Cineplex Inc
CGX-T
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About Cineplex Inc (CGX-T)
Cineplex Inc. is a Canadian entertainment company headquartered in Toronto, Ontario. Through its operating subsidiary Cineplex Entertainment LP, Cineplex operates 162 theatres across Canada.
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Expert
DON'T BUY
DON'T BUY
June 24, 2019
The future for them is focusing on their rec-room. Their menu boards have expanded into subway in the US. They are growing there. He has always thought the stock was overpriced because investors were chasing yield. After a weak first quarter, numbers were not that great. They pay out a lot of their cash flow. The movie theatre industry is not dead.
The future for them is focusing on their rec-room. Their menu boards have expanded into subway in the US. They are growing there. He has always thought the stock was overpriced because investors were chasing yield. After a weak first quarter, numbers were not that great. They pay out a lot of their cash flow. The movie theatre industry is not dead.
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WEAK BUY
WEAK BUY
June 19, 2019
Dividend safe at 7.5%? CGX has an unsustainable 167% payout ratio to free cash flow. Their PE is pricey. They've spent a lot of non-movie ventures, but movies still account for 45% of business plus 25% in concessions. They need people coming into movie to attain growth. You can buy a little of this like around $23. It's an okay name, but has risk.
Dividend safe at 7.5%? CGX has an unsustainable 167% payout ratio to free cash flow. Their PE is pricey. They've spent a lot of non-movie ventures, but movies still account for 45% of business plus 25% in concessions. They need people coming into movie to attain growth. You can buy a little of this like around $23. It's an okay name, but has risk.
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DON'T BUY
DON'T BUY
June 13, 2019
It has a strong position but in an industry that is in a secular decline. In the US we are seeing the same. The box office is not growing so they need to increase the ancillary revenues. He likes the strategy of the rec room and increase sales in liquor and pop corn. Still not enough for him to be a sleep well at night stock. (Analysts’ price target is $31.05)
It has a strong position but in an industry that is in a secular decline. In the US we are seeing the same. The box office is not growing so they need to increase the ancillary revenues. He likes the strategy of the rec room and increase sales in liquor and pop corn. Still not enough for him to be a sleep well at night stock. (Analysts’ price target is $31.05)
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VAGUE
VAGUE
June 5, 2019
He owned in the past. He got stopped out. Yield is 7%. 1700 screens and 165 theaters. They don't have control over the film slate but they do have control on the 70 million people that come every year and diversifying the offering and they are doing that with the rec rooms and so forth. People are staying at hoe and watching Netflix. A tough one.
He owned in the past. He got stopped out. Yield is 7%. 1700 screens and 165 theaters. They don't have control over the film slate but they do have control on the 70 million people that come every year and diversifying the offering and they are doing that with the rec rooms and so forth. People are staying at hoe and watching Netflix. A tough one.
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BUY
BUY
May 14, 2019
A past pick that he has owned and sold over the years. They're doing a good job with the Rec Room and golfing. It depends on the quality of the films. Great managers and pays a 6.7% dividend. NFL Sunday has potential.
A past pick that he has owned and sold over the years. They're doing a good job with the Rec Room and golfing. It depends on the quality of the films. Great managers and pays a 6.7% dividend. NFL Sunday has potential.
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DON'T BUY
DON'T BUY
April 25, 2019
Sold out. Under a lot of pressure with the box office environment. Facing secular headwinds. Tried to diversify, but problem is trying to find the next growth vehicle. Well run, disciplined management. But he's not looking at it.
Sold out. Under a lot of pressure with the box office environment. Facing secular headwinds. Tried to diversify, but problem is trying to find the next growth vehicle. Well run, disciplined management. But he's not looking at it.
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COMMENT
COMMENT
April 10, 2019
They are diversifying away from movies through the Rec Room and launching more. They have to invest money in building this operation, so it'll take a few years before the Rec Room adds to the revenue stream. This will make Cineplex an all-around entertainment centre, not just movies. They're also moving into e-gaming. All this takes time to add to revenues and requires some debt now. The stock in 2017 came off because of weak movie releases and the general overhang in this sector is Netflix. But good movies will sell movie tickets.
They are diversifying away from movies through the Rec Room and launching more. They have to invest money in building this operation, so it'll take a few years before the Rec Room adds to the revenue stream. This will make Cineplex an all-around entertainment centre, not just movies. They're also moving into e-gaming. All this takes time to add to revenues and requires some debt now. The stock in 2017 came off because of weak movie releases and the general overhang in this sector is Netflix. But good movies will sell movie tickets.
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COMMENT
COMMENT
April 9, 2019
Are the Rec Rooms really profitable? Their costs seems high, according to their reports. CGX is competing with streaming companies--not only Netflix, but Disney and others. But they have done a great job increasing their revenue in areas of food. Many people have big TV screens, too, which is another problem. CGX has been creative in bringing opera, live hockey and gaming to its cinemas.
