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[ceerix]

5 September 2000 The battle begins
Analysts
This note is an update of that used in the recent capital increase. Due to the limited
circulation of the original we are reprinting with latest prices and recent
developments.
Intertainment is Germany’s fourth largest listed film group behind EM.TV &
Merchandising, Kinowelt Medien and International Media. Whilst a smaller and
younger company, Intertainment plans to achieve a rapid but secure growth in
both Germany and Europe.
Blockbuster content with some 90 new films. Leading co-financing agreements
were reached last year with Franchise Pictures, 20 th Century Fox and Original
Voices. In June 2000, a major production agreement was reached on up to 20
films with one of Hollywood’s most successful producers, Arnold Kopelson (17
Oscar nominations). The total production cost of these films could reach $1bn
over five years.
Distribution agreements with Warner Brothers and 20 th Century Fox.
Intertainment has secured extensive distribution deals in Europe for cinema,
video/DVD and Pay TV with the two US majors. These cover at least 60 major
films over the next ten years. The first, Whole Nine Yards with Bruce Willis, has
already proven a box office success. Further major film releases are due this year.
The full agreements give Intertainment a strong lead over most domestic
competitors.
Valuations remain very attractive. Comparisons with 15 other listed German
film groups show, on the most relevant ratios, Intertainment’s shares are worth at
least 35% above current levels or around €100 per share.
Equity
Research
Intertainment
Europe
Germany
STRONG BUY Films, Distribution
Price at 05/09/00
€74
Local index 05/09/00
DAX 7428
Market capitalisation
€880m
$793m
Value of free float
€366m
Reuters
ITMG.F

[jackfp]

Danke für dieses posting ceerix!