Imax the most insulated in SVOD, PVOD, says Macquarie

Macquarie maintains an Outperform rating and $24 price target on Imax after the company reported a Q4 beat, with EBITDA of $23M coming in ahead of consensus estimates. Despite being impacted by the Hollywood strikes in the quarter, the company still delivered box office figures of nearly $1.1B and closed the year with strong signings, representing the best fourth quarter since 2015, the analyst tells investors in a research note. Imax’s results highlight the degree to which the company’s business model is differentiated from typical exhibitors, as in a world with more subscription and premium video on demand, Imax remains the most insulated, given a shorter showing window, strong brand and indexing, and global diversification. the firm says.