1-Star Price
INVESTOR
5-Star Price
INVESTOR
Economic Moat
INVESTOR
Capital Allocation
INVESTOR
While Event Hospitality's fiscal 2022 normalised EBITDA (pre AASB 16) of AUD 138 million was 10% shy of our expectations, we see no fundamental reasons to change our AUD 13.00 per share fair value estimate. The result was still up five-fold from fiscal 2021 and the miss was within tolerable range, given the COVID-induced fluctuations in trading and costs during the period.
Event Hospitality and Entertainment is an Australian provider of entertainment, hospitality and tourism, and leisure-related services. Operating under three divisions (entertainment/cinemas, hospitality and leisure/hotels, and property and investments), the company derives the majority of its earnings in Australia, with cinema operations in New Zealand and Germany (in the process of being divested). Key brands include Event Cinemas, Greater Union Cinemas, Rydges Hotels, QT Hotels, and the Thredbo ski and mountain biking resort.
