Citi and Deutsche Bank have rated Crown as a Buy despite factoring in only conservative value-creation from the Barangaroo proposal which has recently progressed to Stage 3. Citi analysts comment that Crown's new casino must bring substantial market growth in order to achieve an acceptable return-on-capital. Deutsche Bank sees a low pre-tax return on capital, however, has maintained a Buy due to potential capex and regulation easing from this long-dated project. Credit Suisse views Barangaroo as value-neutral, however, has upgraded Crown from Underperform due to recent share price weakness. Current consensus price-target is 13.58 (current: $12.60) while price-to-earnings is 21.0.
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