Six Flags Entertainment Corporation

NYSE:SIX Aktierapport

Börsvärde: US$4.6b

This company has been acquired

The company may no longer be operating, as it has been acquired. Find out why through their latest events.

Six Flags Entertainment Tidigare resultatutveckling

Tidigare kriterier kontrolleras 0/6

Six Flags Entertainment s intäkter har minskat med en genomsnittlig årlig takt på -4.4%, medan Hospitality -branschen såg intäkter på växande 30.3% årligen. Intäkterna har varit växande med en genomsnittlig takt på 3.7% per år.

Viktig information

-4.38%

Tillväxttakt i vinsten

-4.48%

Tillväxttakt för EPS

Hospitality Tillväxt i branschen19.52%
Intäkternas tillväxttakt3.68%
Avkastning på eget kapitaln/a
Nettomarginal1.84%
Senaste uppdateringen av resultatet31 Mar 2024

Senaste uppdateringar av tidigare prestationer

Recent updates

Analysartikel • Jun 26

Investor Optimism Abounds Six Flags Entertainment Corporation (NYSE:SIX) But Growth Is Lacking

When close to half the companies in the Hospitality industry in the United States have price-to-sales ratios (or "P/S...
Seeking Alpha • Jun 21

Six Flags Entertainment: Neutral View On The Industry As Macro Conditions Are Not Positive

Summary Hold rating for Six Flags Entertainment Corporation and Cedar Fair L.P. Positive growth indicators for theme park industry, but concerns about macroeconomic conditions and potential impact of inflation on consumer spending. Merged entity could be worth $11 billion in market capital, with operational and macroeconomic risks to consider. Read the full article on Seeking Alpha
Seeking Alpha • Apr 10

Six Flags And Cedar Fair: Synergies Provide Great Upside

Summary Six Flags and Cedar Fair are planning to merge, with Six Flags shareholders owning 48.8% of the new company and Cedar Fair shareholders owning 51.2%. The combined entity will have a history of constant modest growth with strong margins. The merger is expected to result in significant synergies, including $120 million in cost savings and $80 million in incremental EBITDA from an elevated offering. The synergies provide great upside for investors if achieved, with my DCF model estimating good upside for both stocks. Read the full article on Seeking Alpha
Analysartikel • Feb 23

With Six Flags Entertainment Corporation (NYSE:SIX) It Looks Like You'll Get What You Pay For

Six Flags Entertainment Corporation's ( NYSE:SIX ) price-to-earnings (or "P/E") ratio of 25.6x might make it look like...
Seeking Alpha • Dec 20

Six Flags And Cedar Fair Merges: Buying The Winner

Summary Six Flags and Cedar Fair have announced a merger, with the combined entity managing 27 amusement parks, 15 water parks, and 9 hotels. Market analysts have generally supported the merger as a win for both sides, with some dissenters from both companies. Upon closer inspection, Six Flags possesses entrenched costs that can now be distributed and shared within the merged company. I favor Six Flags as the primary beneficiary in this merger, offering an attractive investment opportunity for interested investors. Read the full article on Seeking Alpha
Analysartikel • Oct 31

An Intrinsic Calculation For Six Flags Entertainment Corporation (NYSE:SIX) Suggests It's 50% Undervalued

Key Insights Using the 2 Stage Free Cash Flow to Equity, Six Flags Entertainment fair value estimate is US$39.10 Six...
Analysartikel • Oct 05

Six Flags Entertainment (NYSE:SIX) May Have Issues Allocating Its Capital

To avoid investing in a business that's in decline, there's a few financial metrics that can provide early indications...
Seeking Alpha • Sep 20

Six Flags Entertainment: Get Ready For Things To Get Worse Before It Gets Better

Summary Six Flags reported lower-than-expected revenue and a decline in spending per visitor. The company's value pricing strategy is gaining traction, but it may result in unfavorable year-over-year comparisons. Increased capital expenditures to enhance park aesthetics and guest experiences are a positive long-term move, but they will temporarily impact cash flow. Read the full article on Seeking Alpha
Seeking Alpha • Sep 06

