Battening Down the Hatches; Village Roadshow's Fair Value Estimate Reduced 7% to AUD 3.90 per Share
We have cut our fair value estimate for Village Roadshow by 7% to AUD 3.90 per share, following a weak fiscal 2017 first-half result. It was headlined by a 12.6% decline in normalised net profit after tax, or NPAT, lowlighted by a surprise 20.2% fall in cinema EBIT, and capped off with a decision to cut the interim DPS to nothing.While abrupt, a dividend holiday is clearly needed, given the even more abrupt rise in the group's net debt/EBITDA to 3.3 times in the first half, from 2.1 times less ...
Village Roadshow is principally engaged in the theme park and water park operations, cinema exhibition operations, film and digital versatile disc distribution operations. In addition, Co. had an equity-accounted 50.17% interest in Village Roadshow Entertainment Group Limited which has film production activities, as of June 30 2016.
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