Village Roadshow Must Bank Sully, as Shares 30% Undervalued
No-moat-rated Village Roadshow's market value has declined 10% since the release of the fiscal 2016 result in August. Some of this can be justified on the continuing poor showing from film distribution, the subdued theme parks performance and a step-up in debt. We view these factors as temporary and fully reflected in the 30% discount Village shares are trading at relative to our unchanged AUD 6.50 fair value estimate.Film distribution is a low-quality business, and the division has five consec...
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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