Six Flags Entertainment: Not Enough To Get The Pulse Racing

Summary Six Flags Entertainment's shares have failed to keep up with the broader market in recent months. The company's revenue and attendance have declined, primarily due to higher pricing. Financial results for the current fiscal year have been mixed, with higher revenue but worsening profitability metrics. Read the full article on Seeking Alpha
Seeking Alpha • Jul 22

Six Flags Entertainment: Recommend Hold Rating Until We Can Further Verify Turnaround

Summary SIX's turnaround strategy includes reversing extreme price increases, restoring dining plans, and increasing advertising spending to attract more visitors, but the success of these efforts is yet to be determined. SIX Q1 2023 revenues were $142 million, exceeding consensus expectations, with a 7% increase in total guest spend per capita, driven by higher revenues from memberships. I suggest investors wait for 1-2 more quarters to assess the effectiveness of the turnaround efforts. Read the full article on Seeking Alpha
Analysartikel • Jul 10

Are Investors Undervaluing Six Flags Entertainment Corporation (NYSE:SIX) By 24%?

Key Insights Six Flags Entertainment's estimated fair value is US$32.28 based on 2 Stage Free Cash Flow to Equity...
Analysartikel • Jun 13

Six Flags Entertainment's (NYSE:SIX) Returns On Capital Tell Us There Is Reason To Feel Uneasy

To avoid investing in a business that's in decline, there's a few financial metrics that can provide early indications...
Analysartikel • Mar 10

Six Flags Entertainment (NYSE:SIX) Could Be Struggling To Allocate Capital

What financial metrics can indicate to us that a company is maturing or even in decline? A business that's potentially...
Analysartikel • Feb 16

Is Six Flags Entertainment Corporation (NYSE:SIX) Trading At A 38% Discount?

How far off is Six Flags Entertainment Corporation ( NYSE:SIX ) from its intrinsic value? Using the most recent...
Seeking Alpha • Nov 09

Six Flags Q3 2022 Earnings Preview

Six Flags (NYSE:SIX) is scheduled to announce Q3 earnings results on Thursday, November 10th, before market open. The consensus EPS Estimate is $1.60 and the consensus Revenue Estimate is $549.92M (-13.8% Y/Y). Over the last 3 months, EPS estimates have seen 0 upward revisions and 10 downward. Revenue estimates have seen 0 upward revisions and 10 downward.
Seeking Alpha • Sep 08

