Citi ups profit estimates for Australia's EVT; stock rises

Citigroup

26/10/2026 04:38

Updates
** Shares of entertainment and travel firm EVT EVT.AX rise 1.1% to A$15.32
** Citi lifts FY27 NPAT forecast for co by 14% and by 2% each for FY28 and FY29 following positive 1Q27 update
** Co on Friday posted 1Q27 group EBITDA of A$72.5 million ($50.91 million), up 17% from a year earlier
** EVT's hotel division's broadly flat 1Q27 earnings were slightly disappointing, but Citi forecasts an additional ~A$13 million of EBITDA growth for FY27
** Divestments remain challenging, with higher interest rates, elevated construction costs and continued home price weakness weighing on the outlook for sale of its 525 George Street entertainment complex in Sydney, adds Citi 
** Keeps PT at A$17.55 with a "buy" rating
** Stock up 22% YTD, including the day's moves

($1 = 1.4241 Australian dollars)

 (Reporting by Sherin Sunny and Nikita Maria Jino in Bengaluru)
 ((Sherin.Sunny@thomsonreuters.com))