Event Hospitality and Entertainment on the Lookout for a New Leader as Seargeant Signs Off
We maintain our AUD 12.00 per share fair value estimate for Event Hospitality and Entertainment, following managing director, David Seargeant, announcing he will step down in the second half of 2017. However, the leadership change may see derating in Event's stock from the current still-elevated levels (fiscal 2017 P/E of 17.1 times, enterprise value/EBITDA of 7.9 times)—a premium that partly reflects Seargeant's management prowess.Seargeant's replacement certainly has huge shoes to fill. Durin...
EVENT Hospitality and Entertainment Limited, formerly Amalgamated Holdings Limited, is engaged in cinema exhibition operations; ownership, operation and management of hotels and resorts in Australia and Overseas, and property development. The Company's principal activities include cinema exhibition operations in Australia, including technology equipment supply and servicing, and the State Theatre; cinema exhibition operations in New Zealand and Fiji; cinema exhibition operations in Germany; operation of the Thredbo resort, including property development activities, and investment properties and investment in shares in listed and unlisted companies. The Company's segments include Entertainment Australia, Entertainment New Zealand, Entertainment Germany, Hotels and Resorts, Thredbo Alpine Resort, and Property and Other Investments. The Company has operations in Australia, New Zealand, Fiji and Germany.
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