Canaccord Genuity lowers PT for Australia's Ardent Leisure

Coast Entertainment Holdings

11/07/2023 24:25

** Analysts at Canaccord Genuity lowers price target to
A$0.60 from A$0.67 for leisure and entertainment co, Ardent
Leisure Group Ltd  ALG.AX      
    ** Brokerage says it was hopeful for stronger 2H23 earnings
given the first four months of 2H23 were profitable    
    ** Canaccord says 2H23 EBITDA was more subdued as compared
to 1H23 
    ** ALG posts FY prelim unaudited revenue of A$83.9 mln
($56.06 mln), up 70% on prior year 
    ** Brokerage lowers revenue forecast by 6% and lowers theme
park EBITDA estimate by 38% for FY24; retains "buy" 
    ** However, brokerage assumes a stronger earnings recovery
into FY25 
    ** The two analysts covering the stock rate it at "buy" or
higher; their median PT is A$0.67 - Refinitiv Data
    ** ALG down 16.5% YTD as of last close 
   


($1 = 1.4979 Australian dollars)

 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))