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Cineplex Inc. Price Target Update

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Cineplex Inc. (CGX. CGX.DB.A) operates 163 theatres across Canada. As Canada's largest film exhibitor, Cineplex has a 78% market share in Canada with total attendance forecast at 68M for 2017. Locations include Toronto, Montreal, Vancouver, Calgary, Edmonton, Ottawa and Quebec City and Atlantic Canada. Theatre brands include: Cineplex Odeon, SilverCity, Galaxy Cinemas, Colossus, Coliseum, Scotiabank Theatres, Cineplex Cinemas, Cineplex VIP Cinemas, Famous Players and Cinema CityRevenues are reported in 5 categories comprised of Box Office ticket sales (44%), Food Service(29%), Media(11%), Amusement Games(13%) and other (2%).

By province 44% of the screens are located in Ontario, 15% in each of Quebec and Atlantic Canada approximately 12% each in Alberta and BC and the rest split between Manitoba and Saskatchewan. The revenue from box office sales is shared with film distributors receiving approximately 51-54%. Financial performance depends mainly on the success of new film releases. Revenues have been seasonal, coinciding with the timing of major film releases by the major distributors. The most marketable motion pictures are generally released during the summer and the late-November through December holiday season. The largest competitor is Landmark Cinemas owned by Kinepolis Group. It is the second-largest theatre chain in Canada, operating 43 cinemas with 302 screens primarily in Ontario, Central, and Western Canada; its holdings include much of the former Empire Theatres chain, which it acquired in 2013.

Included in the other category is digital commerce (CineplexStore.com), alternative programming (Cineplex Events), cinema media (Cineplex Media), digital place-based media (Cineplex Digital Media). In the amusement segment they are adding location based entertainment business through The Rec Room, and an online eSports platform (WorldGaming.com). Additionally, Cineplex is a joint venture partner in SCENE, Canada's largest entertainment loyalty program.

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