KEY ASSUMPTIONSFitch's key assumptions within our rating case for the issuer:- Revenue to decline by around 30% in FY21 due to ongoing pandemic-related restrictions. Revenue to almost double yoy in FY22 and return to around FY19 levels in FY23, excluding the impact of the Crown Sydney opening.- Australian property normalised EBITDA margin of around 25% from FY22 to FY24, excluding the effect of any variance from the theoretical win-rate and including commencement of operations at Crown Sydney (FYE20: 22%).- Crown Sydney to begin operations from 2HFY21.- Dividend of 60 cents per share in each year from FY21 to FY24.- Capex of around AUD670 million in FY21, AUD150 million in FY22, and AUD130 million each in FY23 and FY24, before apartment sales at Crown Sydney.
Did you even read the report?
Here, I clipped a bit just for you gurus at Peanut Investments.
CWN Price at posting:
$10.14 Sentiment: Buy Disclosure: Held
