The ramp-up of Wynn Palace is the growth driver for moaty Wynn Macau.
Narrow-moat Wynn Macau Limited’s fair value estimate has been lifted by HKD 1 per share to HKD 17. We lifted our 2017 forecasts mainly because Wynn Macau’s resilience was better than our expectations in the third quarter. We have made no change to our long-term growth assumptions. We think our 10-year revenue CAGR of 9% and adjusted EBITDA CAGR of 11% have factored in strong long-term growth, the shares appear to be fairly valued at the moment. Wynn Resorts’ Macau adjusted EBITDA margin improved...Wynn Macau is a holding company. Co. is a developer, owner and operator of destination casino gaming and entertainment resort facilities in Macau. Through its subsidiary, Wynn Resorts (Macau) S.A., Co. owns and operates the destination hotel and casino resort Wynn Macau in Macau. In addition, Co. is engaged in the development, design and preconstruction activities.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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