RM Says He ‘ Made a Lot ‘ Writing the Music for BTS ‘ ‘ Map of the Soul: 7 ‘Analyst Summaries More Articles Source: Thinkstock The following is an excerpt from a Wedbush Securities study compiled by Michael Pachter. Lower attendance and weakness in premium product led second-quarter miss. Revenue was $770 million compared to our $828 million forecast and a consensus Estimate of $803 million. Reported EBITDA was $140 million as compared to our $166 million estimate. EPS was 22 cents, relative to our 32 cents estimate and the 27 cents consensus estimate. Regal’s (NYSE: RGC) attendance for the quarter was under the Quarter’s box office results. During the quarter, the company’s greater exposure to premium commodity created a drag. This year, Premium commodity had less traction compared with second quarter 2013. DMAs presentation not performing as well including New York and Washington D.C. The findings have led to poorer attendance. Due to new openings initiatives and other factors, the company also pointed to the natural ebb and flow of market share. We expect that the reseating of competitors and other initiatives will continue to pressure Regal’s market share until the business accelerates to a similar pace its own initiative programmes. The testing or rollout of the attendance and concessions programs that we first highlighted in our AMC initiation report earlier this year was a consistent theme with the exhibitors we spoke to at CinemaCon in March. Regal plans to invest in several key areas including increasing its Premium Large Format (PLF) screens to invest in alternative concession options and expand its luxury recliner seating studies. We assume that Regal’s rivals have gained a share due to a head start in implementing those initiatives. Maintain our NEUTRAL rating and rising price target from $21.50 to $20. Our price target accounts for the ownership stake of Regal in National Cinemedia and is based on a multiple of our 2014 estimates above historical multiples of 8.0x EV / adjusted EBITDA representing a stable business with high debt. Michael Pachter is investment analyst at Wedbush.
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