• Summit Registration

    Title:Conference Call Replay | U.S. Theaters: Dual Threats Too Hard To Ignore; Downgrade CNK & RGC to Sell
    Date: June 15, 2017
    Time: 10:00 am ET; 3:00 pm UK
    Dial-in Information: US & Canada (800) 895-7781, International (862) 255-5441

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  • Summary

    June 13, 2017 7:00 AM PDT / 10:00 AM EDT We can no longer ignore two threats facing exhibitors: Premium Video On-Demand and Netflix. While each of these threats is unlikely to pose a material negative impact to near-term financials, we expect these longer-term industry headwinds to pressure the multiple investors use to value exhibition stocks. We believe this time is different than prior unsuccessful attempts to change windows and downgrade Cinemark and Regal from Neutral to Sell as we assign lower multiples to more appropriately reflect these risks. In a clients-only conference call, Robert Fishman further expanded on these headwinds.