Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Summary Entertainment One Ltd. - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Entertainment One Ltd. (eOne) is an independent studio. It develops, acquires, produces, finances, distributes and sells content rights and entertainment content. The company's content ...
The general evaluation of VILLAGE ROADSHOW (AU), a company active in the Broadcasting & Entertainment industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date July 28, 2020, the closi...
Negative market reaction to Village Roadshow's strategy presentation on June 7, 2019 has narrowed the stock price's premium to our unchanged AUD 2.50 fair value estimate to 20%. That is a far cry from the recent AUD 3.86 high, buoyed by market's overexuberant recovery expectations. Near term, we expect group fiscal 2019 EBIT to triple year on year to AUD 61 million, as the momentum in theme park earnings rebound accelerates and the reduction in corporate costs continues. However, much of this w...
Negative market reaction to Village Roadshow's strategy presentation on June 7, 2019 has narrowed the stock price's premium to our unchanged AUD 2.50 fair value estimate to 20%. That is a far cry from the recent AUD 3.86 high, buoyed by market's overexuberant recovery expectations. Near term, we expect group fiscal 2019 EBIT to triple year on year to AUD 61 million, as the momentum in theme park earnings rebound accelerates and the reduction in corporate costs continues. However, much of this w...
Negative market reaction to Village Roadshow's strategy presentation on June 7, 2019 has narrowed the stock price's premium to our unchanged AUD 2.50 fair value estimate to 20%. That is a far cry from the recent AUD 3.86 high, buoyed by market's overexuberant recovery expectations. Near term, we expect group fiscal 2019 EBIT to triple year on year to AUD 61 million, as the momentum in theme park earnings rebound accelerates and the reduction in corporate costs continues. However, much of this wa...
Add exposure to Technology, Communications We view weakness over the past week as correcting a significant amount of the excess optimism that was baked-in to global equities. As a result, we recommend taking advantage of the pullback by adding exposure to our favorite areas - namely Technology. Our overall outlook on global equities (both the MSCI ACWI and ACWI ex-US) remains positive and we continue to expect higher equity prices going forward. • Index overviews: MSCI ACWI ex-US, MSCI EM, ...
Earnings recovery at Village Roadshow has well and truly begun, with fiscal 2019 first-half EBIT doubling from a year ago to AUD 30 million. This was led by the theme park division where EBIT almost tripled to AUD 18 million, from a Dreamworld tragedy-affected prior period. The improved attendance on the Gold Coast properties since December 2018 shows improving patron sentiment. It also vindicates management's decision to pursue a more disciplined pricing strategy and let the quality of theme pa...
Earnings recovery at Village Roadshow has well and truly begun, with fiscal 2019 first-half EBIT doubling from a year ago to AUD 30 million. This was led by the theme park division where EBIT almost tripled to AUD 18 million, from a Dreamworld tragedy-affected prior period. The improved attendance on the Gold Coast properties since December 2018 shows improving patron sentiment. It also vindicates management's decision to pursue a more disciplined pricing strategy and let the quality of theme pa...
Earnings recovery at Village Roadshow has well and truly begun, with fiscal 2019 first-half EBIT doubling from a year ago to AUD 30 million. This was led by the theme park division where EBIT almost tripled to AUD 18 million, from a Dreamworld tragedy-affected prior period. The improved attendance on the Gold Coast properties since December 2018 shows improving patron sentiment. It also vindicates management's decision to pursue a more disciplined pricing strategy and let the quality of theme pa...
This is the time of the year when this author gets to perform some grass-roots research on some of Village Roadshow's operations, all in the name of work. First, we can confirm discount ticket resellers to the no-moat-rated group's Gold Coast theme parks have disappeared, despite this author's attempts to buy cheaper on Groupon. As a result, the Han family has prepaid the full AUD 129 per person price on a three-day pass to Village's three properties. The new pricing strategy appears to be stick...
This is the time of the year when this author gets to perform some grass-roots research on some of Village Roadshow's operations, all in the name of work. First, we can confirm discount ticket resellers to the no-moat-rated group's Gold Coast theme parks have disappeared, despite this author's attempts to buy cheaper on Groupon. As a result, the Han family has prepaid the full AUD 129 per person price on a three-day pass to Village's three properties. The new pricing strategy appears to be stick...
Three Directors at Village Roadshow Limited sold 1,000,000 shares at 2.210AUD. The significance rating of the trade was 57/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two ...
Village Roadshow's fiscal 2018 result contained no surprises. The 33% slump in EBITDA to AUD 91 million and the AUD 7 million normalised net loss were both in line with our expectations. This is just as well, given that it was only six weeks ago management provided earnings guidance as part of disclosure to raise AUD 50 million from shareholders. This is an exercise that has provided much-needed relief to the balance sheet, which ended fiscal 2018 with an alarming net debt/EBITDA of 3.7 times. ...
Village Roadshow's fiscal 2018 result contained no surprises. The 33% slump in EBITDA to AUD 91 million and the AUD 7 million normalised net loss were both in line with our expectations. This is just as well, given that it was only six weeks ago management provided earnings guidance as part of disclosure to raise AUD 50 million from shareholders. This is an exercise that has provided much-needed relief to the balance sheet, which ended fiscal 2018 with an alarming net debt/EBITDA of 3.7 times. ...
Village Roadshow's fiscal 2018 result contained no surprises. The 33% slump in EBITDA to AUD 91 million and the AUD 7 million normalised net loss were both in line with our expectations. This is just as well, given that it was only six weeks ago management provided earnings guidance as part of disclosure to raise AUD 50 million from shareholders. This is an exercise that has provided much-needed relief to the balance sheet, which ended fiscal 2018 with an alarming net debt/EBITDA of 3.7 times. W...
We recommend that eligible shareholders subscribe to Village Roadshow’s nonrenounceable 5-for-26 shares retail entitlement offer at the fixed price of AUD 1.65 per share. The closing date is July 26. The offer price is 12% below the current stock price and 34% below our AUD 2.50 fair value estimate. Our intrinsic assessment already incorporates the AUD 50 million capital raising, which will support Village’s balance sheet. With a net debt/EBITDA metric approaching 4 times by the end of fisc...
We recommend that eligible shareholders subscribe to Village Roadshow’s nonrenounceable 5-for-26 shares retail entitlement offer at the fixed price of AUD 1.65 per share. The closing date is July 26. The offer price is 12% below the current stock price and 34% below our AUD 2.50 fair value estimate. Our intrinsic assessment already incorporates the AUD 50 million capital raising, which will support Village’s balance sheet. With a net debt/EBITDA metric approaching 4 times by the end of fisca...
We cut our fair value estimate on Village Roadshow by 17% to AUD 2.50 per share, after incorporating the fully underwritten AUD 50 million entitlement offer which will balloon the share capital base by almost 20%. With a net debt/EBITDA metric approaching 4 times by the end of fiscal 2018, a capital raising was always a possibility. We had believed such an exercise could be avoided given an anticipated recovery in Village's core operations from fiscal 2019 (especially in theme parks) and the eff...
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