reports
- Brian Han
Having More Fun in Hotels Than at the Movies; Event Hospitality FVE Up...
We lift our fair value estimate for no-moat-rated Event Hospitality and Entertainment by 5% to AUD 12.60 per share, driven by upgrades to our hotel estimates and what appears to a permanent step-down in corporate overhead costs, partly offset by a poor near-term outlook for the Australian cinema unit. Growth was achieved across all of the hotel division's revenue metrics, with the 9% increase in revenue per available room particularly impressive. Combined with operating leverage inherent in the ...
- Brian Han
Event offsets cyclical revenue streams with diversity and conservative...
No-moat-rated Event Hospitality and Entertainment delivered another good set of results, with EBIT growing 17% to AUD 186 million, which was in line with our forecast of AUD 188 million. Like previous results, Australian Cinema and Hotels continued to be the growth engines, delivering particularly impressive results. Within Australian Cinema (44% of group EBIT before corporate costs), we were looking for three elements: increased attendance, increased spend per attendee, and higher average tic...
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