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Cineplex (OTC:CPXGF) Stock, Option Chain

Cineplex

Cineplex Inc is a diversified media company that operates chains of movie theaters. The company has three reporting segments: film entertainment and content; media; and location-based entertainment. The film entertainment and content segment include revenue from theater attendance. The media segment includes cinema media and digital place-based media operations. The location-based entertainment business derives revenue from entertainment restaurant chains like The Rec Room and Playdium. The film entertainment and content segment generates the majority of its revenue from audiences located in Canada.

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AMC Entertainment Holdings Inc (NYSE: AMC) has experienced major volatility in recent weeks on rumors that Amazon.com, Inc. (NASDAQ: AMZN) is potentially interested in a buyout of the popular movie theater chain.

Will Amazon Or Netflix Buy A Movie Theater Chain?

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A Peek Into The Markets: US Stock Futures Up Ahead Of Economic Data

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Stifel Downgrades Canadian Cineplex On Falling Advertising Revenue, Fair Valuation

Cineplex Inc

Cineplex Says All 164 Theaters Across Canada Will be Open As Of August 21; Including Co's 22 VIP Cinemas Locations

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Stocks That Hit 52-Week Highs On Tuesday

Pre-open movers
U.S. stock futures traded higher in early pre-market trade. The Empire State manufacturing index for December is schedule for release at 8:30 a.m. ET, while the flash Composite Purchasing Managers&#39; Index for December will be released at 9:45 a.m. ET. The National Association of Home Builders housing market index for December is schedule for release at 10:00 a.m. ET.
Futures for the Dow Jones Industrial Average gained 45 points to 28,210 while the Standard &amp; Poor&rsquo;s 500 index futures traded rose 10.3 points to 3,185.50. Futures for the Nasdaq 100 index gained 31.75 points to 8,552.75.
<a href="https://www.benzinga.com/investing/global-oil-storage-trends/">Oil prices </a>traded higher as Brent crude futures rose 0.2% to trade at $65.34 per barrel, while US WTI crude futures rose 0.1% to trade at $60.09 a barrel.

A Peek Into Global Markets

European markets were higher today, with the Spanish Ibex Index rising 0.8%, STOXX Europe 600 Index gaining 1% and German DAX 30 index gaining 0.6%. The UK&#39;s FTSE index was trading higher by 1.9%, while French CAC 40 Index rose 0.8%.
In Asian markets, Japan&rsquo;s Nikkei Stock Average fell 0.29%, Hong Kong&rsquo;s Hang Seng Index dropped 0.65%, China&rsquo;s Shanghai Composite Index rose 0.56% and India&rsquo;s BSE Sensex fell 0.17%.

Broker Recommendation
Analysts at Jefferies initiated coverage on Amphenol Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/aph#NYSE">APH</a>) with a Buy rating and a $125 price target.
Amphenol shares fell 0.8% to close at $107.14 on Friday.

Breaking News 
<ul>
<li>Cineplex Inc (OTC: <a class="ticker" href="https://www.benzinga.com/stock/cpxgf#OTC">CPXGF</a>) agreed to be acquired by Cineworld Group, plc (OTC: <a class="ticker" href="https://www.benzinga.com/stock/cnwgy#OTC">CNWGY</a>) for $2.8 billion.</li>
<li>Amarin Corporation plc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/amrn#NASDAQ">AMRN</a>) reported the FDA approval of VASCEPA to reduce cardiovascular risk. The company said it expects 2019 VASCEPA net revenue of $410 million to $425 million and 2020 VASCEPA net revenue of $650 million to $700 million.</li>
<li>Shoe Carnival, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/scvl#NASDAQ">SCVL</a>) reported a $50 million buyback program and declared a quarterly cash dividend of $0.085 per share.</li>
<li>Horizon Therapeutics PLC (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/hznp#NASDAQ">HZNP</a>) disclosed that the FDA Advisory Committee has voted unanimously to support use of teprotumumab for Thyroid Eye Disease.</li>
</ul>

