Unrest in the Village as Fair Value Estimate Cut by 30% to AUD 4.20 per Share
We have slashed our fair value estimate for no-moat Village Roadshow by 30% to AUD 4.20 per share, broadly in line with the current stock price. This follows a material downgrade to our long-term growth and EBIT margin estimates, primarily for theme parks.We recognise the collateral impact of the October 2016 Dreamworld incident on Village's Gold Coast properties. The damage to the psyche of Queensland patrons is particularly evident in the 12% decline in their attendance in December and Januar...
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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