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Crown Resorts

ASX:CWN
Snowflake Description

Excellent balance sheet second-rate dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CWN
ASX
A$9B
Market Cap
  1. Home
  2. AU
  3. Consumer Services
Company description

Crown Resorts Limited operates in the entertainment industry primarily in Australia. The last earnings update was 91 days ago. More info.


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CWN Share Price and Events
7 Day Returns
0.2%
ASX:CWN
1.9%
AU Hospitality
2.9%
AU Market
1 Year Returns
-4%
ASX:CWN
-7.8%
AU Hospitality
4.3%
AU Market
CWN Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Crown Resorts (CWN) 0.2% -1.7% 12.3% -4% 9.4% -19.2%
AU Hospitality 1.9% -0.1% 3.2% -7.8% 19.7% 48.3%
AU Market 2.9% 3.2% 5.5% 4.3% 21% 9.7%
1 Year Return vs Industry and Market
  • CWN outperformed the Hospitality industry which returned -7.8% over the past year.
  • CWN underperformed the Market in Australia which returned 4.3% over the past year.
Price Volatility
CWN
Industry
5yr Volatility vs Market

Value

 Is Crown Resorts undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Crown Resorts to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Crown Resorts.

ASX:CWN Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 10 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.3%
Perpetual Growth Rate 10-Year AU Government Bond Rate 2.3%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for ASX:CWN
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year AU Govt Bond Rate 2.3%
Equity Risk Premium S&P Global 6%
Hospitality Unlevered Beta Simply Wall St/ S&P Global 0.93
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.932 (1 + (1- 30%) (12.4%))
1.008
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.01
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.31% + (1.008 * 5.96%)
8.32%

Discounted Cash Flow Calculation for ASX:CWN using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Crown Resorts is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

ASX:CWN DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (AUD, Millions) Source Present Value
Discounted (@ 8.32%)
2019 -34.00 Analyst x1 -31.39
2020 -216.00 Analyst x2 -184.09
2021 433.00 Analyst x1 340.68
2022 492.96 Est @ 13.85% 358.06
2023 544.16 Est @ 10.39% 364.88
2024 587.50 Est @ 7.96% 363.68
2025 624.32 Est @ 6.27% 356.79
2026 656.05 Est @ 5.08% 346.12
2027 683.93 Est @ 4.25% 333.11
2028 709.03 Est @ 3.67% 318.80
Present value of next 10 years cash flows A$2,566.65
ASX:CWN DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= A$709.03 × (1 + 2.31%) ÷ (8.32% – 2.31%)
A$12,071.59
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= A$12,071.59 ÷ (1 + 8.32%)10
A$5,427.81
ASX:CWN Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= A$2,566.65 + A$5,427.81
A$7,994.46
Equity Value per Share
(AUD)
= Total value / Shares Outstanding
= A$7,994.46 / 677.16
A$11.81
ASX:CWN Discount to Share Price
Calculation Result
Value per share (AUD) From above. A$11.81
Current discount Discount to share price of A$12.97
= -1 x (A$12.97 - A$11.81) / A$11.81
-9.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Crown Resorts is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Crown Resorts's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Crown Resorts's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
ASX:CWN PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in AUD A$0.72
ASX:CWN Share Price ** ASX (2019-05-21) in AUD A$12.97
Australia Hospitality Industry PE Ratio Median Figure of 16 Publicly-Listed Hospitality Companies 18.05x
Australia Market PE Ratio Median Figure of 542 Publicly-Listed Companies 16.09x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Crown Resorts.

ASX:CWN PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ASX:CWN Share Price ÷ EPS (both in AUD)

= 12.97 ÷ 0.72

17.97x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Crown Resorts is good value based on earnings compared to the AU Hospitality industry average.
  • Crown Resorts is overvalued based on earnings compared to the Australia market.
Price based on expected Growth
Does Crown Resorts's expected growth come at a high price?
Raw Data
ASX:CWN PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 17.97x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 10 Analysts
1%per year
Australia Hospitality Industry PEG Ratio Median Figure of 14 Publicly-Listed Hospitality Companies 1.81x
Australia Market PEG Ratio Median Figure of 359 Publicly-Listed Companies 1.45x

*Line of best fit is calculated by linear regression .