Cineplex Inc. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/cpxgf#OTC">CPXGF</a>) today announced that it has entered into a definitive agreement with Cineworld Group, plc (OTC: <a class="ticker" href="https://www.benzinga.com/stock/cnwgy#OTC">CNWGY</a>). With over 11,200 screensi around the globe, the proposed transaction will create one of the world's largest cinema companies, providing Cineplex with scale and all the benefits associated with a global enterprise.  
Cineworld Group will acquire all of the issued and outstanding common shares (the 'shares') of Cineplex for $34 per share in cash, representing a premium of 42% to the closing price on the Toronto Stock Exchange (TSX) and a premium of 39% to the volume weighted average share price on the TSX for the 30 days ending December 13, 2019. The total transaction value is approximately $2.8 billion including the assumption of net debt.
"Since Cineplex went public in 2003, we have been committed to delivering value to our shareholders. We believe this transaction today is both financially compelling and in our shareholders best interest," said Ellis Jacob, President and CEO, Cineplex. "Cineworld Group shares our passion for entertainment and mirrors our commitment to delivering exceptional guest experiences through state-of-the-art technology. The entertainment industry continues to transform and we are pleased that through this agreement we are ensuring Cineplex is part of the next era of global entertainment."
The transaction ensures that Cineplex's business, particularly its network of 165 movie theatres across Canada, has access to the global opportunities required to compete effectively in an evolving entertainment landscape. Cineplex's long legacy of supporting the Canadian entertainment industry and its partners in the arts, including support for film festivals, programs and industry events across Canada, will continue. The transaction also creates a new partner for the Canadian film industry to collaborate with, as Cineworld Group has extensive distribution and exhibition businesses outside of Canada.
Transaction Details 
The transaction will be implemented by way of statutory plan of arrangement under the Business Corporations Act (Ontario). The implementation of the transaction is subject to shareholder approval at a special meeting of Cineplex shareholders by two-thirds of the votes cast by holders of shares in person or by proxy at the meeting, as well as a meeting of Cineworld Group shareholders by simple majority vote. Cineworld Group's largest shareholder, which owns approximately 28% of Cineworld Group's outstanding ordinary shares, has agreed to vote in favour of the transaction at Cineworld Group's meeting of shareholders. The transaction is subject to customary closing conditions including regulatory approvals.
The transaction is expected to close during the first half of 2020. The Arrangement Agreement includes a 7 week go-shop period, which permits Cineplex, with the assistance of its financial advisor, to actively solicit, evaluate and enter into negotiations with third parties that express an interest in acquiring Cineplex. The go-shop period expires on February 2, 2020. There can be no assurance that this process will result in a superior proposal. Cineplex does not intend to disclose developments with respect to the go-shop process unless and until the Cineplex board of directors makes a determination requiring further disclosure.
The Arrangement Agreement provides for non-solicitation covenants on the part of Cineplex and Cineworld Group, subject to customary 'fiduciary out' provisions. 
A termination fee is payable to Cineworld Group in certain circumstances, including if Cineplex fails to complete the transaction following receipt of a superior proposal. A termination fee is payable to Cineplex in certain circumstances, including if Cineworld Group fails to obtain the required shareholder approval of its shareholders.
Cineplex intends to continue paying its normal monthly dividends in the ordinary course through the payment which would be due on February 28, 2020 consistent with past practice. After such time, Cineplex does not intend to declare any further dividends.

Cineplex Signs Definitive Agreement to be Acquired by Cineworld Group for $2.8B

In a report published Thursday, Stifel analysts Benjamin Mogil and Kevin Lee Hon Siong downgraded the stock of Canadian CINEPLEX INC (OTC: <a class="ticker" href="/stock/cpxgf#OTC">CPXGF</a>) from Buy to Hold, as high margin advertising revenue slows down in 2015 and shares trade at their fair value of C$44 (which had been their previous target price).

	The stock recently traded at C$44.89.

