Wynn Resorts Ltd
WYNN: XNAS (USA)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
$644.00 | Vmfphzb | Qfkvpcft |
Wynn Earnings: Macao and Vegas Demand Continues to Grow; Shares Attractive
We don’t plan to meaningfully change our $122 per share fair value estimate for narrow-moat Wynn after the company posted solid second-quarter results in its Macao and Las Vegas regions. We find shares attractive, trading at just 7 times forward enterprise value/EBITDA versus the 10-11 times before the pandemic, as we believe investors are discounting the resiliency of the Macao and Vegas gaming enclaves and Wynn’s position in those regions.