olivLaw · European equity research
Kinepolis Group KIN.BR
Belgium · Euronext Brussels · ISIN BE0974274061 · Vertical: Listed companies from Belgium
Kinepolis Group operates cinemas and combines theatre operations with in-theatre sales, marketing and real estate management, under a three-pillar strategy. Premiumisation of the viewing experience, through formats such as Laser ULTRA, IMAX and ScreenX, is the main lever the company names for growth, according to its annual report for fiscal 2024.
At the close of 05 Nov 2026, Kinepolis Group (KIN.BR) stock was 50.50 EUR (+1.92% on the day), with market capitalisation 1.4 bn EUR, P/E 33.9 on diluted EPS of 1.49 EUR over the last 12 months, dividend yield 1.09%, beta 0.55, 52-week range 24.35–51.60 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 58.5
- strong (55–70)
- Bollinger (20, 2)
- 47.14 – 52.04
- in the upper half of the band · %B 0.69 · band width 9.9%
- SMA 50 / 200
- 49.22 / 36.34
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.06 / 0.06
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +2.5% | +0.4% | +2.2 pp | — |
| 3 months | +21.5% | −3.3% | +24.8 pp | — |
| 6 months | +67.2% | +4.0% | +63.3 pp | — |
| Year to date | +68.3% | +8.1% | +60.2 pp | — |
| 1 year | +60.6% | +10.7% | +49.9 pp | +6.3% |
| 3 years | +6.8% | +50.1% | −43.3 pp | −6.5% |
| 5 years | −12.1% | +43.6% | −55.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 2-quarter history (min 22.0, median 24.2, max 26.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 |
|---|---|---|
| Revenue | 605.5 m | 578.2 m |
| Revenue YoY | unavailable | −4.5% |
| Net income | 56.1 m | 40.5 m |
| Net income YoY | unavailable | −27.8% |
| Diluted EPS | 2.03 | 1.49 |
| Diluted EPS YoY | unavailable | −26.6% |
| net % | 9.3% | 7.0% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 84.6 m EUR
- Financial debt
- 404.1 m EUR
- Net debt
- 319.5 m EUR
- Equity
- 225.9 m EUR
- Total assets
- 1.1 bn EUR
- Debt / equity
- 1.79x
- Current ratio
- 0.52x
- ROE
- 19.3%
- ROA
- 3.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Revenue | 605.5 m | 578.2 m | esef· 24 Sept 2025verified |
| Cost of revenue | 445.1 m | 439.4 m | esef· 24 Sept 2025verified |
| Gross profit | 160.4 m | 138.8 m | esef· 24 Sept 2025verified |
| Operating income | 106.0 m | 82.1 m | esef· 24 Sept 2025verified |
| Interest expense | 33.0 m | 31.0 m | esef· 24 Sept 2025verified |
| Pre-tax income | 75.8 m | 55.4 m | esef· 24 Sept 2025verified |
| Income tax | 19.7 m | 15.0 m | esef· 24 Sept 2025verified |
| Net income | 56.1 m | 40.5 m | esef· 24 Sept 2025verified |
| Diluted EPS | 2.03 | 1.49 | esef· 24 Sept 2025verified |
| Dividend per share | 0.55 | 0.55 | esef· 24 Sept 2025derived |
Balance sheet · EUR
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Cash | 101.4 m | 84.6 m | esef· 24 Sept 2025verified |
| Receivables | 41.3 m | 49.1 m | esef· 24 Sept 2025verified |
| Inventories | 7.5 m | 8.4 m | esef· 24 Sept 2025verified |
| Current assets | 161.7 m | 149.5 m | esef· 24 Sept 2025verified |
| Property, plant & equipment, net | 462.4 m | 456.1 m | esef· 24 Sept 2025verified |
| Goodwill | 174.8 m | 177.4 m | esef· 24 Sept 2025verified |
| Intangibles (excl. goodwill) | 11.0 m | 9.6 m | esef· 24 Sept 2025verified |
| Total assets | 1.2 bn | 1.1 bn | esef· 24 Sept 2025verified |
| Accounts payable | 114.6 m | 134.9 m | esef· 24 Sept 2025verified |
| Short-term debt | 96.0 m | 114.6 m | esef· 24 Sept 2025verified |
| Long-term debt | 383.7 m | 289.5 m | esef· 24 Sept 2025verified |
| Current liabilities | 247.1 m | 287.4 m | esef· 24 Sept 2025verified |
| Equity | 193.8 m | 225.9 m | esef· 24 Sept 2025verified |
