hat wiedermal zugeschlagen!
Kinowelt - Sell (ABN-Amro)
Due to Report its Preliminary Results on Friday, 23 March
We forecast sales of EUR 330 m (+69%) and EBIT of EUR 56 m (+71.6%). Our forecast implies Q4 EBIT of EUR 28.1 m compared to EUR 31.2 m in Q4 1999. We further forecast full-year pre-tax profit of EUR 41.4 m (+47.9%) and EPS of 65 cents (+32.7%)
Kinowelt's own forecast was for sales of EUR 322 m and EBIT of EUR 51.6 m. However, this forecast was made in Spring 2000 and did not include the acquisition of Kinopolis, which has annual sales of more than EUR 30 m and, according to Kinowelt, achieved an EBIT margin of c. 10% prior to the acquisition.
The company has delayed its reporting date from 15 March to 23 March, which may indicate debates on accounting issues with the auditors. We see significant downside risks to our forecast from possible unscheduled write-downs on Kinowelt's film stock. In our view, Kinowelt may have amortised its film stock insufficiently in H1 and auditors may demand a correction.
(Quelle: ABN-Amro)
21.03.2001 14:32
©boerse.de
Was ich daran immer so lustig finde ist, daß selbst ABN Amro von 65 cent ausgeht, bei einem Gewinnwachstum von 33% und trotzdem zum Verkauf rät!
Und mit der Zukunft scheinen die sich überhaupt noch nicht beschäftigt zu haben!
Was haben die eigentlich gegen Kinowelt? Hat irgendein Kinowelt-Vorstandsmitglied vielleicht die Witzfigur Bendschnieder beleidigt. oder warum geben die in 6 Monaten 4 Verkaufsempfehlungen ab, in denen immer der selbe Mist steht!