Are the Rec Rooms really profitable? Their costs seems high, according to their reports. CGX is competing with streaming companies--not only Netflix, but Disney and others. But they have done a great job increasing their revenue in areas of food. Many people have big TV screens, too, which is another problem. CGX has been creative in bringing opera, live hockey and gaming to its cinemas.
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BUY
BUY
April 8, 2019
He is looking at CGX-T as it has a fat dividend yield and the stock has come way off. It has been very well managed over the years. If they are successful on their games room they will do well. There could be an uptick in movie attendance over the next year. The only issue is that CGX's debt is constantly expanding. (Analysts’ price target is $31.00)
He is looking at CGX-T as it has a fat dividend yield and the stock has come way off. It has been very well managed over the years. If they are successful on their games room they will do well. There could be an uptick in movie attendance over the next year. The only issue is that CGX's debt is constantly expanding. (Analysts’ price target is $31.00)
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BUY
BUY
April 1, 2019
It's been a disaster for three years, but their multiple is slightly less than its U.S. peers and has a better balance sheet and further ahead in diversifying away from movie-going. It has one of the best management teams in Canada, but there's a misconception that movie-going is dead. That's incorrect. The dividend is safe. They've raised ticket prices and popcorn. The dividend is safe, because they're spending cash on growth projects. Their Rec Room has been doing very well, but be patient with Cineplex with a 2-3 time horizon.
It's been a disaster for three years, but their multiple is slightly less than its U.S. peers and has a better balance sheet and further ahead in diversifying away from movie-going. It has one of the best management teams in Canada, but there's a misconception that movie-going is dead. That's incorrect. The dividend is safe. They've raised ticket prices and popcorn. The dividend is safe, because they're spending cash on growth projects. Their Rec Room has been doing very well, but be patient with Cineplex with a 2-3 time horizon.
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WEAK BUY
WEAK BUY
March 26, 2019
It's been a rollercoaster, killed in Q4. but he's expected a big year in the cinemas in Q2 and Q3 with a lot of box office money to be made. Also, the Rec Rooms and selling wine and beer in all theatres are good diversifiers. CGX competes with home video streaming, though. CGX is priced at a big discount to its profits in Q2 and Q3 and to its American peers. This is a contrarian play on move-going.
It's been a rollercoaster, killed in Q4. but he's expected a big year in the cinemas in Q2 and Q3 with a lot of box office money to be made. Also, the Rec Rooms and selling wine and beer in all theatres are good diversifiers. CGX competes with home video streaming, though. CGX is priced at a big discount to its profits in Q2 and Q3 and to its American peers. This is a contrarian play on move-going.
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DON'T BUY
DON'T BUY
March 25, 2019
They're up against streaming like Apple TV (announced today) and held hostage to the big movies they release--recent films have disappointed at the box office. Cineplex has diversified into the Rec Room. He has owned this. The 7.25% yield is sustainable and good. It's well-run, but in a changing industry and isn't sure they can keep up with changes. CGX is fairly valued now.
They're up against streaming like Apple TV (announced today) and held hostage to the big movies they release--recent films have disappointed at the box office. Cineplex has diversified into the Rec Room. He has owned this. The 7.25% yield is sustainable and good. It's well-run, but in a changing industry and isn't sure they can keep up with changes. CGX is fairly valued now.
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DON'T BUY
DON'T BUY
February 25, 2019
He's owned this from time to time, but CGX is frustrating. It plays the movie pipeline, hits or misses, the stock rises or falls. A good dividend player, but there are better dividend stocks.
He's owned this from time to time, but CGX is frustrating. It plays the movie pipeline, hits or misses, the stock rises or falls. A good dividend player, but there are better dividend stocks.
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Andrew Pyle
Senior wealth advisor and portfolio manager, The Pyle Group, Scotia Wealth Mgt.
$24.910
No
HOLD
HOLD
February 21, 2019
Growth rates have come down. It is a box office name. They have diversified but BO is still 75% of their revenues. in the end they are modeling 11% earnings growth. Trading at 19 times 2019 earnings. Dividend is safe-ish.
Growth rates have come down. It is a box office name. They have diversified but BO is still 75% of their revenues. in the end they are modeling 11% earnings growth. Trading at 19 times 2019 earnings. Dividend is safe-ish.
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PAST TOP PICK
PAST TOP PICK
February 12, 2019
(A Top Pick Feb 20/18, Down 11%) Disappointed. He got stopped out last November. He's more interested in the experience factor: Rec Room and Top Golf. If they accelerate both those, this could be a good player.
(A Top Pick Feb 20/18, Down 11%) Disappointed. He got stopped out last November. He's more interested in the experience factor: Rec Room and Top Golf. If they accelerate both those, this could be a good player.
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