| Shares outstanding at year end | 27.0 m | 26.8 m | esef· 24 Sept 2025derived |
Cash flow · EUR
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 154.4 m | 163.7 m | esef· 24 Sept 2025verified |
| Investing cash flow | -41.6 m | -42.0 m | esef· 24 Sept 2025verified |
| Financing cash flow | -78.9 m | -138.8 m | esef· 24 Sept 2025verified |
| Dividends paid | 7.0 m | 14.7 m | esef· 24 Sept 2025verified |
| Share repurchases | 9.9 m | 2.0 m | esef· 24 Sept 2025verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 43.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.4 bn EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
44% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 7.47 – 33.78 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E14.73 – 33.78 (Mid 21.34)23 companies used · median multiple 14.3x · quartiles 9.9x – 22.7xACKB.BR, AGS.BR, AZE.BR, BAR.BR, BEKB.BR, BELYS.BR, BPOST.BR, CAMB.BR, CFEB.BR, COLR.BR, DECB.BR, DEME.BR, DIE.BR, ECONB.BR, ELI.BR, EVS.BR, FAGR.BR, FLOB.BR, FOU.BR, IBAB.BR, JEN.BR, MELE.BR, MOUR.BR
- Dividend discount (DDM)7.47 – 10.18 (Mid 8.62)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 43.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 10.7% | 59 (vs peers) | 24% |
| Net margin · Quality | 7.0% | 64 (vs peers) | 14% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 2.6x | 18 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 0.5x | 0 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 33.9x | 22 (vs peers) | 24% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 1.2% | 18 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet11/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality61/100 · 2/3 factors with a value
- Returns· partial18/100 · 1/2 factors with a value
- Valuation· partial22/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
KINEPOLIS GROUP (KIN.BR). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 578.2 m EUR in 2024; YoY growth -4.5%; net margin 7.0%; ROE 19.3%.
The estimated value range is 11.10–21.98 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 14.98 EUR, the price of 50.50 EUR leaves a potential of -70.3% (value / price − 1) and a margin of safety of -237.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Interest coverage: 2.6x
- Current ratio: 0.5x
- P/E (TTM): 33.9x
- Shareholder yield (distributions): 1.2%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Belgium · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ELI.BRElia Group | 11.9 bn | 23.3 | 9.6% | 13.6% | −2.0% | +28% / +34% |
| LOTB.BRLotus Bakeries | 11.4 bn | 66.4 | 20.9% | 12.7% | +10.0% | +82% / +76% |
| GBLB.BRGroupe Bruxelles Lambert - Groep Brussel Lambert | 10.6 bn | 82.4 | 0.8% | 2.1% | +1.0% | +6% / +9% |
| DIE.BRD'ieteren Group | 9.7 bn | 23.2 | — | 5.3% | −1.5% | +22% / +16% |
| ACKB.BRAckermans & Van Haaren | 8.8 bn | 22.2 | 8.4% | 7.6% | +18.6% | +22% / +77% |
| COLR.BRColruyt Group | 4.4 bn | 14.6 | 9.4% | 2.9% | +3.1% | +12% / −6% |
| DEME.BRDeme Group | 4.2 bn | 12.2 | 15.5% | 8.3% | +1.3% | +21% / +72% |
| AZE.BRAzelis Group | 2.9 bn | 16.1 | 6.6% | 4.3% | +1.5% | +29% / −42% |
| MELE.BRMelexis | 2.1 bn | 12.4 | 30.7% | 18.4% | −3.3% | −1% / −38% |
| BEKB.BRNV Bekaert SA | 2.1 bn | 30.7 | 3.1% | 1.8% | −6.4% | +10% / −5% |
| FAGR.BRFagron | 1.8 bn | 22.2 | 16.7% | 9.2% | +14.3% | +15% / +40% |
| KIN.BRKinepolis Group | 1.4 bn | 33.9 | 19.3% | 7.0% | −4.5% | +62% / +11% |
| JEN.BRJensen Group | 706.9 m | 17.2 | 15.1% | 9.1% | +13.3% | +28% / +111% |
| BAR.BRBarco | 563.5 m | 9.1 | 7.9% | 6.7% | −9.9% | −48% / −59% |
| IBAB.BRIon Beam Applications | 487.2 m | 39.5 | 10.7% | 2.1% | +24.5% | +48% / +52% |
