Excellent Cost Control and Higher-Margin Mass Pay Off for Galaxy in the First Quarter
Galaxy’s first-quarter revenue and adjusted EBITDA were 27% and 30%, respectively, of our full-year estimate. Our fair value estimate has been lifted to HKD 37.00 per share from HKD 36.00, implying an enterprise value/adjusted EBITDA of 13.7 times and adjusted price/earnings ratio of 22.6 times. The shares are fairly valued in our view. The group’s strong execution is demonstrated in higher-than-market year-over-year mass revenue growth, continuous cost control, and management’s strong focus on ...Galaxy Entertainment is an investment holding company, engaged in operation in casino games of chance or games of other forms, as well as the provision of hospitality and related services in Macau. In addition, Co. manufactures, sells and distributes construction materials through its Construction Materials Division across Mainland China, Hong Kong and Macau. Co.'s segments include gaming and entertainment, and construction materials.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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