ASX:CWN PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 17.97x ÷ 1%

17.41x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Crown Resorts is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Crown Resorts's assets?
Raw Data
ASX:CWN PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in AUD A$7.43
ASX:CWN Share Price * ASX (2019-05-21) in AUD A$12.97
Australia Hospitality Industry PB Ratio Median Figure of 24 Publicly-Listed Hospitality Companies 1.49x
Australia Market PB Ratio Median Figure of 1,676 Publicly-Listed Companies 1.65x
ASX:CWN PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ASX:CWN Share Price ÷ Book Value per Share (both in AUD)

= 12.97 ÷ 7.43

1.74x

* Primary Listing of Crown Resorts.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Crown Resorts is overvalued based on assets compared to the AU Hospitality industry average.
X
Value checks
We assess Crown Resorts's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Hospitality industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Hospitality industry average (and greater than 0)? (1 check)
  5. Crown Resorts has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Crown Resorts expected to perform in the next 1 to 3 years based on estimates from 10 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Crown Resorts expected to grow at an attractive rate?
  • Crown Resorts's earnings growth is positive but not above the low risk savings rate of 2.3%.
Growth vs Market Checks
  • Crown Resorts's earnings growth is positive but not above the Australia market average.
  • Crown Resorts's revenue growth is expected to exceed the Australia market average.
Annual Growth Rates Comparison
Raw Data
ASX:CWN Future Growth Rates Data Sources
Data Point Source Value (per year)
ASX:CWN Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 10 Analysts 1%
ASX:CWN Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 10 Analysts 3.8%
Australia Hospitality Industry Earnings Growth Rate Market Cap Weighted Average 14.6%
Australia Hospitality Industry Revenue Growth Rate Market Cap Weighted Average 6.3%
Australia Market Earnings Growth Rate Market Cap Weighted Average 7%
Australia Market Revenue Growth Rate Market Cap Weighted Average 3.2%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
ASX:CWN Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 10 Analyst Estimates (S&P Global) See Below
All numbers in AUD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
ASX:CWN Future Estimates Data
Date (Data in AUD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-06-30 3,759 1
2022-06-30 3,621 1
2021-06-30 3,612 746 409 8
2020-06-30 3,369 689 401 10
2019-06-30 3,277 583 370 10
ASX:CWN Past Financials Data
Date (Data in AUD Millions) Revenue Cash Flow Net Income *
2018-12-31 3,376 746 495
2018-09-30 3,435 739 527
2018-06-30 3,493 732 559
2018-03-31 3,232 668 1,152
2017-12-31 3,170 604 1,746
2017-09-30 3,257 535 1,806
2017-06-30 3,344 466 1,866
2017-03-31 3,425 489 1,485
2016-12-31 3,506 512 1,103
2016-09-30 3,561 497 1,026
2016-06-30 3,616 483 949
2016-03-31 3,637 516 669

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Crown Resorts's earnings are expected to grow by 1% yearly, however this is not considered high growth (20% yearly).
  • Crown Resorts's revenue is expected to grow by 3.8% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
ASX:CWN Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 10 Analyst Estimates (S&P Global) See Below

All data from Crown Resorts Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ASX:CWN Future Estimates Data
Date (Data in AUD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-06-30 0.58 0.58 0.58 1.00
2022-06-30 0.59 0.59 0.59 1.00
2021-06-30 0.62 0.66 0.58 5.00
2020-06-30 0.60 0.64 0.56 6.00
2019-06-30 0.55 0.59 0.51 5.00
ASX:CWN Past Financials Data
Date (Data in AUD Millions) EPS *
2018-12-31 0.72
2018-09-30 0.77
2018-06-30 0.81
2018-03-31 1.65
2017-12-31 2.47
2017-09-30 2.52
2017-06-30 2.57
2017-03-31 2.04
2016-12-31 1.51
2016-09-30 1.41
2016-06-30 1.30
2016-03-31 0.92

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Crown Resorts is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Crown Resorts's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Australia market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Australia market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Crown Resorts has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Crown Resorts performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Crown Resorts's growth in the last year to its industry (Hospitality).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Crown Resorts's year on year earnings growth rate has been positive over the past 5 years, however the most recent earnings are below average.
  • Crown Resorts's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Crown Resorts's 1-year earnings growth is negative, it can't be compared to the AU Hospitality industry average.
Earnings and Revenue History
Crown Resorts's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Crown Resorts Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ASX:CWN Past Revenue, Cash Flow and Net Income Data
Date (Data in AUD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 3,376.10 495.20
2018-09-30 3,434.55 527.05
2018-06-30 3,493.00 558.90
2018-03-31 3,232.29 1,152.24
2017-12-31 3,169.84 1,745.56
2017-09-30 3,256.97 1,805.83
2017-06-30 3,344.10 1,866.10
2017-03-31 3,424.92 1,484.51
2016-12-31 3,505.74 1,102.92
2016-09-30 3,560.94 1,025.87
2016-06-30 3,616.15 948.82
2016-03-31 3,636.68 668.58
2015-12-31 3,657.21 388.34
2015-09-30 3,570.80 386.69
2015-06-30 3,484.40 385.05
2015-03-31 3,361.49 430.06
2014-12-31 3,238.58 475.06
2014-09-30 3,166.46 565.41
2014-06-30 3,094.34 655.76
2014-03-31 3,020.60 626.62
2013-12-31 2,946.86 597.46
2013-09-30 2,920.83 496.63
2013-06-30 2,894.80 395.80
2013-03-31 2,859.71 407.75
2012-12-31 2,824.63 419.70
2012-09-30 2,816.75 466.51
2012-06-30 2,808.87 513.33