Six Flags: A Stock To Avoid

Summary Six Flags has had a poor Q2 financial performance and is unlikely to improve as economic conditions worsen. Attendance has been dropping and has performed far worse than theme park operators such as Disney and Comcast. Six Flags has no ongoing dividend and share buyback programs that can help enhance shareholder value. DCF Valuation Model shows that Six Flags is currently overvalued in a recessionary environment. Thesis We are recommending a "SELL" rating on Six Flags Entertainment Corp (SIX). The company's recent Q2 performance should be alarming to investors. We believe that there are no immediate catalysts for Six Flags stock price to improve, and we would like to see dividend and share buyback programs to come back before we feel comfortable with recommending the stock. Company Overview Six Flags Entertainment Corp is the world’s largest regional theme park company with 27 parks across the United States, Mexico and Canada. The company has theme parks near major cities in the United States, such as San Francisco, New York, Washington D.C., and Boston. Six Flags Website The company's stock price performance has been abysmal year-to-date, as Six Flags had a price return of -47.25% since the beginning of the year. This is far worse than S&P 500's price return of -17.42% in the same time frame. The company's current market capitalization is $1.82 billion. SIX Year to Date Price Returns (Daily) data by YCharts Worrisome Q2 Financial Performance Six Flags has had a poor financial quarter in Q2 2022, reporting a revenue of $435.4 million, which presents a 5.3% decline YoY. Compared to the revenue consensus of $518.5 million, the reported revenue was a miss of -16.02%. Furthermore, the EPS came in at $0.68, which was well below the analyst consensus estimates of $1.01. Given that Q2 is an important quarter for the company's fiscal year due to the warmer months in the Spring/Summer, the disappointing performance was a great shock to investors who hoped that theme parks would benefit from the end of the pandemic. In addition, what is more troubling is that attendance has dropped compared to pre-pandemic years: We estimate that the optimal attendance level that allow us to deliver an exceptional guest experience while maximizing our profit represents a 20% to 25% decline relative to 2019. Our year-to-date attendance through July is down approximately 35% versus 2019. - Selim A. Bassoul Given that other theme park operators like Disney and Comcast (operator of Universal Studios) are reporting record park attendance and financial performance, the relative underperformance by Six Flags should raise major concerns for investors and show management's inability to take advantage of high consumer demand for entertainment. Furthermore, the company's balance sheet is weakening with no signs of a turnaround. Over the past ten years the company's net total long term debt has increased significant from ~$800 million to now ~$2.3 billion. The current net total long term debt now exceeds the current market capitalization of the company. In the same time frame, the company's cash on hand has been extremely low compared to the net debt, and we believe this trend is not sustainable in the long run. SIX Cash and Equivalents (Quarterly) data by YCharts No Immediate Catalysts Furthermore, there is not much catalysts in the short term to turn around the business in a meaningful way. Consumer spending is showing signs of a slowdown, and this will be a major headwind for theme park operators such as Six Flags which has a high exposure to consumer discretionary spending. As the Federal Reserve continues to raise rates as it has signaled in Powell's Jackson Hole speech, it is likely that macroeconomic conditions will deteriorate and weigh on consumer sentiment and spend. Furthermore, after this quarter, Q4 and Q1 are seasonally poor quarters due to low attendance resulting from colder weather. As a result, after Q3 results are reported, it is unlikely that the stock will find any company performance-related catalysts, and headline risk along with general macroeconomic conditions will negatively impact the stock price. Poor Shareholder Returns At Sweet Minute Capital, we like to assess company's history and current commitment to shareholder value by looking at dividend and share buyback programs. Unfortunately, Six Flags has neither a dividend or a share buyback program currently. As recent as the recent earnings call, management has made no note of any reinstatement of a dividend policy, and given the declining financial fundamentals, we find it unlikely that the company will bring back its dividend program anytime soon. The same logic applies to any hope of Six Flags reinstating its share buyback program, and without a buyback program, we believe that the company's stock price is more prone to major downside risk. Lastly, investors have seen a bit of an increase in shares outstanding in the past year, diluting shareholder value. In all, we believe there are many other consumer discretionary stocks out there that presents better shareholder value for investors.
Analysartikel • Aug 17

Six Flags Entertainment Corporation (NYSE:SIX) Analysts Are More Bearish Than They Used To Be

One thing we could say about the analysts on Six Flags Entertainment Corporation ( NYSE:SIX ) - they aren't optimistic...
Seeking Alpha • Aug 11

Six Flags GAAP EPS of $0.53 misses by $0.48, revenue of $435M misses by $83.5M

Six Flags press release (NYSE:SIX): Q2 GAAP EPS of $0.53 misses by $0.48. Revenue of $435M (-5.4% Y/Y) misses by $83.5M. Shares +7.6% PM. Total guest spending per capita increased 23% to $63.87. “This is a transitional year for Six Flags, as we reset the foundations of our business model to focus on delivering a premium guest experience, while at the same time, correcting for decades of heavy price discounting,” said Selim Bassoul, President and CEO. “Our guest satisfaction scores are well above 2021 and our guest spending per capita has increased more than fifty percent versus pre-pandemic levels. We believe our initial progress validates the potential of our new strategy, and provides a very healthy earnings base from which we can grow.”
Analysartikel • Jul 13

The Return Trends At Six Flags Entertainment (NYSE:SIX) Look Promising

If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Firstly, we'd...
Seeking Alpha • Jun 29

