Crown Resorts December-half result disappointed Macquarie due13.10 to covid.
The broker expects earnings will recover by mid 2022 and anticipates Crown Sydney gaming will open in the June quarter.
But the result is fairly academic given Macquarie sees little risk of the Blackstone $13.10 takeover not proceeding, the broker expecting the gap between the share price and takeover price will narrow once regulatory approval is received.
FY22 earnings (EBITDA) forecasts fall -25% in FY22 and -6% in FY23.
Neutral rating retained. Target price is steady at $13.10.
Sector: Consumer Services.
Target price is $12.60.Current Price is $12.31. Difference: $0.29 – (brackets indicate current price is over target). If CWN meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
