The purpose of this note is twofold: (i) illustrate the potential FY15 EPS upside from Spectre and Star Wars VII outperforming – we estimate 2-9%; and (ii) demonstrate how much of future screen expansion is being discounted using fundamental cashflow analysis – our modelling shows very little. We also push through 3 year EPS upgrades of 2%-8% following last week’s interims. Our Conviction Buy has served us very well YTD with the shares +43%, and whilst best of the outperformance is behind us we ....
