Ardent Leisure Group - AAD Upgrade to Outperform

Ardent Leisure Group - AAD Upgrade to Outperform. The Main Event AAD's 1H14 result was 4% below Macquarie EBITDA expactations. Main Event was ahead of expectations; Theme Parks and Health Clubs were below. Trading updates were positive in all divisions except Bowling. AAD are now expecting six Main Event sites in FY16e, following six sites in FY15e. We upgrade AAD to Outperform with a $2.30PT and TSR of 15%. The medium-term outlook for Main Event is the key driver.


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