Event Suffers a Dramatic Decline in Second Quarter but Fair Value Estimate Unchanged at AUD 12
The deterioration in no-moat Event Hospitality and Entertainment's second-quarter performance was stark, with EBITDA down 16.1% year on year to AUD 76.4 million. The cinema exhibition (49% of group earnings) was particularly weak due to tough prior-year comparisons and lower contributions from Germany. The near-term negative impact of refurbishment and redevelopment in the hotels segment (24% of group earnings) further compounded the situation.Despite this, we have maintained our AUD 12.00 fai...
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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