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We'll just agree to disagree and let time show us whose right. We are both working off assumptions yours negative and mine positive, I believe the demand is there and we have seen signs of that and when they open with blockbusters and screen them for a longer period of time they will make plenty of revenue to pay their liabilities.
You have to presume that neither the creditors nor Mooky are idiots.
Conclusion. Creditors don't extend lending facilities if it means putting good money after bad. So they clearly believe it's good money after good.
Both creditors and Mooky will have a private view of how long they think it will take. Clearly they have prepped to allow extra contingency for a longer haul than some might suspect.
Hope is waiting for 30p. My reasoning is based on the CEO of Cineworld saying that we have enough liquidity to see us through to the end of the year before he went off and secured even more liquidity. So I stand by my statement, Cineworld won't default unless they are still closed in 2021.
Pithy. Negative, but pithy. Made me laugh.
I did not expect it to be 5% down by 10.40am! Anyone else drawing comparisons between the SP movement now and back in March? Seems awfully similar - perhaps, wishful thinking!
Cine won't default unless they are still closed down in 2021.
Completely correct M00la. In fact, Mooky was interviewed not too long after the rumours about 3 months until we go bust. He basically said āwe are on solid groundā followed by ādonāt believe everything you read in the mediaā!
Indepth, has it ever occurred to you in the game of business that at the time you are trying to renegotiate with creditors a cleverly timed press release threatening to go bust and not be able to pay up existing debts gives the creditors more incentive to help where they can. I don't believe the situation was as grave as Mooky was letting on but he did want/need that extra borrowing to help shore things up.
@indepthwins I thought you would have known why it went down so low but here are some of the things to consider.
1) Even before Covid-19 an expensive deal to buy Cineplex with the additional debt that would have been taken on was dragging on the SP. That deal is no more.
2) When Coronavirus first happend all companies were in an unknown position and the market hates uncertainty. Remember at this point the government hadn't stepped in with any furlough scheme, rents hadn't yet been renegotiated all they knew was attendance was declining due to the virus and then they were forced to shut. The market looks 6 months ahead and from that point things looked bleak. Since then they have been able to retain the majority of staff by using furlough schemes, obtain financial support from both UK and US governments, draw additional credit to boost liquidity if/when needed after dropping the Cineplex deal, they stopped dividends and suspended executive pay, they have brushed away a lot of the uncertainty surrounding their survival during these times.
3) We are less than a month away from opening our doors again in both the UK and US, through a combination of survays, evidence from retail reopening and a handful of cinemas in the uk and europe already opening there has been clear pent up demand for the big screen. People want escapism at an affordable price and Cinemas historically do well during a recession.
4) A few weeks back this share price was hitting Ā£1, the main reason for it's fall was a rising US infection rate. This has taken hold in states in the south which had basically missed the first wave. As this infection rate begins to fall over the next few weeks the share price will rise off the back of it. If come the reopening date there are still concerns and more time is needed then 80% of Regal Cinemas are outside of the states with the largest impact.
5) Cineworld has strong leadership that have been giving people a clear pathway to a successful reopening, Mooky has said himself they have enough liquidity to safely see them through to the end of the year and he said that before securing the additional credit facility recently. This means they have managed their costs so they don't have to pay or or are paying dramatically reduced costs for staff, consessions, rent, films etc..
I could go on and on but the point is that just like you won't get Disney stock again for the March lows of 0.80 per share unfortunately you won't get Cineworld for 30p per share. If we get stung by some unexpected bad news then the best you can hope for will be high 40's but i'd be surprised if we even saw that. That's my opinion anyway, I've made my case. Wish you all the luck in making the profit you're looking for.
Indepth the goodwill figure has to be tested every year for it's accuracy as is specifically targetted by auditors due to the difficulties in valuation of goodwill. Can't see them not noticing that it was actually worth 2 billion rather than 5.5 billion.
That should read "You're welcome."
Your welcome to your opinion indepth but I'd hate to see you miss out by holding on for that 30p entry point.
Cineworld is one of the hottest bargains for aspiring millionaires to snap up right now.
The cinema chain has been one of the biggest fallers on the FTSE 350 since the start of the year. Its share price has plummeted 74% as its cinemas were shuttered after the Covid-19 outbreak. Its outlook has improved more recently though as lockdowns in the US and UK have been eased and the firmās taken steps to mend its battered balance sheet. Box office revenues remain on a long-term uptrend and Cineworld is in great shape to ride this favourable landscape in the years ahead, underpinned by a strong slate of blockbuster movies through 2025 at least.
https://uk.finance.yahoo.com/news/million-3-top-british-stocks-064426722.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvLnVrLw&guce_referrer_sig=AQAAANPVFwk096L7UgTHv_E8VFQFDDlGRLfmS3UPPDp4fvveBhsy9msZTehD88duqU3o0Fk-EPyfSgOmZsxoWY4-ME_Dx3LmZmok1xzvOvm16Ton2YnilDkSV-9hBlT6VgwRzCwinB9YjedEcNo64S_kWjRz9xn5gPYy78SWOS9TZneV