Maxim Group Reiterates a 'Buy' on Carmike Cinemas (CKEC); Strong 2Q11 Results – Finally a Positive Surprise
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Price: $33.40 --0%
Rating Summary:
4 Buy, 6 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
4 Buy, 6 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Maxim Group reiterates a 'Buy' on Carmike Cinemas (NASDAQ: CKEC) price target of $13.00.
Maxim analyst says, "We are raising our EBITDA numbers due to the solid quarter, but we are maintaining our $13 price target as we are comparing our EV/EBITDA multiple to a 10% discount to Cinemark (NYSE: CNK)(NotRated), which has dropped from 6.2x 2012, to 5.7x 2012 in the last week; we have effectively reduced our multiple to 5.2x. We raised our price target to $13, from $10.50, last week, due to the inclusion of $3/share for the in-theatre advertising company, Screenvision. CKEC management is still not discussing this off-balance-sheet asset, as it is privately controlled."
Maxim raises FY11 EBITDA estimate from $63.6M to $76M and raises 2012 EBITDA estimate to $81.2M, from $75.4M.
For more ratings news on Carmike Cinemas click here and for the rating history of Carmike Cinemas click here.
Shares of Carmike Cinemas closed at $5.31 yesterday.
Maxim analyst says, "We are raising our EBITDA numbers due to the solid quarter, but we are maintaining our $13 price target as we are comparing our EV/EBITDA multiple to a 10% discount to Cinemark (NYSE: CNK)(NotRated), which has dropped from 6.2x 2012, to 5.7x 2012 in the last week; we have effectively reduced our multiple to 5.2x. We raised our price target to $13, from $10.50, last week, due to the inclusion of $3/share for the in-theatre advertising company, Screenvision. CKEC management is still not discussing this off-balance-sheet asset, as it is privately controlled."
Maxim raises FY11 EBITDA estimate from $63.6M to $76M and raises 2012 EBITDA estimate to $81.2M, from $75.4M.
For more ratings news on Carmike Cinemas click here and for the rating history of Carmike Cinemas click here.
Shares of Carmike Cinemas closed at $5.31 yesterday.
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