Funny how the AFR is so excited by the trivial $20 million purchase of a winery as evidenced by the breathless headline … “Endeavour Strikes Gold”
And yet the big story for us investors is buried further down the article…
”Jarden analysts estimated about 55 per cent of the hotels division earnings is derived from pokies, which means it is contributing more than 20 per cent to group EBIT.”
And….
“lower spend in a cashless gaming environment will significantly impact its profit and loss”, and it could wipe 35 per cent of earnings from the hotels business.. “
Perottets plan has already knocked 25% off the SP. And they’re still trying to hide the nasty truth from investors. Will an ALP government be any different?
I wish I had delved deeper into the source of earnings of EDV, had I known it was so heavily dependent on pokies, I would have stayed well clear of it. I was seduced by the Dan Murphy’s brand, I mean who doesn’t love Dan’s?
Endeavour Strikes Gold!, page-2
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$5.14 |
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Mkt cap ! $9.205B | |||
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