Having More Fun in Hotels Than at the Movies; Event Hospitality FVE Up 5% to AUD 12.60
We lift our fair value estimate for no-moat-rated Event Hospitality and Entertainment by 5% to AUD 12.60 per share, driven by upgrades to our hotel estimates and what appears to a permanent step-down in corporate overhead costs, partly offset by a poor near-term outlook for the Australian cinema unit.Growth was achieved across all of the hotel division's revenue metrics, with the 9% increase in revenue per available room particularly impressive. Combined with operating leverage inherent in the ...
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