Citi remains concerned that the pandemic has accelerated the structural headwinds that face the company’s businesses, particularly in the case of cinemas.
Increased disclosure regarding the property portfolio provide some reassurance, but the broker believes a corporate event is required to unlock value for shareholders.
Citi anticipates a -13% decline in average hotel room bookings and a -5% decline in rates in 2021 relative to 2019.
The broker reiterates a Neutral rating and reduces the target to $9.35 from $9.75.
Sector: Media.
Target price is $9.35.Current Price is $7.89. Difference: $1.46 – (brackets indicate current price is over target). If EVT meets the Citi target it will return approximately 16% (excluding dividends, fees and charges – negative figures indicate an expected loss).
