Village No Show
We downgrade our fair value estimate for no-moat-rated Village Roadshow to AUD 3.40 following a weaker than expected third-quarter trading update and profit guidance downgrade. We weren’t surprised by the suffering in the theme parks and film distribution businesses, and we had already anticipated fiscal 2018 to be a "write-off" year for the company. However, we are concerned by the weakness in Cinema Exhibition, the company’s second pillar of earnings growth. We cut our estimated fiscal 2018 un...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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