Six Flags: Riding The Roller Coaster

Six Flags' current valuation of 11.54 times LTM FCF or 9.5 times normalized FCF is attractive. Recession fears for Six Flags are overblown. Six Flags has been profitable since its restructuring back in 2011. Six Flags' new CEO has a solid strategy for a bright future. Introduction: Six Flags Entertainment Corporation (SIX) has been beaten up since its highs back in March of this year. This can be attributed to the general market downturn and fear of impending recession. Six Flags did not fare well in the last recession, going bankrupt, which might be why Six Flags is trading at a discount to peers. Six Flags' current valuation is 11.54 times LTM free cash flow or FCF or 9.5 times normalized FCF. This represents a distressed value, which I believe is the market getting ahead of itself. Six Flags has a number of positive things going for it, including years of profitability, attendance numbers that have yet to recover to pre-coronavirus highs, and a new CEO with a great plan for the future. Recession Fears Fear of a recession is widespread and I'm beginning to believe it is coming myself. The 10-year/1-year yield curve which is my preferred recession indicator is beginning to fall drastically, and if it hits negative territory, I'll officially call it a recession. Six Flags' depressed valuation and hammered stock price can be explained by this. There is a perception that theme parks are levered plays on consumer spending, and in the previous recession, Six Flags went bankrupt. These recession fears for Six Flags I feel are overblown. During the last recession in 2008-2011, Six Flags had been unprofitable and mismanaged for years beforehand, and so bankruptcy was inevitable. This time around, Six Flags has been profitable since its restructuring back in 2011. Since 2016, and excluding 2020, Six flags has made a combined $976m in profit, compared to a combined 1.1B loss in the years preceding 2010. This gives a much better chance for debtors to roll over Six Flags' debt come the next recession. Previous Cycle's Six Flags Net Income (In Millions) Year 2010 2009 2008 2007 2006 2005 Net Income $(875.56) $(229.16) $(134.93) $(275.12) $(327.58) $(-132.9) Source: Table created by author data collected from company 10-Ks. Last Five Years of Six Flags Net Income (In Millions) Year 2021 2020 2019 2018 2017 2016 Net Income $129.92 $(423.380) $179.065 $276.00 $273.82 $118.30 Source: Table created by author data collected from company 10-Ks. The second item is that theme parks are not as levered to consumer spending as someone would think. Even in the last recession back in '08, attendance for Six Flags was only down 8%. If we look at Cedar Fair (FUN), another theme park operator, they experienced a similarly small loss in attendance. The drops in attendance are probably more than they would have been because of the swine flu that was going on at the time. The fact that revenue doesn't drop that much during a recession is due to the fact that parkgoers who live nearby will still go to the parks, while tourists who have to travel long distances are the ones most affected by a recession. Per the CEO, Six Flags is more dependent on nearby parkgoers than tourists for revenue. In conclusion, the likelihood of a recession is increasing every day. Six Flags should be able to weather this storm and come out stronger with the new strategy the CEO is pushing the business towards. New Path Forward I traveled to Six Flags back in December of 2021, and my experience was not great. This was caused by overcrowding in the park. My wait for New Texas Giant was over 3 hours. Next was that the food I paid an arm and a leg for wasn't really that good. The experience, though negative, is a positive, as there is much to improve at the park. Six Flags appointed a new CEO in Q4 of 2021 with a plan to improve the park experience in exactly the right way. This includes reducing wait times for rides and improving the food options. This will be done by increasing the admission price, getting rid of heavy discounting, digital screens throughout the parks that display current wait times, and franchising well-known brands to the park such as Starbucks (SBUX) and Fatburger (FAT). The fact that the parks are overcrowded means that prices aren't high enough. When I went back in December, admission was only $15, which seemed crazy low, especially compared to Disneyland (DIS), which is over $100. So, taking the price higher seems like exactly the right strategy. My intuition is that demand elasticity will prove to be very inelastic for Six Flags. Another point is that per capita spending in Six Flags parks was a lot lower than competitors, with the nearest one being 18% higher. This ensures me that there is room for price hikes. Per Capita Park Spend in 2021 Companies Per Capita Spending on Parks Six Flags $52.40 Cedar Fair $62.03 SeaWorld (SEAS) $74.43 Vail Resorts (MTN) $72.49 Source: Table created by author data collected from company 10-Ks. Even though attendance will most likely fall from pre-coronavirus highs, there is still a reopening tailwind that can push up attendance or even stop it from failing even with the price hikes. This is because attendance has yet to recover to pre-coronavirus levels. In 2019, attendance was 32.811 million, while in 2021 attendance was only 27.693 million. This is actually already playing out, as in Q1 2022 attendance was up 25% even while guest spending per capita was up 34% mostly due to the pricing. Six Flags 2022 Q1 Quarterly This new strategy will reduce attendance in the coming years, but revenue and profits will still increase, as prices should rise faster than attendance will drop. Insiders New CEO Selim Bassoul has really impressed me so far. In his first conference call on Q4 2021, he went into great detail on his study of the parks and clearly laid out the future of Six Flags. He showed passion and a great understanding of the business. This makes me believe he is the perfect match. Insiders have been buying up stock at around these levels. This means that they think, along with me, that the company is undervalued at current prices. The largest purchases came from Ruchim Arik W and Jaffer Rehan, both 10% owners of the company, in the upper 20s back in May. Minor purchases in June came from CFO Mick Gary. The CFO is especially interesting due to the fact he is probably the most knowledgeable person in the company when it comes to the financial position OpenInsider The excellent quality of the CEO and the insider purchases from large shareholders and the CFO give me confidence that the share price is undervalued and should do well from here. Risks The main risks I see for Six Flags going forward are a large amount of debt on their balance sheet, potential margin squeeze, and execution risk in the new CEO's plan. Debt Six Flags has a lot of debt, around $2.6B. Compare this to free cash flow of 170-300mm. This creates quite a large FCF/Debt ratio. This large debt load creates risk around if they can maintain steady cash flows and if they'll be able to refinance their debt. Another concern is the rising rate environment. Six Flags' debt maturities are not far off. In 2024, Six Flags has $1B of debt coming due. This will need to be refinanced at most likely higher rates. This could reduce net income when the time comes.
Seeking Alpha • Jun 11

