We expect a reassuring trading update from CINE this week. Post a weak industry Q3 we anticipate a strong start to Q4. The next 6 weeks are critical to the full year out-turn but the film slate is strong (including local movies in eastern Europe). The period culminates with the blockbuster Star Wars: The Last Jedi. We feel the weak Q3 is not indicative of a structural trend and fears around competitive threats are overdone. We are buyers ahead of the update on growth and cashflow considerations.