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Crown Resorts has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Crown Resorts used its assets less efficiently than the AU Hospitality industry average last year based on Return on Assets.
  • Crown Resorts has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Crown Resorts's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Hospitality industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Crown Resorts has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Crown Resorts's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Crown Resorts's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Crown Resorts is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Crown Resorts's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Crown Resorts's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 1.4x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Crown Resorts Company Filings, last reported 4 months ago.

ASX:CWN Past Debt and Equity Data
Date (Data in AUD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 5,033.90 1,093.70 1,276.40
2018-09-30 5,033.90 1,093.70 1,276.40
2018-06-30 5,157.90 1,494.80 1,844.60
2018-03-31 5,157.90 1,494.80 1,844.60
2017-12-31 5,213.30 1,519.72 1,435.94
2017-09-30 5,213.30 1,519.72 1,435.94
2017-06-30 5,119.70 1,947.70 1,771.20
2017-03-31 5,119.70 1,947.70 1,771.20
2016-12-31 5,214.25 2,268.47 659.05
2016-09-30 5,214.25 2,268.47 659.05
2016-06-30 5,092.12 2,283.39 449.66
2016-03-31 5,092.12 2,283.39 449.66
2015-12-31 4,805.60 3,202.90 397.51
2015-09-30 4,805.60 3,202.90 397.51
2015-06-30 4,609.00 2,672.46 340.98
2015-03-31 4,609.00 2,672.46 340.98
2014-12-31 4,414.00 2,688.70 405.90
2014-09-30 4,414.00 2,688.70 405.90
2014-06-30 3,981.66 1,759.67 177.78
2014-03-31 3,981.66 1,759.67 177.78
2013-12-31 3,944.29 1,752.32 192.66
2013-09-30 3,944.29 1,752.32 192.66
2013-06-30 3,652.60 1,635.30 205.50
2013-03-31 3,652.60 1,635.30 205.50
2012-12-31 3,398.54 1,960.33 205.87
2012-09-30 3,398.54 1,960.33 205.87
2012-06-30 3,374.75 1,714.51 149.35
  • Crown Resorts's level of debt (21.7%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (44.4% vs 21.7% today).
  • Debt is well covered by operating cash flow (68.2%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 9.1x coverage).
X
Financial health checks
We assess Crown Resorts's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Crown Resorts has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Crown Resorts's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4.63%
Current annual income from Crown Resorts dividends. Estimated to be 4.7% next year.
If you bought A$2,000 of Crown Resorts shares you are expected to receive A$93 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Crown Resorts's pays a higher dividend yield than the bottom 25% of dividend payers in Australia (2.66%).
  • Crown Resorts's dividend is below the markets top 25% of dividend payers in Australia (5.74%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
ASX:CWN Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 10 Analyst Estimates (S&P Global) See Below
Australia Hospitality Industry Average Dividend Yield Market Cap Weighted Average of 17 Stocks 3.4%
Australia Market Average Dividend Yield Market Cap Weighted Average of 415 Stocks 4.2%
Australia Minimum Threshold Dividend Yield 10th Percentile 1.6%
Australia Bottom 25% Dividend Yield 25th Percentile 2.7%
Australia Top 25% Dividend Yield 75th Percentile 5.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

