It's all fun and games with Ardent Leisure, as long as the discretionary spending cycle holds up.
We cut our fair value estimate on Ardent Leisure by 7% to AUD 2.00 per security, reflecting our reduced confidence in the no-moat group's recovery potential. This follows the abrupt resignation of CEO Simon Kelly, after just five months in the role and having barely begun executing on his strategic blueprint to turn around Ardent's fortunes.Kelly's exit is also the culmination of a slew of changes in recent months, headlined by the ascension of Gary Weiss as the new chairman after a bitter conf...
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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