Reading International 2026 sum-of-the-parts valuation

Reading International Inc (RDI)
As of 2026-07-21
USD
Updated Jul 21, 2026
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Reading International 2026 sum-of-the-parts valuation

A real-estate-plus-cinema SOTP based on Dylan Marrello's January 2025 RDI thesis, updated for the completed Wellington and Cannon Park sales, current debt and cash, the 2025 operating recovery, and the 2026 film slate. Real estate is valued gross, the cinema operating business is capitalized on normalized EBITDA after corporate overhead, net debt is subtracted once, and a control/liquidity discount is applied to equity value.

as of 2026-07-21

Fair value per share
$6.55
Upside to current Class A price
353.1%
Implied equity value
$148.7
Gross real estate value
$245.0
Cinema enterprise value
$120.0
Net debt
$179.1
Equity value before SOTP discount
$185.9

Balance sheet

5.5$M
184.6$M

Capitalization

$1.45$/share
22.7M shares

Cinema

5x
24.0$M

Real estate

245.0$M

Valuation

20.0%

Sources

  1. Original January 2025 RDI thesis estimated roughly $200M of real estate value net of property debt and more than $40M of pre-COVID cinema EBITDA. — x.com (accessed 2026-07-21)
  2. At March 31, 2026 RDI reported $184.6M of gross debt, $5.524M of cash, 22.717M weighted-average diluted shares, $24.451M of assets held for sale, and Q1 adjusted EBITDA of negative $0.832M. — investor.readingrdi.com (accessed 2026-07-21)
  3. During 2025 RDI sold Wellington for $21.5M and Cannon Park for $20.7M, repaid about $32.1M of bank debt, generated $17.8M of adjusted EBITDA including $8.4M of asset-sale gains, and began marketing Cinemas 1,2,3. — investor.readingrdi.com (accessed 2026-07-21)
  4. The 2025 Form 10-K describes the remaining owned real estate portfolio, including 44 Union Square and Newmarket Village, and the selective monetization strategy. — sec.gov (accessed 2026-07-21)
  5. RDI Class A stock price was $1.445 at 2026-07-21T18:44:51Z. — nasdaq.com (accessed 2026-07-21)

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