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Cineworld (CINE) is drowning in more than $8 billion of net debt. Its net assets at the half year were just $1.2 billion and if you strip out intangibles that number falls to MINUS $4.3 billion. With cinemas around the world either shuttered or likely to reopen to much smaller audiences, what to do? Yup…take on more debt.
Tom noted in yesterday’s bearcast the latest from Cineworld Group (CINE) and the shares set for a Monday crash – and they are more than 40% lower, below 25p, with a “Temporary suspension of US & UK cinema operations” announcement...
Remember how the PR spinners for Cineworld (CINE) conspired with the corrupt deadwood press to suggest that stakebuilding by a Chinese investor meant this company was a bid target? Anyone who bought into that tosh will today be regretting it as interims show that this company is a zero.
Every death is, of course, something we must lament but you need to put things into perspective. As such, a survey last week carried out in several countries made fascinating reading. Folks were asked what percentage of the population in their country had died of Covid.
Drowning in debt Cineworld (CINE) was in a hole when Covid struck. It had agreed the $2.1 billion purchase of the Canadian chain but with all of Cineplex’s theatres going darker than Justin Trudeau’s face on party night, thanks to the shutdown, and with Cineworld’s existing 787 theatres also shuttered, going ahead would have been financial suicide.
Early this year we showed the top shorted London-listed shares at the start of 2020. How's the performance as at the end of June? (those in bold remain from 2019)...
A new week...but some matters do not change. First is perennial bad boy Amigo Holdings (AMGO), whose shares are down a further 25% on news that the company has 'continued to see a substantial increase in the rate of complaints'. Well there is a surprise...not!...
Regular readers will know my long-term negative view on Cineworld (CINE). Was it really December 2017 that I first penned some caution on the name?...Yes it was as you can read here. Even with the recent comedy bounce, the shares are still down two-thirds in value since then which is not too shabby. So what to think now?...
Early this year we showed the top shorted London-listed shares at the start of 2020. How's the performance as at the end of April? (those in bold remain from 2019)...
Shares in utterly bankrupt and worthless Intu (INTU) are up by 10% today. It is one of those days when folks just assume the best in everything. The worst recession since the 1930s, sod all earnings visibility, looming mass unemployment? Who cares? Just Fill Yer Boots! In that vein, shares in Cineworld (CINE) are up by 44% at 57p despite a dismal Covid update telling us nothing we need to know at all. Other than that the board are greedy bastards and you & I are subsidising that greed!
With the current state of the markets there isn’t a lot that I would exactly be rushing to buy at the moment, as I think that even the good companies that have strong enough balance sheets to survive relatively unscathed, could well go a fair bit lower yet.
Chris Bailey and I have warned repeatedly that Cineworld (CINE) looks to be a car crash and may well go bust. In the good times it has racked up vast debts and now we are all self isolating and its movie theatres are empty. It is a recipe for disaster. And so we turn to NED Helen Weir.
Markets remain...excitable. More on all this at some point in the weekend but I have to end the working week with a comment or three on Cineworld (CINE), which came out with a trading update this morning…
I present the video below from Bucephalus Research Partnership with no comment other than to say I would not be gagging to buy shares in Cineworld (CINE) on the back of it. . Judge for yourself, it seems pretty compelling viewing to me. Hat tip PB.
Early this year we showed the top shorted London-listed shares at the start of 2020. How's the performance after the first month of the year? (those in bold remain from 2019)...
Before we get onto the main event - continuing corporate madness at Cineworld (CINE) - a quick update on FirstGroup (FGP), which I last talked positively on a couple of weeks ago. Very good to see that 'the Board has appointed advisors to formally explore all options in respect of our North American contract businesses, First Student and First Transit, including a potential disposal'. That sounds to me very positive regarding asset value realisation strategy. I would still buy/hold the shares. Now back to Cineworld…
Hello, Share Slammers. For most of my investing life, I’ve viewed cinema companies darkly. Ever since the ‘fifties, there has always been some sort of major competition for the way we spend our spare time. Back then it was TV. Then it was ten-pin bowling, next discos and so on. Now cinemas are threatened by widescreen tellies, Netflix, i-player, computer gaming and loads of other kinds of entertainment...
Judging by today's five percentage plus share price move, my cautious call on the big M&A splurge in the United States about fifteen months ago by Cineworld (CINE) is not looking so hot. Of course punch up a two or three year share price chart and you also immediately see the distorting (and dilutive) impact of the big money raising that accompanied the Regal deal...
