CROWN RESORTS LIMITED (CWN)
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CWN - CROWN RESORTS LIMITED

FNArena Sector : Gaming
Year End: June
GICS Industry Group : Consumer Services
Index: ASX100 | ASX200 | ASX300 | ALL-ORDS

Crown Resorts used to be Australia's leading gaming and entertainment company, with assets in Las Vegas and Macau. Today it owns and operates two major casinos in Australia plus other gaming interests including digital offerings. It listed in 2007 following spin-off from Publishing & Broadcasting Ltd. Has arguably been too closely aligned with James Packers' personal interests, which hasn't benefited other shareholders.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$9.56

23 Sep
2021

0.230

OPEN

$9.42

2.47%

HIGH

$9.59

1,196,189

LOW

$9.36

TARGET
$11.933 24.8% upside
Franking for last dividend paid out: 25%
OTHER COMPANIES IN THE SAME SECTOR
JIN . AGI . ALL . EGP . TAH . TTS . SGR . PBH . BET . SKC . PLY .
FNARENA'S MARKET CONSENSUS FORECASTS
CWN: 1
Title FY20
Actual
FY21
Actual
FY22
Forecast
FY23
Forecast
EPS (cps) xxx - 38.6 - 7.4 xxx
DPS (cps) xxx 0.0 6.7 xxx
EPS Growth xxx N/A N/A xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A N/A xxx
Dividend Yield xxx N/A 0.7% xxx
Div Pay Ratio(%) xxx N/A N/A xxx

Dividend yield today if purchased 3 years ago: 0.00%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

0.00

Estimated Dividend Growth
(Average Of Past Three Years)

 %

Amount Invested

Tell Me The Dividend After This Many Years

Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 19/03 - 30c (25%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2021 FactSet UK Limited. All rights reserved
Title 201620172018201920202021
EPS Basic xxxxxxxxxxxxxxx-38.6
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx1,522.4 M
Book Value Per Share xxxxxxxxxxxxxxx659.5
Net Operating Cash Flow xxxxxxxxxxxxxxx-14.0 M
Net Profit Margin xxxxxxxxxxxxxxx-17.18 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201620172018201920202021
Return on Assets xxxxxxxxxxxxxxx-3.67 %
Return on Equity xxxxxxxxxxxxxxx-5.67 %
Return on Total Capital xxxxxxxxxxxxxxx-9.39 %
Capex xxxxxxxxxxxxxxx559.1 M
Capex % of Sales xxxxxxxxxxxxxxx36.72 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-573.1 M

Return on Assets

Return on Equity

Return on Total Capital

Capex

Capex % of Sales

Free Cash Flow ex dividends

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EXPERT VIEWS
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Sentiment Indicator

0.3

No. Of Recommendations

3
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Macquarie

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

-1

xx xxxxxx

xx.xx%

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Credit Suisse

31/08/2021

3

Neutral

$9.80

2.51%

Lockdowns dominated the FY21 results for Crown Resorts with Melbourne normalised EBITDA down -73% and Perth up 57%. No quantitative guidance was provided and Credit Suisse eliminates any FY22 profit from its estimates.

Corporate costs are expected to remain elevated as the company works to the regulatory inquiry. This will impact cash flow, although the broker notes the balance sheet is already under geared so there will be no need for new capital.

Neutral maintained. Target is reduced to $9.80 from $10.10.

FORECAST
Credit Suisse forecasts a full year FY22 dividend of 0.00 cents and EPS of minus -0.70 cents.
Credit Suisse forecasts a full year FY23 dividend of 60.00 cents and EPS of 44.69 cents.

Ord Minnett

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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CWN STOCK CHART