutterstock
譯文內容由第三人軟體翻譯。