Citi worried over higher film ticket prices for Australia's EVT; remains on 'buy'

EVT

09/11/2022 18:44

** Citi flags risk over Australia's Event Hospitality and
Entertainment  EVT.AX  as it feels higher ticket prices and
higher food and beverage pricing could leave the business
exposed
    ** Says people are consuming more content at home, given new
habits formed during the pandemic
    ** Citi remains 'buy' on EVT as industry data suggests
hotels have continued to recover strongly over July and August
2022
    ** Says co remains a top pick for them among small cap
companies; says A$2 billion ($1.29 billion) of property provides
support in an uncertain macro environment
    ** Brokerage feels Australia's cinema industry could benefit
from the release of 'Avatar: The Way of Water' next month and
Marvel films in 2023; however, flags CY23 box office could
underperform expectations given film production delays
    ** Stock fell nearly a percent on Wednesday
    ** Four of six analysts rate the stock "buy" or higher and
two "hold"; their median PT is A$17.30 – Refinitiv data
    ** Stock has fallen 3.8% this year, as of last close
($1 = 1.5526 Australian dollars)
 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))