Nomura Securities Adjusts Estimates on Wynn Resorts (WYNN); See Strong Risk/Reward Here
Tweet
Share
E-mailGet Alerts WYNN Hot Sheet
Price: $102.53 +0.16%
Rating Summary:
35 Buy, 8 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
35 Buy, 8 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Join SI Premium – FREE
Nomura Securities maintains a 'Buy' on Wynn Resorts (NASDAQ: WYNN) price target of $148.00.
Analyst, Harry C. Curtis, said, "We expect WYNN’s Macau VIP business to show flat to modest sequential improvement in H2’12. Mgmt hinted that the mass gaming footprint could increase and they plan to make slight renovations to their slot floor to remain competitive for the premium slot business. While the direct VIP collection cycle slowed from the prior clip, WYNN is not seeing any increase in bad debts. We were encouraged by the better than expected YOY growth in Las Vegas and expect continued stable growth there. We are lowering our 2012 Wynn Macau property EBITDA to $1.18b from $1.25b due to lower gaming volume estimates. We lowered the multiple applied to WYNN’s Macau business to 11.5x from prior 12x to reflect lower growth outlook for the property. WYNN trades at a FCF yield of about ~10% on our 2013 FCF estimate. We see strong risk/reward here for the stock. F12E EPS from $6.03 to $5.49; F13E EPS from $7.19 to $6.82."
For an analyst ratings summary and ratings history on Wynn Resorts click here. For more ratings news on Wynn Resorts click here.
Shares of Wynn Resorts closed at $97.36 yesterday.
Analyst, Harry C. Curtis, said, "We expect WYNN’s Macau VIP business to show flat to modest sequential improvement in H2’12. Mgmt hinted that the mass gaming footprint could increase and they plan to make slight renovations to their slot floor to remain competitive for the premium slot business. While the direct VIP collection cycle slowed from the prior clip, WYNN is not seeing any increase in bad debts. We were encouraged by the better than expected YOY growth in Las Vegas and expect continued stable growth there. We are lowering our 2012 Wynn Macau property EBITDA to $1.18b from $1.25b due to lower gaming volume estimates. We lowered the multiple applied to WYNN’s Macau business to 11.5x from prior 12x to reflect lower growth outlook for the property. WYNN trades at a FCF yield of about ~10% on our 2013 FCF estimate. We see strong risk/reward here for the stock. F12E EPS from $6.03 to $5.49; F13E EPS from $7.19 to $6.82."
For an analyst ratings summary and ratings history on Wynn Resorts click here. For more ratings news on Wynn Resorts click here.
Shares of Wynn Resorts closed at $97.36 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Piper Sandler Reiterates Overweight Rating on Estee Lauder (EL), 'F4Q26 Preview'
- JD.com (JD) Reiterated at Buy by Benchmark Amid Earnings Recovery
- McGraw Hill (MH) PT Raised to $15 at UBS
Create E-mail Alert Related Categories
Analyst Comments, Analyst EPS Change, Analyst EPS ViewRelated Entities
NomuraSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
