SkyCity’s Strategy Day Highlights Renewed Focus on Auckland Property, and Major Expansion Projects
Our NZD 4.20 (AUD 4.00 at the current spot rate) per share fair value estimate for narrow-moat SkyCity Entertainment Group is intact, following the recent investor day. The stock remains modestly undervalued relative to our fair value estimate, although we see limited near-term catalysts for a material rerating. Management reiterated the guidance for "modest" EBITDA growth in fiscal 2018, which we expect to be around 4%, and in the near term, we see a continuation of recent trends. The core Auck...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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