EVT LIMITED (EVT)
Share Price Analysis and Chart

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27/08/2024

1

Buy

$14.05

24.67%

Ord Minnett observes the FY24 results from EVT Ltd highlight a "need for patience", with normalised net profit down -48% and well below expectations.

The business was affected by an aborted sale of German cinemas and a writers strike in the sector, as well as a delay in filmmaking during the pandemic.

While this background has stalled a recovery in earnings, the broker points out the main attraction in the stock is the unrealised value of the property assets associated with the hotels division, although now is not the right time to crystallise inherent value.

 A Buy rating has been maintained for medium term investors. Target is reduced to $14.05 from $15.65.

FORECAST
Ord Minnett forecasts a full year FY25 dividend of 38.00 cents and EPS of 29.70 cents.
Ord Minnett forecasts a full year FY26 dividend of 40.00 cents and EPS of 40.50 cents.

24/10/2024

1

Buy

$12.29

9.05%

EVT Ltd's 1Q Hotel earnings were robust while Thredbo's were weak, observes Jarden, as management flagged at FY24 results. Overall, 1Q earnings (EBITDA) fell by -30.2% year-on-year, but only by -4% compared to Q1 FY19.

When the broker assumes admissions recover to 90% of FY19 levels by FY27, Jarden's estimate for total shareholder returns increases to 35%. This scenario conservatively ignores management's success in increasing yield per admit, note the analysts.

The broker is upbeat on the outlook citing two of the company's three segments are at cyclical lows for earnings and these are expected to improve, while cinemas' box office profile is looking increasingly positive.

Buy rated. The target falls to $12.29 from $12.46.

FORECAST
Jarden forecasts a full year FY25 EPS of 21.60 cents.
Jarden forecasts a full year FY26 EPS of 33.90 cents.