Hello, Share Springers. I’m guessing most of us are film fans. Though maybe more of us rely on our big screens at home rather than trogging round to the cinema. It’s this change of many a lifestyle that has hitherto put me off investing in cinema chains. But there is one that seems worthy of our attention now.
Almost everyone - apart from some cheapskate standouts or those lucky enough to have a next-generation home cinema capability - likes going to the cinema. In the wider scheme of things it is fun, inclusive and compared to many other trips out it does not completely trash the bank account (although the cost of a small plastic bottle of my favourite soda tipple Dr Pepper Zero was ludicrously expensive when I was stupid enough to buy one there). I have never owned Cineworld (CINE) but I have admired its progressive upgrades and solid management of my recent cinema and helped out by some half-decent blockbusters it has built up a solid position here and across various eastern European geographies. Cash generative, paid a dividend, growing market share...no wonder the share tripled between early 2013 and the middle part of this year. The recent share price chart has not been so hot though.
Hello Share Samplers. At least one bank seems to like Cineworld (CINE) shares, but I won’t be buying into the company, nor any other cinema chain for that matter. The shares rose a bit this week when the Honkers Bonkers bank awarded them a ‘buy’ recommendation with a target of 720p. Today the share price is 540p, so that would be quite a jump.
Following its February 2014 combination with Cinema City to create the second largest cinema chain in Europe, Cineworld (CINE) has announced results for the year to 1st January 2015 and that “the prospects for the group in 2015 are good. There is a strong film release programme and we are currently on track to open a further 20 cinemas during the year”.
Cineworld Group (CINE) has announced that “we anticipate that group profitability for the year ended 1 January 2015 will be towards the top end of market consensus”. This follows its UK & Ireland business having continued to outperform the wider market and stronger box office growth elsewhere.
Cineworld Group (CINE) has updated on trading for the 46 weeks ended 13th November 2014 “in line with our expectations” and “remains confident of delivering results in line with market expectations for the full year”. Good News
Cineworld Group (CINE) has updated that trading for its half year ended 26th June 2014 “has been in line with our expectations” and that, “taking into account the strength of film line up in the second half, we are on track with our plans for the year as a whole”.
This is a share tip we are modestly ahead on but there is more to come. Cineworld Group (CINE) has updated us all that trading for the first 18 weeks of its year “has been in line with expectations” and that it “remains confident of delivering a performance for the year as a whole in line with current market expectations”.
We previously commented on this website on Cineworld Group (CINE), the largest cinema operator in the UK and Ireland, HERE shortly after its announcement of an agreement to acquire the cinema business of Cinema City International N.V., the leading chain in Central and Eastern Europe and Israel. The following updates post recent full-year results from Cineworld and on the outlook of the enlarged business from here. This is a stock that star fund manager Mark Slater backs. Should you?
Cineworld Group (CINE) has announced a proposed £503 million acquisition of the cinema operations of Cinema City International N.V. and an accompanying 8 for 25 Rights Issue at 230p per share to raise approximately £110 million. On our Nifty Fifty website we are well up on this share tip but is there more to come?
Despite Olympics-impacted comparatives, unusually warm summer and early autumn weather and a less than favourable film release slate resulted in a modest decline in national cinema attendance during the third quarter of this year. However, market share gains saw Cineworld Group (CINE) report positive growth for the period nonetheless. That is NOT in the price.
Following my update last week on Cineworld Group (CINE), the largest cinema operator in the UK, the shares have continued to advance (to a current 421p) and the company has today announced an expansion of its partnership with IMAX Corporation…
The Competition Commission yesterday announced that Cineworld Group (CINE) could have to sell three cinemas after provisionally concluding that its acquisition of the Picturehouse chain may lead to a substantial lessening of competition in Aberdeen, Bury St Edmunds and Cambridge. The following updates, together with broker reaction to the news…
I wrote positively on shares in the largest cinema operator in the UK & Ireland, Cineworld Group (CINE) last month HERE at 355.5p. They have since risen further towards 400p and interim results released yesterday have drawn various broker reaction. The following updates…
Shares in fully-listed UK and Ireland cinema operator Cineworld (CINE) were added to the Income portfolio on the premium Nifty Fifty website I write with Tom W at a 325p ‘offer’ price in May. Following a positive half-year trading update from the company on Wednesday, the shares now trade at 355.5p…
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