Transfer of Analyst Coverage for Crown Resorts; Fair Value Estimate Increased to AUD 13.50 per Share
We transfer analyst coverage of Crown Resorts and raise our fair value estimate to AUD 13.50 per share from AUD 13.00. This follows a modest revision of our near-term earnings estimates and an extension of the explicit forecast period to 10 years to incorporate our preliminary estimates for the Crown Sydney development. Our narrow economic moat, high fair value uncertainty, and Standard stewardship ratings are intact.Despite the near-term headwinds--the arrests of multiple employees in China an...
Crown Resorts is an entertainment and gaming group. Co. owns and operates two resorts, Crown Melbourne, which features the Crown Towers Melbourne hotel, Crown Metropol Melbourne hotel, and the Crown Promenade Melbourne hotel; and Crown Perth, which features the Crown Metropol Perth hotel and the Crown Promenade Perth hotel. In the U.K., Co. owns and operates Crown Aspinall in London, a casino in the West End entertainment district. Co. also holds equity interest in Melco Crown Entertainment, a developer, owner and operator of resorts in Macau and the Philippines. The resorts include: City of Dreams Macau, Macau Studio City, and City of Dreams Manila.
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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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