EVT Ltd
EVT: XASX (AUS)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
A$28.40 | Xgjtr | Vcscvpj |
EVT: Hotels Drive Upside, Properties Limit Downside
We retain our AUD 14 per share fair value estimate for EVT. This is despite reducing our normalized group EBITDA forecasts by an average of 10% over the next two years. It reflects our mea culpa for underestimating the current cost pressures across EVT’s businesses and overestimating the near-term delivery of efficiency gains from management’s transformation efforts. Erratic trading due to economic uncertainty and unfavorable weather (for Thredbo) also punctured our previously high near-term expectations.