12:55 PM EDT, 04/10/2024 (MT Newswires) -- National Bank on Wednesday previewed Cineplex's (CGX.TO) first-quarter results, which are set to be released on May 9.

The cinema chain is expecting Q1 revenue from continuing operations of $293 million. The consensus estimate is $272 million.

National Bank is expecting an adjusted EBITDA of $50 million. The consensus estimate is $44 million.

"While we think in-cinema advertising was lower y/y, overall Media revs are forecast to have been relatively flat as Cineplex Digital Media began ramping up on its new Cominar mandate. We have LBE revs at -0.5%," the analysts said.

National Bank has maintained its outperform rating with a price target of C$12.50.

"Our target is based on average of 2024E/2025E NAV, with implied EV/EBITDA of 9.0x 2024E & 6.5x 2025E," the analysts said.

The company's shares were last seen down C$0.155 to C$7.255 on the Toronto Stock Exchange.

Price: 7.26, Change: -0.15, Percent Change: -2.09