Raining Downgrades in the Village
We cut our fair value estimate on no-moat-rated Village Roadshow by a further 12% to AUD 3.00 per share, after revising the potential fallout from the recent profit warning. The impact is more severe than we previously thought, necessitating an average 13% downgrade to our EBIT estimates beyond fiscal 2018, as well deferring our dividend resumption expectation by one year to fiscal 2020.We forecast Village's net debt/EBITDA to reach 4.0 times by the end of fiscal 2018 due to the guidance downgr...
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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