ASX:CWN Future Dividends Estimate Data
Date (Data in A$) Dividend per Share (annual) Avg. No. Analysts
2023-06-30 0.70 2.00
2022-06-30 0.64 2.00
2021-06-30 0.60 9.00
2020-06-30 0.60 10.00
2019-06-30 0.60 10.00
ASX:CWN Past Annualized Dividends Data
Date (Data in A$) Dividend per share (annual) Avg. Yield (%)
2019-02-19 0.600 4.888
2018-09-20 0.600 4.913
2018-08-08 0.600 4.309
2018-02-21 0.600 4.528
2017-09-20 0.600 4.887
2017-08-03 0.600 5.117
2017-02-22 0.695 5.636
2016-08-16 0.790 6.634
2016-02-24 0.520 4.247
2015-09-17 0.370 3.203
2015-08-12 0.370 3.214
2014-09-22 0.370 2.757
2013-08-22 0.370 2.295
2012-09-26 0.370 3.211
2012-08-20 0.370 4.077
2012-08-13 0.370 4.253
2012-08-10 0.370 4.322
2012-02-24 0.370 4.301
2011-08-25 0.370 4.566
2011-02-25 0.370 4.364
2010-08-26 0.370 4.369
2009-08-27 0.370 4.581

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Crown Resorts's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are not well covered by earnings (0.9x coverage).
X
Income/ dividend checks
We assess Crown Resorts's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.6%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Crown Resorts afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Crown Resorts has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Crown Resorts's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
John Alexander
COMPENSATION A$4,696,068
AGE 61
TENURE AS CEO 2.3 years
CEO Bio

Mr. John Henry Alexander, BA, has been Executive Chairman of Crown Resorts Limited since February 1, 2017 and as its Chief Executive Officer since February 28, 2017. Mr. Alexander served as Executive Deputy Chairman of Crown Resorts Limited since December 2007 until February 1, 2017. Prior to 2007, Mr. Alexander served as the Managing Director and Chief Executive Officer of Publishing and Broadcasting Limited (PBL) at Melco Crown Entertainment Ltd. since 2004 and Crown Limited from June 2004 to November 2007. Mr. Alexander served as Managing Director of Nine Entertainment Co. Pty Ltd. from June 2004 to October 2008. He served as the Chief Executive Officer and Managing Director of Consolidated Media Holdings Limited since June 2004. He served as Chief Executive Officer of Nine Entertainment Co. since January 2002. He served as the Chief Executive Officer of Bauer Media Entertainment Magazines Pty Limited since 1999. He joined Australian Consolidated Press as Group Publisher in 1998 and was appointed as Chief Executive Officer of Publishing & Broadcasting Ltd.'s Magazine Division in March 1999. He served as the Editor-in-Chief, Publisher & Editor of The Sydney Morning Herald and Editor-in-Chief of The Australian Financial Review. Mr. Alexander served as an Executive Chairman of Consolidated Press Holdings Limited. He served as Chairman of Nine Entertainment Co. Pty Ltd. since June 2004. He served as Executive Chairman of Consolidated Media Holdings Limited from November 2007 to November 2012. Mr. Alexander has been an Executive Director of Crown Resorts Limited since July 6, 2007. He has been a Director of Crown Melbourne Ltd. since August 17, 2004 and also serves as it's Chairman. He served as a Director of FOXTEL Cable Television Pty Limited until November 19, 2012. Mr. Alexander serves as a Director of Burswood Limited, Aspinalls Holdings (Jersey) Limited and Premier Media Group Pty Limited. He serves as Chairman of Burswood Limited Boards. He served as a Director of FOX SPORTS Australia Pty Limited, Aspers Group Limited, FOXTEL Management Pty Limited, SEEKAsia Limited and Ninemsn Pty Limited. He has been an Independent Non-Executive Director at Seven West Media Limited since May 2, 2013. He served as a Director of Consolidated Media Holdings Limited from December 16, 1999 to November 2012. He served as a Director of ACP Media Limited. He served as Director of Nine Entertainment Co. Pty Ltd. until October 2008. He served as a Director of Melco Crown Entertainment Ltd. from March 2003 to October 2009. He served as a Non Executive Director of SEEK Limited from April 2009 to August 26, 2009. Mr. Alexander serves as a Director of the Sydney Theatre Company Foundation Committee, a Director of the Madeleine Foundation, a board member of The International Federation of the Periodical Press Limited and a Council Member of the Sydney Symphony Orchestra. He served as the Chief Executive of ACP Magazines Limited from 1999 and PBL’s group media division comprising ACP Magazines Limited and the Nine Network from 2002.

