Six Flags Entertainment (SIX): Notes From Management Meetings - Oppenheimer
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Oppenheimer analyst, Ian Zaffino, reiterated his Outperform rating on Six Flags Entertainment (NYSE: SIX) after hosting the company on a non deal roadshow in the midwest. The heat waves in New England, the Northeast and the Midwest likely impacted attendance but the impact may have been mitigated by waterpark attendance.
International could drive incremental EBITDA, and boost returns and capital efficiency, as licensing deals do not require capital. SIX estimates $5M-10M of EBITDA initially from design and $10-20M annually from licensing once opened. The Vietnam water park opens in 2018, Dubai's theme park opens in 2019, and the Vietnam theme park and Chinese park are likely coming online by 2020.
Six Flags remains committed to returning cash to shareholders, through dividends (~4.5% yield) and share repurchases with ~510M authorized. A recent $300M debt deal paid down $150M of the term debt with the remainder expected to be used for repurchases; SIX expects to buy back $200-230M in 2016.
No change to the price target of $65.00
Shares of Six Flags Entertainment closed at $50.10 yesterday.
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