NZSE:SKCHospitality
SkyCity (NZSE:SKC) Stock Grapples With Thin Margins Despite EBITDA Delivery
SkyCity Entertainment Group walked into this earnings release with the stock under pressure, down over the past week and month despite a stronger three month run. The market has been treating it as a highly valued recovery story, with a trailing P/E of 36.6x that sits well above peers, yet the share price closed at just NZ$0.605 on 21 August.
The headline from these results is profit quality. Underlying EBITDA landed within guidance at NZ$181.6m, but a stack of accounting hits pulled reported...