Cinemark is enjoying a solid postpandemic recovery, Benchmark analyst Mike Hickey says
Cinemark Holdings Inc. is well-positioned for growth as the movie-theater chain recovers from the disruption of the COVID-19 pandemic, according to Benchmark analyst Mike Hickey.
Set against this backdrop, Benchmark maintained its buy rating for Cinemark CNK, -2.43%. “With significant strides in balance sheet improvement and net debt leverage now sitting within their desired range, the outlook for financial stability is promising,” wrote Hickey. “We foresee the possibility of a dividend reinstatement in 2024, buoyed by robust cash flow projections.
Cinemark has not paid a dividend since 2020. The company’s shares fell 0.2% in premarket trades Monday after ending Friday’s session down 2.4%. “Management noted the incremental challenge of gauging 2024 industry revenue given the ongoing SAG-AFTRA strike, and expectations for some reshuffle of the calendar once a resolution is reached,” JPMorgan analyst David Karnovsky wrote in a note released Monday.“ indicated a conservative approach to capital allocation until better insight is gained on the strike impact,” Karnovsky added.
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