Ardent Leisure Requires Ardent Patience
We maintain our AUD 2.00 fair value estimate on Ardent Leisure, despite the underwhelming fiscal 2019 first-half result showing slower-than-expected progress in earnings recovery.Theme Parks' underlying EBITDA loss of AUD 5 million was worse than the AUD 1 million loss suffered a year ago, and starkly contrasts with the 24% EBITDA growth achieved by competitor Village Roadshow's Gold Coast theme parks in the first half. The 4% drop in attendance was particularly disappointing. The coronial inqu...
Ardent Leisure invests in and operates leisure and entertainment businesses in Australia, New Zealand and the U.S. Co. is organised into the following divisions: Marinas, which comprises seven d'Albora Marina properties, located in New South Wales and Victoria; Family entertainment centres, which comprises of 27 Main Event sites in the U.S.; Bowling centres, which comprises 48 bowling centres and six amusement arcades located in Australia and New Zealand; Theme parks, which comprises Dreamworld and WhiteWater World in Coomera, Queensland and the SkyPoint observation deck and climb in Surfers Paradise, Queensland; as well as Health clubs, which comprises 76 clubs in Australia.
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