Six Flags Entertainment: Attractive Prospect That Can Add A Little Fun To Your Portfolio

Six Flags Entertainment has done well to recover from the painful COVID-19 pandemic, with revenue climbing as attendance rebounds. Cash flows are also looking strong due in part to higher spending at the company's parks. Though shares look fairly valued compared to competitors, they do look cheap on an absolute basis.

Fördelning av intäkter och kostnader

Hur Six Flags Entertainment tjänar och spenderar pengar. Baserat på senast rapporterade resultat, på rullande tolvmånadersbasis.

Resultat- och intäktshistorik

NYSE:SIX Intäkter, kostnader och resultat (USD Millions )
DatumIntäkterIntäkterG+A KostnaderFoU-kostnader
31 Mar 241,417262300
31 Dec 231,426392370
01 Oct 231,413792200
02 Jul 231,371802040
02 Apr 231,362971750
01 Jan 231,3581011700
02 Oct 221,395892000
03 Jul 221,5291332240
03 Apr 221,5531602170
02 Jan 221,4971282150
03 Oct 211,289461830
04 Jul 21777-2271590
04 Apr 21336-4351450
31 Dec 20357-4231420
30 Sep 20509-3491560
30 Jun 201,004-531710
31 Mar 201,4621641970
31 Dec 191,4881791950
30 Sep 191,496270920
30 Jun 191,4952741120
31 Mar 191,4632691250
31 Dec 181,4642761270
30 Sep 181,4512952530
30 Jun 181,4122911880
31 Mar 181,3892691530
31 Dec 171,3592741560
30 Sep 171,3421781570
30 Jun 171,319992800
31 Mar 171,3041083020
31 Dec 161,3191182910
30 Sep 161,2981192920
30 Jun 161,3151732200
31 Mar 161,2941782160
31 Dec 151,2641552350
30 Sep 151,2301182620
30 Jun 151,197663260
31 Mar 151,187663310
31 Dec 141,176753110
30 Sep 141,1461232660
30 Jun 141,1091381920
31 Mar 141,0961191930
31 Dec 131,1101181890
30 Sep 131,1002612020

Kvalitetsintäkter: SIX har en stor engång förlust av $73.2M {1 månader till 31st March, 2024 1 månader) 31st March, 2024.

