Ardent Leisure Underperforming in Main Event; FVE Cut 10% to AUD 2.15
We reduce our fair value estimate for Ardent Leisure by 10% to AUD 2.15. The cut was not due to theme parks, where fiscal 2017 first-half EBITDA slumped 72% to AUD 5.9 million, with a return to sustainable earnings still hazy because of the lingering impact of the Dreamworld tragedy. Rather, the reduction in our intrinsic assessment was mostly driven by a reassessment of Main Event, a division that now accounts for 63% of pro forma group earnings.The 2.9% fall in Main Event constant-centre reve...
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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