Mk2 Cinemas — 6%/an · 60 mois

Plateforme · 19.0/25

A1 · Statut réglementaire 8.0/8✓ max

agrément AMF licence AMF fonds propres-2023-27 obtained on 10/11/2023, currently valid
Maximum score

A2 · Track Record 3.0/6

Default 7.05% → 3pts (threshold 3-7%)
Delay >6 months 17.91% → 3pts (threshold 15-30%)
Net yield 5.14% vs announced 7-10%: shortfall 1.86pp below lower bound → 3pts
A2 = (3×0.5)+(3×0.3)+(3×0.2) = 3.0/6

A3 · Rigueur de sélection 3.0/4bon

Published selection rate at ~5% (<20%), precise figure provided (fewer than 200 of 3500 applications)
Process description partial, without committee detail or documented borrower KYC

A4 · Santé financière 3.0/4bon

Independent platform operating in France, Belgium and Italy, active since ~2014 (>5 years)
No platform distress signal identified
No known institutional shareholder

A5 · Protection investisseurs 2.0/3

agrément AMF licence → 1pt reflection period 4 days + continuity plan (mandatory)
Segregated accounts presumed compliant with ECSP regulation → 1pt
No secondary market mentioned → 0pt

Projet · 38.0/75

B1 · Instrument & Structure 4.0/10faible

B1.1: 1/5 - Non-voting shares, equity instrument/BSA

B1.2: 2/3 - SAS mk2 cinémas, identified issuer, clear French law

B1.3: 1/2 - No known senior debt, de facto ranking not registered

B2 · Opérateur & Track record 12.0/15bon

B2.1: 4/4 - Nathanaël and Elisha Karmitz appointed, functions specified, public profiles

B2.2: 5/5 - ETI >50 years, group turnover 100M€, integrated and recognised model

B2.3: 1/3 - First transaction on Lita, group reputation verifiable

B2.4: 2/3 - No known proceedings, tight balance sheet post-Covid but documented recovery

B3 · Garanties & Sûretés 3.0/15faible

B3.1: 2/9 - Repurchase commitment registered in shareholder agreement, guarantee not formalised

B3.2: 1/4 - Group balance sheet not detailed, guarantor solidity not precisely evaluable

B3.3: 0/2 - No banking partner mentioned, project <2M€ floor → no RF2

B4 · Structure financière 7.0/15faible

B4.1: 3/5 - Turnover 33.8M€, estimated taux de couverture de la dette ~1.5-2.0 (EBITDA 2025 1.7M€, forecast 3.6M€)

B4.2: 2/4 - Group contribution not precisely documented, crowd = minority fraction of plan

B4.3: 2/4 - No formal stress test, diversified model with proven Covid resilience

B4.4: 0/2 - EBITDA 2025 1.7M€ on turnover 33.8M€, EBITDA margin ~5%, insufficient for 2pts

B5 · Pré-commercialisation 6.0/10

SME-NBFI: active client portfolio (3.2M entries, 11 cinemas), geographical diversification Paris, >50 year history documented
New museum without own history
Score 6/10

B6 · Permis & Maturité 5.0/5✓ max

Activity established for 52 years, all legal documents in order, mk2 library operational, project laureate France 2030
Solid legal situation
Score 5/5

B7 · Marché & Localisation 1.0/3faible

Paris cinema market solid (mk2 market share rising to 21.4%), but cinema sector distinct from live hotel market
National entry decline 2025 (181.5→156.8M)
Secondary market stable but variable
Adjusted score: 1/3

Points forts

✓mk2 brand: art-house leader in France, 52 years of existence, solid integrated model.

✓Named and identifiable managers, Karmitz family internationally recognised.

✓Paris market share rising (21.4% in 2025 vs 19% in 2019).

✓France 2030 laureate, institutional support for museum project.

✓Contractual commitment to repurchase shares at 5 years in shareholder agreement.

Risques identifiés

!Non-voting equity instrument: dilution risk and very limited liquidity.

!No registered security; repurchase conditional on mk2 financial capacity.

!Weak EBITDA 2025 (1.7M€); repayment capacity to be confirmed over 5 years.

!mk2 Museum: innovative concept but without documented own revenue history.

!National cinema market declining in 2025; macro-economic risk on entries.

⚠ Avertissement sur les risques

Investir en crowdfunding comporte un risque de perte partielle ou totale du capital, ainsi qu'un risque d'illiquidité. Selon le baromètre France FinTech / Forvis Mazars 2025, 25 à 30 % des projets accusent un retard de plus de 6 mois et 4 à 6 % entraînent une perte définitive. Ne placez jamais plus de 5 à 10 % de votre patrimoine en crowdfunding et diversifiez sur au moins 10 projets. CrowdPickr est un service d'information indépendant, non agréé en tant que conseiller en investissement. Les analyses présentées ne constituent pas un conseil en investissement personnalisé.