Star Entertainment’s Result In Line With Expectations
The Star Entertainment Group reported a strong fiscal 2016 result broadly in line with our expectations. Our AUD 4.00 per share fair value estimate, no-moat, and high uncertainty ratings are unchanged. Shares are currently trading substantially above our fair value estimate.No guidance was provided. Fiscal 2017 trading has started well, with revenue excluding VIP up 4.1% against a tough comparable, driven by gaming revenue growth. Disruptions from capital work projects at The Star Sydney and Ju...
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