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Imax Corp IMAX

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Imax Box Office Continues Its Slow Recovery; Record October Start Bodes Well for Q4

Neil Macker, CFA Senior Equity Analyst

Analyst Note

| Neil Macker, CFA |

Imax posted a better-than-expected third quarter as revenue was in-line and adjusted EBITDA beat FactSet consensus expectations. Imax’s quarterly box office rebounded strongly to just under 60% of the grosses for the third quarter of 2019. The slow box office recovery was expected, but we remain worried about the ongoing spread of the delta variant and the possible return of lockdowns killing off any momentum of the recovery. However, box office gross in October has already hit a record level for Imax and the month has the potential to be one of the firm’s top 10 months all time. We are maintaining our narrow moat and $22 fair value.

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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 1,650 today and increased the annual number of Imax releases from 13 in 2007 to 60 in 2019.

2525 Speakman Drive
Mississauga, ON, L5K 1B1, Canada
T +1 905 403-6500
Sector Communication Services
Industry Entertainment
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 622