We see Cineworld as a long-term winner with exposure to high growth Central and Eastern Europe leisure markets, a solid UK business and strong cash generation. We expect it to navigate a tricky FY16 to deliver high single-digit growth before accelerating to >10% in FY17. In the last recession trading was highly resilient. On valuation and FCF criteria we move back to a Buy with a 12m TP of 600p (from 550p).
