Village Roadshow Waves Goodbye to a Wet and Wild 2017, Enters 2018 on a Sounder Footing
We retain our AUD 3.90 fair value estimate on no-moat Village Roadshow, following another subdued trading update for fiscal 2017.While disappointing, it does not change our intrinsic assessment, as fiscal 2017 was always going to be a write-off. Rather, it has provided management with an opportunity to wipe the slate clean and take a pretax AUD 65 million impairment on Wet'n'Wild Sydney--an asset whose EBIT has fallen from AUD 6 million in fiscal 2014 to less than AUD 2 million in fiscal 2016 ...
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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