Canaccord Genuity lowers target price on Everyman following profit warning

(Sharecast News) - Analysts at Canaccord Genuity lowered their target price on cinema operator Everyman Media Group from 180.0p to 160.0p on Friday following the group's profit warning earlier in the morning. Canaccord Genuity said while Everyman's FY financial outcome was not as expected, the group had made further strategic and operational progress across the year, increasing market share to 5.4% from 4.8% and opening three new sites.

Looking ahead, with no further impact from the WGA and SAG-AFTRA strikes, Everyman has confidence in the film slate for 2025, which was also expected to be distributed across the year.

"We have updated forecasts to reflect the FY24 outcome and have also adjusted our outer year expectations to reflect the lower base but also a more cautious stance on spend given the macro backdrop," said the Canadian bank.

"Whilst performance across the final quarter of FY24 did not transpire as hoped, we continue to believe that the Everyman brand remains well positioned for future success as film production continues to normalise with plenty of further UK expansion potential for the group's elevated and differentiated brand offer."







Reporting by Iain Gilbert at Sharecast.com