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Imax Corp IMAX

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Imax Q3 Still Down Sharply Due to Coronavirus; China Reopenings Driving Box Office For Now

Neil Macker, CFA Senior Equity Analyst

Analyst Note

| Neil Macker, CFA |

Imax beat lowered third-quarter FactSet consensus expectations for both revenue and EBITDA despite theaters around the world remaining either shuttered or capacity constrained due to COVID-19. While Imax missed on its previous expectation that 90% of its theaters will reopen by the end of August, 65% of the theater network (1,000 screens) are open right now. Despite the reopened screens, Imax’s box office as well as the industry’s, continues to hinge on the timing of the release slate from the major U.S. and China studios, capacity constraints, and the willingness of consumers to return. We are maintaining our $20 fair value estimate and shares will remain undervalued, in our view.

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Company Profile

Business Description

Imax is now primarily a technology hardware and brand-licensing company that does not operate the vast majority of Imax theaters. Instead, the firm generates revenue via selling and leasing the required proprietary equipment and via fees for digitally remastering standard films into the proprietary Imax format. The firm has expanded from 210 commercial theaters in 2008 to over 950 today and increased the annual number of Imax releases from 13 in 2007 to 46 in 2015.

2525 Speakman Drive
Mississauga, ON, L5K 1B1, Canada
T +1 905 403-6500
Sector Communication Services
Industry Entertainment
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type
Employees 673