Another good solid update and upgrade - that's 2 now in a row. An co-relation to Moller out and Rob Campbell in since end 2017?
https://www.nzx.com/announcements/329901
SKYCITY currently expects normalised EBITDA in 1H19 to be around $189m (up around 10% on 1H18(1)) and normalised NPAT in 1H19 to be around $97 million (up around 11% on 1H18(1)).
This looks a solid prospect next 2 years.
- decent yield
- near 5 yr low
- uncertainty driven due ICC / Casino constructions and capex needs
- I like they have been selling down and recycling underperforming assets
- risk/reward - more upside than downside as they continue to execute
- still some concerns in the back pocket re possible cost overrun and/or litigation with Fletchers
One wonders, the win rate in international business down for the international punters.. what factors that.. loaded dice? earmarked cards for croupier :-)
Disc: Decided at start of year to start ditching some 2018 non performers and shifted into SKC with buying in 3.40-3.50s. Optimistic will see $4.10+ by end year