BUZZ - Citi raises profit forecast for Australia's EVT; stock price increases

Latest Updates

October 26 - **Entertainment and tourism company EVT shares EVT.AX rose 1.1% to 15.32 Australian dollars

** Citi raised its net profit forecast for the company for fiscal year 27 by 14% following the release of a positive first-quarter performance update, with net profit forecasts for fiscal years 28 and 29 also raised by 2% each

**The company announced on Friday (link) first-quarter group EBITDA for fiscal year 27 of AUD 72.5 million (USD 50.91 million), a 17% increase compared to the same period last year

** EVT's hotel division recorded flat earnings in the first quarter of fiscal year 2027, which was somewhat disappointing, but Citi expects EBITDA for fiscal year 2027 to additionally increase by about AUD 13 million

** Citi added that asset disposals continue to face challenges, with higher interest rates, elevated construction costs and persistently weak housing prices all putting pressure on the sales outlook for its entertainment complex located at 525 George Street, Sydney

** Maintains target price at AUD 17.55, with a “Buy” rating

** Including the gains for the day, the stock has risen by 22% so far this year

(1 US dollar = 1.4241 Australian dollars)

(To assist non-native English speakers, Reuters automatically translates its reports into several other languages. As automated translations may be inaccurate or lack intended context, Reuters does not guarantee the accuracy of the translated text. They are provided solely for reader convenience. Reuters shall not be liable for any damages or losses arising from the use of automated translation features.)