Galaxy Entertainment Beat our Estimate in the 4Q; Phase Three and Four Plan Revealed
We maintain our fair value estimate after narrow-moat Galaxy Entertainment reported a strong set of results with reported adjusted EBITDA accelerating to 40% year-over-year growth in the fourth quarter from 31% in the third quarter. Normalized for luck in VIP, mass and slot segments, adjusted EBITDA year-over-year growth maintained at a similar pace as the third quarter, growing at a rate of 46%, while sequential growth accelerated to 13.1% in the quarter due to favorable seasonality. Adjusted E...
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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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