Pressure All Around Village Roadshow; FVE Cut 8% to AUD 3.60 per Share
While no-moat-rated Village Roadshow's fiscal 2017 result was largely in line with our expectations, earnings quality was subpar. The 10% fall in cinema EBIT to AUD 60 million was 6% shy of our estimate. This is disappointing, given the importance of what should be a resilient unit, at a time when the group is under severe balance sheet and earnings pressures in other areas.For instance, theme parks EBIT slumped 86% to AUD 5 million, owing to the sentiment impact from the October 2016 Dreamworl...
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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