It's all fun and games with Ardent Leisure, as long as the discretionary spending cycle holds up.
We retain our AUD 2.00 fair value estimate per Ardent Leisure security, post the decision to sell the Australian Bowling division for AUD 160 million. Our EPS estimates are largely unchanged because the circa AUD 8 million in interest cost saving from the proceeds largely offsets the forecast lost cash earnings from bowling (AUD 19 million EBITDA less AUD 10 million in capital expenditure).The sale is the latest of a string that will see no-moat Ardent slim down from a sprawling five-division c...
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