EVT Ltd

EVT: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$92.40	Pmqy	Cyqhhhyn

EVT: Hotels Drive Upside, Properties Limit Downside

Brian Han

Jan 4, 2024

We retain our AUD 14 per share fair value estimate for EVT. This is despite reducing our normalized group EBITDA forecasts by an average of 10% over the next two years. It reflects our mea culpa for underestimating the current cost pressures across EVT’s businesses and overestimating the near-term delivery of efficiency gains from management’s transformation efforts. Erratic trading due to economic uncertainty and unfavorable weather (for Thredbo) also punctured our previously high near-term expectations.

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