| DECB.BRDeceuninck | 341.3 m | 24.6 | 4.3% | 1.7% | −4.5% | +8% / +8% |
| CAMB.BRCampine | 272.3 m | 12.2 | 28.6% | 6.1% | +13.4% | −12% / +161% |
| CFEB.BRAannemingsmaatschappij Cfe | 266.8 m | 11.1 | 9.9% | 2.0% | −5.3% | +22% / +48% |
| MOUR.BRMoury Construct | 261.2 m | 10.7 | 21.3% | 13.1% | −4.0% | +11% / +76% |
| EVS.BREvs Broadcast Equipment | 245.9 m | 6.0 | 20.8% | 21.7% | +14.3% | −49% / −36% |
| BPOST.BRBpost | 229.8 m | 3.5 | 6.3% | 1.5% | −2.6% | −39% / −75% |
| ECONB.BREconocom Group | 210.7 m | 40.5 | 1.2% | 0.2% | +4.3% | −1% / −36% |
| IMMO.BRImmobel | 172.2 m | — | -7.4% | -25.2% | −32.8% | −24% / −36% |
| MONNI.BRKeyware Technologies | 171.0 m | 162.0 | 3.5% | 4.5% | −5.9% | −5% / −17% |
| HYSG.BRHybrid Software Group PLC | 121.3 m | — | -2.5% | -5.5% | +7.2% | −4% / +13% |
1- and 3-year price returns: for KIN.BR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 27.51 Total return -45% · Per year -45% | 48.87 Total return -2% · Per year -2% | 73.93 Total return 48% · Per year 48% |
| 3 years | 22.09 Total return -54% · Per year -23% | 44.57 Total return -9% · Per year -3% | 74.66 Total return 52% · Per year 15% |
| 5 years | 17.73 Total return -62% · Per year -17% | 40.64 Total return -15% · Per year -3% | 75.40 Total return 56% · Per year 9% |
- Exit P/E± 11.14
- Net margin± 7.80
- Annual revenue growth± 7.01
- Annual dilution± 0.66
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Kinepolis Group operates cinemas and combines theatre operations with in-theatre sales, marketing and real estate management, under a three-pillar strategy. Premiumisation of the viewing experience, through formats such as Laser ULTRA, IMAX and ScreenX, is the main lever the company names for growth, according to its annual report for fiscal 2024.
SWOT
Strengths
- A varied portfolio of premium formats and comfort concepts, developed in Europe and North America.
- A diversified revenue model combining tickets, in-theatre sales and property rentals.
- Ownership and management of a significant share of cinema real estate gives control over infrastructure.
Weaknesses
- Dependence on audience flow and film releases limits control over demand.
- Continuing investment in technology and renovations can absorb significant resources.
- In-theatre sales depend on external suppliers and on efficient inventory management.
Opportunities
- Extending premium formats to more locations could raise revenue per visitor.
- Growing corporate events and commercial rentals could diversify revenue.
- Expanding the concept into new markets could add value for stakeholders if execution is sound.
Threats
- Alternative consumption such as streaming could reduce cinema visit frequency.
- Rising energy and maintenance costs could squeeze margins.
- Climate change and ESG regulation may require additional investment in buildings.
Risks
- Competition from streamingmedium
Consumption of films on digital platforms could reduce the number of cinema visits.
- Dependence on film releaseshigh
Revenue depends on the quality and scheduling of films, which the company does not control directly.
- Investment intensitymedium
Expanding premium formats and renovations require capital spending that could affect cash flow.
- Supplier-related riskslow
Disruptions in the supply chain can affect in-theatre sales and service quality.
- ESG and climate risksmedium
Adapting buildings to climate change and reducing emissions require investment and could raise compliance costs.
Investment thesis
What would need to be true (bull case)
- A premiumisation strategy, supported by top formats and seating, could support higher revenue per visitor.
