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45.0¢ the star entertainment group limited

Sale of buildings is not ongoing income. Provisions are not cash...

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GeorgeGn

170 Posts.

27

03/09/24

11:02

Post #: 75502747
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Originally posted by Neohamston90: ↑

Was crunching some numbers, from last report Star still has 400+ million cash on hand, most 450m debt facilities renegotiated to extended dates (at least 2028 by memory?) with a reduced equity/debt ratio to circa 10% which is considered low.

Been profitable before 2020 then the bleeding started, if exclude large asset write downs in 23 and 22 then roughly 100m average annual loss, assuming increase in compliance costs then figure it around 150m loss for FY 24.

Austrac fine 150M fine provisioned.

4 class actions no news of recent progress.

After QWB opened they can sell treasury and auxiliary properties now so potential 200M income.

Conclusion is Star’s financial position is not that dire and far from insolvency, at least in the short term, or am I missing something?

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Sale of buildings is not ongoing income. Provisions are not cash they are just marked as expected future liabilities. The issue seem to be the 450 debt facility and related covenants. Also the queens wharf debt needs to be rolled over next year.

Last edited by GeorgeGn: Today, 11:05

SGR Price at posting: 45.0¢ Sentiment: Hold Disclosure: Held
1 Upvote

0 Great analysis

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