Lifting SJM’s FVE by 30% to HKD 11.60 to Reflect Higher ROIC for Grand Lisboa Palace
We lifted our fair value estimate for SJM Holdings to HKD 11.60 from HKD 8.90 per share, due to our revised return on invested capital, or ROIC, assumption of Grand Lisboa Palace, or GLP. We think SJM is undervalued and the key catalyst is the opening of GLP. Our latest fair value implies an EV/EBITDA of 16.8 times for 2020, the first year of operation of GLP, and 12.9 times for 2021. We reckon SJM’s average EV/next-12-month EBITDA ranged bound between 3.1 times to 11.9 times in the past five ye...SJM Holdings is an investment holding company based in Hong Kong. Co. is the holding company of Sociedade de Jogos de Macau and is engaged in the development and operation of casinos and related facilities in Macau Special Administrative Region, the People's Republic of China. Co.'s casinos are located in prime locations on the Macau Peninsula and Taipa Island. Gaming operations are comprised of VIP table gaming, Mass Market table gaming and slot machines. Co. is organized in two segments: Gaming Operations (operation of casinos and related facilities); and Hotel and Catering operations (hotel, catering and related services).
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