Transferring Analyst Coverage for The Star Entertainment Group; FVE Increased to AUD 4.30 per Share
We transfer analyst coverage of The Star Entertainment Group. Our fair value estimate increases to AUD 4.30 per share from AUD 4.00, as we forecast a sharper medium-term recovery for VIP turnover which has been under pressure in recent months, a larger contribution from the Queen's Wharf Development, and lower capital expenditure requirements upon completion of the multiple capital projects currently under way. Our no-moat, high fair value uncertainty, and Standard stewardship ratings are intact...
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