	<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/analyst-ratings/analyst-color/15/01/5136472/shares-of-cinemark-could-benefit-from-record-2015-box-of">Shares Of Cinemark Could Benefit From Record 2015 Box Office</a></bzrelatedlink>
<h3>
	Why The Downgrade?</h3>

	According to the report, two major items drove the stock&rsquo;s demotion:

	1) Media Driven Growth

	&ldquo;While the 2015 box office is slated to be a record one, Cineplex&#39; growth over the last few years, particularly at the operating line, has been more Media driven. Also, we [Stifel&rsquo;s analysts] anticipate that 2015 will see a much slower (and possibly flat/negative) growth rate in this category as the Canadian economy continues to slow, particularly in Western Canada (25 percent of screens).&rdquo;

	On the flip side, analysts do not expect the slowdown in Canadian economy to have a meaningful effect the box office or concession sales. However, since media accounts for 30 percent of theater-level (i.e. pre-G&amp;A) cash flow and likely around 25 percent of EBITDA (according to Stifel estimates), the impact on cash flow should be significant.

	2) Cineplex Is More Costly Than Peers

	&ldquo;Cineplex has always been an expensive stock relative to the U.S. exhibitors since the income trust days. That by itself, even with the name trading 6.4x higher (2015E EV/EBITDA) than the peer group, is not sufficient for the downgrade, as the premium has been this high in the past. That said, we believe the stock&#39;s performance/valuation in the past has been largely tied to its safety/haven status (non-resource yield) in a commodity heavy TSX index.&rdquo;

	&ldquo;However, this sheen appears to be somewhat dulling as last year the name underperformed both the U.S. exhibition peers (negating the weak box office as a rationale for the underperformance) and other TSX-listed consumer discretionary names.&rdquo;

	Finally, the analysts pointed out one more negative issue: the company&rsquo;s usual May dividend increase (which is still likely) could be more muted/limited.

Canada's Cineplex Inc (OTC: <a class="ticker" href="/stock/cpxgf#OTC">CPXGF</a>) swung to a profit in the first-quarter and lifted its annual dividend by 5%.

Cineplex posted its quarterly net income at C$15.1 million, versus a year-ago loss of C$848,000. Its total revenue gained 12% to C$248.2 million.

Its box-office revenue surged 15% to C$149.4 million in the same period.

Cineplex lifted its annual dividend to C$1.35 per share, versus C$1.29 per share.

Earnings

Dividends

Cineplex Swings To Q1 Profit, Lifts Dividend By 5%

Cineplex Inc (OTC: CPXGF) reported a 28% surge in its Q3 profit.

Cineplex's quarterly net income climbed to C$25.7 million, from C$20.1 million, in the year-earlier period. Its total revenue gained 3.1% to C$276.7 million.

Cineplex's box-office revenue surged 3.3% to C$162.5 million.

Cineplex shares closed at $26.81 yesterday.

Cineplex Reports 28% Rise In Q3 Profit

Cineplex (TSE:CGX) has released an update. Cineplex has reported an increase in box office revenues for September 2024, with a 3% rise from the pre...

Cineplex Sees Promising Box Office Growth

Canaccord Genuity analyst Aravinda Galappatthige maintained a Buy rating on Cineplex (CPXGF – Research Report) today and set a price target of C$12...

Cineplex's Strong Recovery and Strategic Growth Justify Buy Rating

RBC Capital analyst Drew Mcreynolds maintained a Buy rating on Cineplex (CPXGF – Research Report) yesterday and set a price target of C$13.00. The ...

RBC Capital Sticks to Their Buy Rating for Cineplex (CPXGF)

Cineplex: Deep Value Play In The Cinema Industry

Cineplex GAAP EPS of -$0.39, revenue of $395.6M

Cineplex Inc. 2024 Q3 - Results - Earnings Call Presentation

Cineplex Inc. (CPXGF) Q3 2024 Earnings Call Transcript

In a report released today, Aravinda Galappatthige from Canaccord Genuity maintained a Buy rating on Cineplex (CPXGF – Research Report), with a pri...

Strong Operational Execution and Promising Film Slate Drive Buy Rating for Cineplex

CINEPLEX Inc ( ($CPXGF) ) has released its Q3 earnings. Here is a breakdown of the information CINEPLEX Inc presented to its investors. Cineplex In...

Cineplex Inc. Reports Strong Q3 2024 Results Amid Challenges

Canaccord lowered the firm's price target on Cineplex (CPXGF) to C$11.50 from C$12 and keeps a Buy rating on the shares. Published first on TheFly ...

Cineplex price target lowered to C$11.50 from C$12 at Canaccord

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