Baillieu Holst Leisure Analyst Nick Caley retains buy call on Village Roadshow, with a revised DCF valuation of A$8.25 (prev

Baillieu Holst Leisure Analyst Nick Caley retains buy call on Village Roadshow, with a revised DCF valuation of A$8.25 (prev. A$8.35) and price target of A$8.25 (prev. A$8.35). He comments Despite our FY15 downgrade we remain upbeat given: 1) the proximity of what is regarded as a very strong film program in CY2015; 2) a full period inclusion of Wet 'n' Wild Sydney; 3) thegrowing bias to water parks rather traditional full service theme parks should serve to lift margins and limit capex; 4) potential ventures in Asia puts option value in the stock; 5) lower A$ should support increased domestic tourism; and 6) prospect of another special dividend at end FY15. Quality defensive leisure yield stock recovering from an oversold position.


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