CEO Compensation
  • John's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.
  • John's remuneration is about average for companies of similar size in Australia.
Management Team Tenure

Average tenure and age of the Crown Resorts management team in years:

5.8
Average Tenure
52
Average Age
  • The average tenure for the Crown Resorts management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

John Alexander

TITLE
Executive Chairman & CEO
COMPENSATION
A$5M
AGE
61
TENURE
2.3 yrs

Ken Barton

TITLE
CFO & CEO Crown Digital
COMPENSATION
A$3M
AGE
52
TENURE
9.2 yrs

William Nisbet

TITLE
Executive Vice President of Strategy & Development
COMPENSATION
A$5M
AGE
50
TENURE
11.1 yrs

Barry Felstead

TITLE
Chief Executive Officer of Australian Resorts
COMPENSATION
A$4M
TENURE
5.8 yrs

Mary Manos

TITLE
General Counsel & Company Secretary
TENURE
1.9 yrs

Karl Bitar

TITLE
Head of Government Affairs
TENURE
8 yrs

Michael Neilson

TITLE
Executive Officer
TENURE
1.9 yrs
Board of Directors Tenure

Average tenure and age of the Crown Resorts board of directors in years:

5.9
Average Tenure
61
Average Age
  • The tenure for the Crown Resorts board of directors is about average.
Board of Directors

John Alexander

TITLE
Executive Chairman & CEO
COMPENSATION
A$5M
AGE
61
TENURE
2.3 yrs

Geoff Dixon

TITLE
Non-Executive Director
COMPENSATION
A$219K
AGE
78
TENURE
11.8 yrs

Guy Jalland

TITLE
Non-Executive Director
TENURE
1.1 yrs

John Horvath

TITLE
Non-Executive Director
COMPENSATION
A$306K
TENURE
8.7 yrs

Lioyd Coonan

TITLE
Non-Executive Director
COMPENSATION
A$219K
TENURE
7.4 yrs

Mike Johnston

TITLE
Non-Executive Director
TENURE
11.8 yrs

Harold Mitchell

TITLE
Non-Executive Director
COMPENSATION
A$197K
AGE
76
TENURE
8.3 yrs

Andrew Demetriou

TITLE
Non-Executive Director
COMPENSATION
A$239K
TENURE
4.3 yrs

Jane Halton

TITLE
Non-Executive Director
COMPENSATION
A$18K
AGE
58
TENURE
1 yrs

Toni Korsanos

TITLE
Non-Executive Director
COMPENSATION
A$18K
AGE
48
TENURE
1 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (A$) Value (A$)
08. Nov 18 Buy Antonia Korsanos Individual 07. Nov 18 07. Nov 18 10,000 A$11.74 A$117,437
X
Management checks
We assess Crown Resorts's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Crown Resorts has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Is Crown Resorts Limited's (ASX:CWN) 11% Better Than Average?

To keep the lesson grounded in practicality, we'll use ROE to better understand Crown Resorts Limited (ASX:CWN). … One way to conceptualize this, is that for each A$1 of shareholders' equity it has, the company made A$0.11 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Crown Resorts Limited (ASX:CWN): A Look At Return On Capital

and want to better understand how you can grow your money by investing in Crown Resorts Limited (ASX:CWN). … As a result, your investment is being put to work to fund operations and if you want to earn an attractive return on your investment, the business needs to be making an adequate amount of money from the funds you provide. … To understand Crown Resorts’s capital returns we will look at a useful metric called return on capital employed.

Simply Wall St -

Has Crown Resorts Limited (ASX:CWN) Got Enough Cash?

Small-caps and large-caps are wildly popular among investors; however, mid-cap stocks, such as Crown Resorts Limited (ASX:CWN) with a market-capitalization of AU$9.63b, rarely draw their attention. … Don’t forget that this is a general and concentrated examination of Crown Resorts's financial health, so you should conduct further analysis. … See our latest analysis for Crown Resorts

Simply Wall St -

How Crown Resorts Limited's (ASX:CWN) Earnings Growth Stacks Up Against The Industry

When Crown Resorts Limited's (ASX:CWN) announced its latest earnings (31 December 2017), I wanted to understand how these figures stacked up against its past performance. … The two benchmarks I used were Crown Resorts's average earnings over the past couple of years, and its industry performance. … CWN's trailing twelve-month earnings (from 31 December 2017) of AU$1.75b has

Simply Wall St -

What You Must Know About Crown Resorts Limited's (ASX:CWN) Major Investors

In this article, I'm going to take a look at Crown Resorts Limited’s (ASX:CWN) latest ownership structure, a non-fundamental factor which is important, but remains a less discussed subject among investors. … When it comes to ownership structure of a company, the impact has been observed in both the long-and short-term performance of shares. … The effect of an active institutional investor with a similar ownership as a passive pension-fund can be vastly different on a company's corporate governance and accountability to shareholders.