- A multi-revenue model that includes in-theatre sales and property rentals could help stabilise results.
- Control over real estate gives flexibility in the face of market change, which could help protect asset value.
What would break the thesis
- If the shift towards digital consumption accelerates, cinema visits could decline.
- Large investments in premium formats could remain unrecovered if audience adoption is slow.
- Dependence on the film calendar leaves the company exposed to weak releases across the industry.
What to watch
- Trend in audience numbers and revenue per visitor in Europe and North AmericaQ1 2027
- Progress in extending premium formats to new locations2027
- Pace of emissions reduction and energy efficiency of buildings2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
According to the annual report for the year ended 31 December 2024, Kinepolis aims to 'enrich people's lives through the power of film' and structures its activity into three pillars: being the best cinema operator, the best marketer and the best real estate manager 1. The value chain covers film distribution and screening, box office, in-theatre sales (drinks, snacks, merchandise) and B2B revenue from renting spaces and organising events 1. The company also aims to introduce its unique cinema concept into new markets, a practice it has followed since 2014 1.
In-theatre sales rely on supplier relationships, strict quality controls, careful inventory management and self-service shops, concession stands and kiosks placed at strategic locations within the cinemas 1. Real estate activity involves investing, renovating and maintaining properties so that spaces can serve purposes beyond film screening, with revenue from commercial rentals and corporate events 1.
ESG priorities are integrated into the three pillars and cover employee development and wellbeing, customer experience excellence, green buildings, responsible waste management and integrity in business 1. The company plans to reduce its CO2 footprint over the long term, towards climate neutrality 1.
Segments
Cinema operations and premium formats
Kinepolis invests in premium formats such as IMAX, Laser ULTRA, 4D and ScreenX, as well as comfortable seating concepts (Cosy Seats in Europe, recliners and VIP Seats in North America) 1. The screen park includes 81 Dolby Atmos screens, 64 Laser ULTRA screens, 15 4D screens, 12 IMAX screens, 26 ScreenX screens and 388 3D screens, per the 2024 report 1.
In-theatre sales
This segment covers drinks, snacks and merchandise sold inside cinemas, with emphasis on reliable suppliers, quality control and efficient inventory management 1.
Business-to-business and real estate
Kinepolis monetises its spaces through commercial leases to third parties, corporate events, conferences and private screenings, using buildings beyond regular screening hours 1.
Market context
The annual report in the source provided does not give complete data on the size of the cinema market; it instead notes customers' shift towards premium experiences after the pandemic, illustrated by the US market through MJR Theatres 1. The company operates in both Europe and North America, where premium formats are deployed in several locations 1.
A diverse customer base, seeking both informal evenings and corporate events, supports the company's multi-revenue model that combines tickets, in-theatre sales and property rentals 1.
Trends
- Demand for premium experiencestailwind
Audiences appear to choose premium formats and seating more often, which could support revenue per visitor if the trend holds, according to observations in the 2024 report 1.
- Investment in premium formatsmixed
Expanding IMAX, Laser ULTRA, 4D and ScreenX involves high capital spending, which could strain cash flow if adoption falls short 1.
- Personalising offers through customer datatailwind
The company uses customer insight to tailor offers and communication, which could strengthen loyalty if it remains effective 1.
- Cost and supply chain pressureheadwind
Inventory and supplier management for in-theatre sales could be affected by cost increases or supply disruptions 1.
Competitive position
The source provided does not identify direct competitors, so the list below reflects only the cinema operators named in the annual report: MJR Theatres and Landmark Cinemas, both in North America, whose seating concepts are cited as sector examples 1. A detailed comparison of market position cannot be made from this source alone.
- MJR Theatres
North American cinema operator, mentioned in the report for its installation of recliners and the LUX Loungers concept in its multiplexes.
- Landmark Cinemas
Canadian operator cited for equipping most of its multiplexes with recliner seats.
- Regional cinema operators
Local players in Europe and North America compete for audiences and event business, with no further detail in the source provided.
- Streaming platforms
Streaming services are an alternative way to consume film, mentioned in the report's value chain discussion.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202424 Sept 2025
- Annual report 202424 Sept 2025
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Kinepolis Group · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.