Melco Crown’s FVE Maintained at $17 per Share; Adjusted EBITDA In Line With Our Estimate
We maintain our fair value estimate for Melco Crown at $17.00 per share, along with our narrow moat rating. In the third quarter, Melco Crown’s adjusted property EBITDA (adding back corporate and other expenses) rose 29% year over year and 5% sequentially. Adjusted property EBITDA margin increased to 25.5% in the fourth quarter from 25.1% in the third quarter. Luck-adjusted property EBITDA margin in Macau was approximately 25%, improving from approximately 24% in the third quarter. Net revenue i...
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