Galaxy’s largest undeveloped Cotai land bank boosts its growth prospects in the next decade.
We have raised Galaxy Entertainment’s fair value estimate to HKD 41 per share from HKD 37 following the solid second-half results for 2017 and our 400-basis-point increase for our 2017 Macau industry gross gaming revenue forecast to 10%. We raised our adjusted EBITDA margin to 22.3% in 2017, similar to the 22.7% reported in the first half. Our 2017 revenue year-over-year growth forecast is 1.3%, similar to the first half’s 1.1%. In the next decade, we expect an 8% revenue CAGR, as new infrastruc...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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