Cineworld eyes U.S. meme-stock blockbuster

  • 8/12/2021
  • 00:00
  • 3
  • 0
  • 0
news-picture

LONDON, Aug 12 (Reuters Breakingviews) - Cineworld (CINE.L) Chief Executive Mooky Greidinger is eyeing the meme-stock bandwagon. The world’s second-largest purveyor of popcorn said on Thursday it’s considering listing in the United States, or floating its Regal arm there read more . Cineworld made over 70% of its revenue stateside in the six months to June, and American stocks are more widely traded. Then there’s rival AMC Entertainment (AMC.N), whose shares have risen 15-fold this year as retail punters piled in. Cineworld has reasons to keep its options open: the company owes $7.6 billion, roughly 16 times this year’s forecast EBITDA, and may need more capital if Covid-19 variants close cinemas again. Greidinger could pocket a 33 million pound bonus if his company’s stock price trebles to 190 pence. AMC’s market capitalisation is 13 times Cineworld’s $1.2 billion, even though analysts only expect it to generate 20% more revenue next year, according to Refinitiv. Greidinger could use some of that sparkle. (By Neil Unmack) On Twitter http://twitter.com/breakingviews Capital Calls - More concise insights on global finance: Surprise bidding war engulfs UK engineer read more Faith in Fed may lead inflation forecasters astray read more Messi move reveals soccer’s weak financial defence read more Vestas finds shelter from cost storm read more U.S. TV viewers disqualify the Olympics read more

مشاركة :