Simply Wall St -

Why Crown Resorts Limited (ASX:CWN) Is A Buy When Markets Go Down

Today I want to bring to light the market's darling - Crown Resorts Limited. … Looking at its size, financial health and track record, I believe there's an opportunity with Crown Resorts during these volatile times. … Check out our latest analysis for Crown Resorts.

Simply Wall St -

What Do Expectations Tell Us About Crown Resorts Limited's (ASX:CWN) Margins In The Years Ahead?

With analysts expecting … Crown Resorts Limited (ASX:CWN) to … in earnings of -16.38% annualised

Simply Wall St -

Should You Be Tempted To Sell Crown Resorts Limited (ASX:CWN) Because Of Its PE Ratio?

CWN is priced at a depressed multiple of 5.53x based on its prior year’s earnings,. … Yes, this cheap multiple can initially be attractive, but there are many company-specific elements which are not captured in such a static ratio – such as its growth outlook and debt obligations … This article will cover some key aspects we should consider in order to determine the best multiple to be used for

Simply Wall St -

What You Must Know About Crown Resorts Limited's (ASX:CWN) Financial Health

Stocks with market capitalization between $2B and $10B, such as Crown Resorts Limited (ASX:CWN) with a size of AU$9.25b, do not attract as much attention from the investing community as do the small-caps and large-caps. … Let’s take a look at CWN’s debt concentration and assess their financial liquidity to get an idea of their ability to fund strategic acquisitions and grow through cyclical pressures. … Remember this is a very top-level look that focuses exclusively on financial health, so I recommend a deeper analysis.

Simply Wall St -

When Should You Buy Crown Resorts Limited (ASX:CWN)?

Crown Resorts Limited (ASX:CWN), a hospitality company based in Australia, saw its share price hover around a small range of A$12.47 to A$13.71 over the last few weeks. … Let’s take a look at Crown Resorts’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change. … This is because Crown Resorts’s beta (a measure of share price volatility) is high, meaning its price movements will be exaggerated relative to the rest of the market.

Simply Wall St -

Company Info

Description

Crown Resorts Limited operates in the entertainment industry primarily in Australia. It operates in four segments: Crown Melbourne, Crown Perth, Crown Aspinalls, and Wagering & Online. The company owns and operates two integrated resorts, including Crown Melbourne and Crown Perth. Its Crown Melbourne resort comprises 2,628 gaming machines and 540 gaming tables; the Crown Towers Melbourne hotel with 481 guest rooms, the Crown Metropol Melbourne hotel with 658 guest rooms, and the Crown Promenade Melbourne hotel with 465 guest rooms; a conference center; banqueting facilities; restaurants and bars; and designer brands and retail outlets. The company’s Crown Perth resort includes the Crown Towers Perth hotel with 500 guest rooms; Crown Metropol Perth hotel comprising 397 guest rooms; the Crown Promenade Perth hotel with 291 guest rooms; 2,500 gaming machines and 350 gaming tables; luxury hotel rooms and suites, villas, private gaming salons, restaurants, bars, luxury retail outlets, a resort pool, and spa facilities; and entertainment facilities, including a ballroom, a theatre, and convention facilities. It also owns and operates the Crown Aspinalls, a casino in London; and engages in wagering and online social gaming activities. The company was formerly known as Crown Limited and changed its name to Crown Resorts Limited in October 2013. Crown Resorts Limited is based in Southbank, Australia.

Details
Name: Crown Resorts Limited
CWN
Exchange: ASX
Founded:
A$8,823,372,271
677,158,271
Website: http://www.crownresorts.com.au
Address: Crown Resorts Limited
Crown Towers,
Level 3,
Southbank,
Victoria, 3006,
Australia
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ASX CWN Ordinary Shares Australian Securities Exchange AU AUD 03. Dec 2007
DB 5CW Ordinary Shares Deutsche Boerse AG DE EUR 03. Dec 2007
CHIA CWN Ordinary Shares Chi-X Australia AU AUD 03. Dec 2007
OTCPK CWLD.Y UNSPONSORD ADR Pink Sheets LLC US USD 04. Nov 2008
Number of employees
Current staff
Staff numbers
12,169
Crown Resorts employees.
Industry
Casinos and Gaming
Consumer Services
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/21 10:35
End of day share price update: 2019/05/21 00:00
Last estimates confirmation: 2019/04/17
Last earnings filing: 2019/02/19
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/06/30


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.