Key events, in time order
Third consecutive week of global box office over $50M, plus Spider-Man: Brand New Day expanding across IMAX network, propels stock to record high
Rosenblatt, JPMorgan, Wells Fargo, Goldman raise targets to $50, $50, $45, $42 respectively
IMAX and CGV announced an agreement to upgrade three existing locations in Vietnam to the new IMAX with Laser system, expanding in Southeast Asia.
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Facts and opinions separated · All items sourced · Not investment advice
IMAX is the premium movie theater experience company—it designs giant-screen systems and sells or leases its proprietary projectors and theater tech to cinema chains worldwide.
Money comes from selling, leasing, and revenue-sharing IMAX theater systems plus ongoing maintenance, with gross margins around 59% and net margins in the single digits (9.84% TTM).
IMAX's brand, patented DMR remastering process, and 1,683 installed systems create a network effect with Hollywood studios and exhibitors. However, its exclusivity is eroding as premium large-format competitors like Dolby Cinema, ScreenX, and Cineworld's Laser
