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IMAX Strengthens Foothold in Middle East with New Deal
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IMAX Corporation (IMAX - Free Report) is constantly making efforts to expand its presence across the globe. Toward this end, the Mississauga, Canada- based company has inked multiple deals with various companies. The latest deal was with Majid Al Futtaim Cinemas for the purpose of expanding further in the Middle East.
In fact, this hybrid joint revenue share agreement between the two companies aims at bringing three more IMAX theatres to the region. The theatres will be situated in Bahrain and the United Arab Emirates.
We note that Majid Al Futtaim, founded in 1992, is the operator of more than 240 VOX Cinema screens in the Middle East. In the Middle East, VOX Cinemas is considered to be the largest and the most innovative cinema exhibitor.
Majid Al Futtaim and IMAX are no strangers to each other. Evidently, the current deal is the third one between the companies in the last two years. VOX Cinemas' first IMAX theatre opened in 2015. The number has increased to seven following the latest deal.
The fast-growing Middle East movie market offers significant commercial potential. Hence, IMAX’s decision to strengthen its foothold in the region is a prudent one. Moreover, the successful track record of its partnership with Majid Al Futtaim Cinemas makes us optimistic about the current alliance.
Apart from its focus on the Middle East region, IMAX is constantly inking deals to strengthen its presence in the lucrative Chinese movie market. Some of the new agreements of the company focused on expanding in China include those with Shanghai Film Corporation and SFC-Bailian Cinema Management Co., Ltd. (SFC-Bailian) and Wanda Cinema Line Corp. The deal with Bona Film Group, inked earlier in the year, is also in line with IMAX's efforts to enhance its Chinese presence.
Price Performance
The IMAX stock has performed well of late, returning 4.44% over the last one month, outperforming the Zacks-categorized Movie/TV Production/ Distribution industry’s gain of only 2.5% in the above period.
The company’s recent expansion related deal in the Middle East is another positive.
Zacks Rank & Key Picks
IMAX currently carries a Zacks Rank #3 (Hold). Better-ranked stocks in the broader Consumer Discretionary sector include Pool Corporation (POOL - Free Report) , The Marcus Corporation (MCS - Free Report) and AMC Networks Inc. (AMCX - Free Report) . Pool Corporation and The Marcus Corporation sport a Zacks Rank #1 (Strong Buy), while AMC Networks carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
AMC Networks has an earnings growth expectation of 9.04% for the next three to five years.
Pool Corporation surpassed the Zacks Consensus Estimate in each of the last four quarters, with an average positive surprise of 19.93%.
The Marcus Corporation has an earnings growth expectation of 15% for the next three to five years.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020. Click here for the 6 trades >>
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IMAX Strengthens Foothold in Middle East with New Deal
IMAX Corporation (IMAX - Free Report) is constantly making efforts to expand its presence across the globe. Toward this end, the Mississauga, Canada- based company has inked multiple deals with various companies. The latest deal was with Majid Al Futtaim Cinemas for the purpose of expanding further in the Middle East.
In fact, this hybrid joint revenue share agreement between the two companies aims at bringing three more IMAX theatres to the region. The theatres will be situated in Bahrain and the United Arab Emirates.
We note that Majid Al Futtaim, founded in 1992, is the operator of more than 240 VOX Cinema screens in the Middle East. In the Middle East, VOX Cinemas is considered to be the largest and the most innovative cinema exhibitor.
Majid Al Futtaim and IMAX are no strangers to each other. Evidently, the current deal is the third one between the companies in the last two years. VOX Cinemas' first IMAX theatre opened in 2015. The number has increased to seven following the latest deal.
The fast-growing Middle East movie market offers significant commercial potential. Hence, IMAX’s decision to strengthen its foothold in the region is a prudent one. Moreover, the successful track record of its partnership with Majid Al Futtaim Cinemas makes us optimistic about the current alliance.
Apart from its focus on the Middle East region, IMAX is constantly inking deals to strengthen its presence in the lucrative Chinese movie market. Some of the new agreements of the company focused on expanding in China include those with Shanghai Film Corporation and SFC-Bailian Cinema Management Co., Ltd. (SFC-Bailian) and Wanda Cinema Line Corp. The deal with Bona Film Group, inked earlier in the year, is also in line with IMAX's efforts to enhance its Chinese presence.
Price Performance
The IMAX stock has performed well of late, returning 4.44% over the last one month, outperforming the Zacks-categorized Movie/TV Production/ Distribution industry’s gain of only 2.5% in the above period.
The company’s recent expansion related deal in the Middle East is another positive.
Zacks Rank & Key Picks
IMAX currently carries a Zacks Rank #3 (Hold). Better-ranked stocks in the broader Consumer Discretionary sector include Pool Corporation (POOL - Free Report) , The Marcus Corporation (MCS - Free Report) and AMC Networks Inc. (AMCX - Free Report) . Pool Corporation and The Marcus Corporation sport a Zacks Rank #1 (Strong Buy), while AMC Networks carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
AMC Networks has an earnings growth expectation of 9.04% for the next three to five years.
Pool Corporation surpassed the Zacks Consensus Estimate in each of the last four quarters, with an average positive surprise of 19.93%.
The Marcus Corporation has an earnings growth expectation of 15% for the next three to five years.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging
phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020. Click here for the 6 trades >>