Positive
Seeking Alpha
6 months ago
Reading International: Real Estate Sales Unlock Hidden Value
Recent and pending sales, including Courtenay Central and Cannon Park, will reduce net debt by over $44 million, with Q1 2025 results set to reveal visible balance sheet improvement. Reading's share count has remained flat for more than a decade, while major peers AMC, Cineworld/Regal, Cinemark, and Marcus diluted shareholders to survive pandemic and strike disruptions. Even after asset sales, retained properties are conservatively valued at over $215 million, exceeding pro-forma enterprise value, giving investors exposure to Reading's cinema business as a “free option”.