Citi sees potential tailwinds for Australia's Event Hospitality

EVT

18/11/2022 24:38

** Citi says it sees positive read-throughs for Australia's
Event Hospitality and Entertainment  EVT.AX  after AMC
Entertainment Holdings Inc  AMC.N  and Reading International Inc
 RDI.O  posted upbeat quarterly results
    ** Brokerage says its forecasts for EVT's Australian cinemas
assume the lower end of AMC's likely box office growth between
15% and 25% next year, at 15% over CY23
    ** Strong performance from the movie 'Black Panther' could
be helpful for next month's highly anticipated 'Avatar' as it
would help revive the habit of consumers going to cinemas, Citi
says 
    ** Adds that it sees continued strength in food and beverage
spend as a positive for EVT, due to relatively higher margins
indicating at consumer willingness 
    ** Brokerage gives EVT a "buy" rating with a PT of A$17.71
    ** Four of six analysts rate the stock "buy" or higher, two
suggest "hold"; their median PT is A$17.30 – Refinitiv Eikon
data 
    ** Stock down 4.9.% this year, as of last close 
 (Reporting by Udbhav Krishna P in Bengaluru)
 ((UdbhavKrishna.P@Thomsonreuters.com))