Scotiabank, Cineplex Launch Scene+ Program

Scotiabank (BNS) and Cineplex (CGX) are launching Scene+, a new kind of loyalty program merging the SCENE and Scotia Rewards programs.

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The enhanced rewards program welcomes new partners and offers more opportunities to earn and redeem points in a single and simplified offering. (See Analysts’ Top Stocks on TipRanks)

Improving Member Experience

The revitalized program greatly enhances its offerings to its millions of members, including the addition of Rakuten and Scene+ Travel, administered by Expedia Group.

Members will still be able to receive movie tickets, entertainment, dining, and they will now be able to redeem Scene + points for travel, shopping and banking.

Customers will now be able to use a new intuitive mobile app for their day-to-day purchases with various partners whose list is constantly growing.

SCENE members, and holders of an eligible Scotiabank debit or credit card that earns SCENE points or Scotia Rewards points, will automatically be enrolled in the Scene+ program. Points already accumulated will be converted into Scene+ points of the same value.

Management Commentary

Cineplex president and CEO Ellis Jacob said, “Since launching SCENE, we have actively sought ways to evolve the program, extending its benefits year after year so we can deliver more value to more Canadians across the country. SCENE+ represents a bold and exciting evolution, bringing together two of Canada’s favourite loyalty rewards programs, SCENE and Scotia Rewards.

“This strategic alignment creates huge opportunities for the future of the SCENE+ program and enables our teams to reach, entertain and engage with even more guests and movie-lovers than ever before.”

Wall Street’s Take

On December 8, Canaccord Genuity analyst Scott Chan kept a Buy rating on BNS and C$89 price target. This implies 3.3% upside potential.

The rest of the Street is bullish on BNS with a Strong Buy consensus rating based on six Buys and two Holds. The average Bank of Nova Scotia price target of C$92.42 implies 6.2% upside potential to current levels.

TipRanks’ Smart Score

BNS scores a “Perfect 10” on TipRanks’ Smart Score rating system, indicating that the stock returns are very likely to beat the overall market.