Växande vinstmarginal: SIX s nuvarande netto vinstmarginaler (1.8%) är lägre än förra året (7.1%).

Fritt kassaflöde vs resultatanalys

Analys av tidigare vinsttillväxt

Resultatutveckling: SIX s intäkter har minskat med 4.4% per år under de senaste 5 åren.

Accelererande tillväxt: SIX s har haft negativ intäktstillväxt under det senaste året, så det kan inte jämföras med dess 5-åriga genomsnitt.

Resultat vs industri: SIX hade negativ intäktstillväxt ( -73.1% ) under det senaste året, vilket gör det svårt att jämföra med branschens genomsnitt Hospitality ( 21.3% ).

Avkastning på eget kapital

Hög ROE: SIX s skulder överstiger dess tillgångar, så det är svårt att beräkna dess avkastning på eget kapital.

Avkastning på tillgångar

Avkastning på sysselsatt kapital

Upptäck starka bolag som tidigare presterat bra

7D

1Y

7D

1Y

7D

1Y

Företagsanalys och finansiella data Status

UppgifterSenast uppdaterad (UTC-tid)
Analys av företag2024/07/03 22:18
Aktiekurs vid dagens slut2024/07/02 00:00
Intäkter2024/03/31
Årlig intjäning2023/12/31

Datakällor

Den data som används i vår företagsanalys kommer från S&P Global Market Intelligence LLC. Följande data används i vår analysmodell för att generera denna rapport. Data är normaliserade vilket kan medföra en fördröjning från det att källan är tillgänglig.

PaketUppgifterTidsramExempel US-källa
Företagets finansiella ställning10 år
  • Resultaträkning
  • Kassaflödesanalys
  • Balansräkning
Analytikernas konsensusuppskattningar+3 år
  • Prognos för finansiella poster
  • Analytikernas prismål
Marknadspriser30 år
  • Aktiekurser
  • Utdelningar, splittar och åtgärder
Ägarskap10 år
  • Största aktieägare
  • Insiderhandel
Förvaltning10 år
  • Ledningsgrupp
  • Styrelse och verkställande direktörer
Viktiga utvecklingstendenser10 år
  • Företagsmeddelanden

* Exempel för amerikanska värdepapper, för icke-amerikanska värdepapper används motsvarande regelverk och källor.

Om inget annat anges är all finansiell data baserad på en årsperiod men uppdateras kvartalsvis. Detta kallas data för efterföljande tolv månader (TTM) eller senaste tolv månader (LTM). Lär dig mer om detta.

Analysmodell och snöflinga

Detaljer om analysmodellen som användes för att skapa den här rapporten finns på vår Github-sida, vi har också guider om hur du använder våra rapporter och tutorials på Youtube.

Lär dig mer om det team i världsklass som utformade och byggde analysmodellen Simply Wall St.

Industri- och sektormått

Våra bransch- och sektionsmått beräknas var sjätte timme av Simply Wall St, detaljer om vår process finns tillgängliga på Github.

Källor för analytiker

Six Flags Entertainment Corporation bevakas av 19 analytiker. 7 av dessa analytiker lämnade de uppskattningar av intäkter eller resultat som användes som indata till vår rapport. Analytikernas inskickade estimat uppdateras löpande under dagen.

AnalytikerInstitution
Brennan MatthewsBerenberg
Tyler BatoryBrean Capital Historical (Janney Montgomery)
James HardimanCitigroup Inc