Hornblower Fischer: Kinowelt kurzfristig "verkaufen" - 500 Beiträge pro Seite

[ceerix]

Hornblower Fischer hat die Aktien von Kinowelt Medien als "Trading Sell" eingestuft. Die Analysten begründeten ihre Einschätzung in einer vorgelegten Kurzstudie mit der aktuell fehlenden Aussicht auf einen "Blockbuster" und mit dem geringen Ergebnisbeitrag des Sport-Merchandising-Geschäfts. Daher sollten Investoren die Aktien aus kurzfristiger Sicht verkaufen. Mittel- bis langfristig stuften die Experten den Wert von "Kaufen" auf "Reduzieren" herab.
Die Emission einer Wandelanleihe ohne konkrete Übernahme- oder Expansionspläne lasse auf einen Bedarf im operativen Geschäft schließen, meint das Bankhaus. Negativ stimme zudem die zuletzt sehr enttäuschend verlaufende Filmrechteverwertung. Die Nachfrage für ein kürzlich erworbenes Filmpaket sei äußerst gering, hieß es.

aber es gibt ein Lösung für Euer Problem:

Intertainment AG - Kaufen
Die Analysten von JP Morgan raten in ihrer ersten Studie zu Intertainment zum Kauf der Aktien, 12-Monats-Kursziel: € 90



That’s Intertainment!

We initiate coverage of Intertainment with a Buy recommendation. Intertainment is a virtual movie studio, offering unique exposure to the rapidly growing European movie content market.

The company specialises in the co-financing, rights acquisition and distribution of U.S. movies across Europe. Although it has a short track record, we believe that Intertainment’s U.S. studio contacts, content output deals, access to U.S. Major studio distribution and visionary internet strategy should allow investors to share in the escalating value of this ‘killer application’ content: U.S. star-branded movies.

Intertainment has erected significant barriers to entry in the rights acquisition and distribution business. It has two unique advantages. First, it has access to quality U.S. content through its long-term output deals with Arnold Kopelson, Franchise Pictures, Original Voices and 20th Century Fox. Second, it has access to the limited theatrical distribution ‘shelf space’ through its long-term deals with Warner Brothers and Fox (Buy, $30.63). This guarantees theatrical distribution for the majority of Intertainment’s content, which in turn enhances the value of its related video, free-TV, pay-TV and PPV rights.

Intertainment has attractive internet upside. Through co-financing films, Intertainment secures all European rights to its product, including internet. These internet rights have substantial value to ISPs and portals. We expect Intertainment to supply content to ISPs and video-on-demand (VOD) operators in return for equity stakes. Complementing this strategy is Intertainment’s 26% stake in SightSound.com, a digital download service provider, and an option on a 20% equity stake in filmgroup, the U.K. VOD service provider.

Intertainment appears undervalued given its strong earnings growth.

Between 1999 and 2004 we forecast compound annual top-line growth of 96% driving EPS growth of 83%. Furthermore, in our view this forecast is conservative as it excludes the upside from the internet, rights merchandising, second- and third-run free-TV rights and the exploitation of rights outside Europe. This exceptional growth translates into a 2001 P/E of 15.5, on our estimates, which compares favourably with the averages for its Neuer Markt peers, at 31.3, and the U.S. Majors, at 55.6, on J.P. Morgan and consensus forecasts. Our DCF value is € 135 per share, indicating 98% upside to the current price of € 67.5. Our one-year price target is € 90.

[local hero 3]

auf solche Vorschläge können wir gern verzichten.

Danke + gruss
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