Morningstar - SKYCITY Entertainment Group Limited (SKC) Improving VIP, New Convention Centre, and Hotel in Auckland to Drive Earnings Growth for SkyCity

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Morningstar

Daniel Ragonese

EUR 101.80 For Business Accounts Only

Improving VIP, New Convention Centre, and Hotel in Auckland to Drive Earnings Growth for SkyCity

Our NZD 4.20 (AUD 3.80) per share fair value estimate for narrow-moat SkyCity Entertainment is unchanged as early trading in fiscal 2018 meets our expectations. The stock is currently fairly valued relative to our intrinsic assessment. During the first four months of fiscal 2018, normalised revenue rose 2% on the previous corresponding period. However, the International VIP business is cycling a difficult comparable period, which largely predated the arrest of Crown Resorts employees in China wh...

14/12/2017 12 EN

Underlying

SKYCITY Entertainment Group Limited

Sky City Entertainment Group and its subsidiaries are organised into the following main operating segments: SKYCITY Auckland, which includes casino operations, hotels and convention, food and beverage, carparking, Sky Tower and a number of other related activities; Rest of New Zealand, which includes the Group's interest in SKYCITY Hamilton, SKYCITY Queenstown Casino and SKYCITY Wharf; SKYCITY Adelaide, which includes casino operations and food and beverage; SKYCITY Darwin, which includes casino operations, food and beverage and hotel; as well as International Business, which includes commission and complimentary play.

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NZSKCE0001S2 NZX New Zealand

Provider

Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

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Analysts

Daniel Ragonese

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Improving VIP, New Convention Centre, and Hotel in Auckland to Drive Earnings Growth for SkyCity

SkyCity Entertainment Group Limited: 1 director

SKY CITY ENTER sees an upgrade to Slightly Positive due to a better fundamental star rating

SKY CITY ENTER reduced its risk exposure resulting in an upgrade to Slightly Positive

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

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