Barbenheimer boosts Everyman
Macro & Overnight
July UK retail sales were disappointing.
There is further evidence of the Chinese slowdown morphing into a full-blown financial crisis as Evegrande files for bankruptcy in the US.
Long bond yields are rising across the globe. Yield curves are flattening, but not in a good way.
UK Company News
Everyman Cinema reported record July trading due to Barbie and Oppenheimer releases, with revenue of £10.6m (July 2022: £7.1m) and EBITDA of £2.6m (July 2022: £1.3m). It now operates 41 cinemas. It is confident that the company’s FY financial performance will align with market expectations.
Impact Healthcare REIT, the care home landlord has purchased a new £50m interest rate cap. It caps its interest payments at 4.0% for two years, expiring on 15 August 2025, for £1.76 million. The Group has now hedged or fixed the interest rates on 92% (£175 million) of its current drawn debt of £191 million. The weighted average cost of drawn debt is 4.66% based on SONIA of 5.4%. At current hedging and drawn debt levels, an increase of 50 bps in SONIA will result in a 4 bps increase in the weighted average cost of drawn debt.
This communication is provided for information purposes only, and is not a solicitation or inducement to buy, sell, subscribe, or underwrite securities or units. Investors should seek advice from an Independent Financial Adviser or regulated stockbroker before making any investment decisions. Progressive Equity Research Ltd (“PERL”) does not make investment recommendations.
Opinions contained in this communication represent those of PERL and/or our affiliates at the time of publication and PERL does not undertake to provide updates to any opinions or views expressed. PERL does not hold any positions in the securities mentioned in this communication, however, PERL’s directors, officers, employees, contractors and affiliates may hold a position, and/or may perform services or solicit business from, any of the companies or related securities mentioned.
Any prices quoted in our research are as at the previous day’s close.