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Crown Resorts Limited ASX Code: CWN Price: $11.84 12 Mth Target Price: $10.00 Rating: Neutral

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Crown Resorts Limited ASX Code: CWN Price: $11.84 12 Mth Target Price: $10.00 Rating: Neutral GICS - Consumer Serv Crown Resorts Limited ASX Code: CWN Price: $11.84 12 Mth Target Price: $10.00 Rating: Neutral Business Summary Snapshot Crown Resorts Limited (CWN) is an Australian company engaged in gaming Date 25 March 2021 and entertainment business. CWN has businesses and investments in the Market Cap. $8,018m Shares on issue 677.2m integrated resort and entertainment sectors in Australia and Macau and 12 Month High $12.11 wholly-owns and operates a high-end casino in the United Kingdom. 12 Month Low $5.84 Crown Melbourne Crown Melbourne is Australias leading integrated resort Rating and one of the most visited tourist destinations in Australia with its dynamic Rating Neutral and diverse facilities. Crown Melbourne is licensed to operate 2,628 gaming 12 Mth Target Price $10.00 machines and 540 gaming tables. The resort currently features three hotels: Capital Gain -15.6% Crown Towers Melbourne (481 guest rooms); Crown Metropol Melbourne Gross Yield 1.9% Implied Total Return (658 guest rooms); and Crown Promenade Melbourne (465 guest rooms). -13.8% Crown Perth Crown Perth is one of Western Australias largest tourist Investment Fundamentals destinations, with an exceptional range of entertainment and tourism FYE 30 Jun 2020A 2021F 2022F 2023F experiences. Crown Perth has approval to operate 2,500 gaming machines Profit $m 161.0 58.0 234.0 310.0 and 350 gaming tables. The resort features three hotels: Crown Towers Perth Profit (norm)* $m 161.0 58.0 234.0 310.0 (500 guest rooms); Crown Metropol Perth (397 guest rooms); and Crown Promenade Perth (291 guest rooms). EPS* ¢ 24.0 9.0 35.0 46.0 EPS Growth % -55.6 -62.5 288.9 31.4 Crown Sydney Crown Sydney, located at One Barangaroo Avenue on the P/E* x 49.4 131.7 33.9 25.8 foreshore of Sydney Harbour, will be the citys first six-star hotel and a P/E Relative % 0.0 0.0 0.0 0.0 landmark building with views of some of Australias most celebrated icons, the DPS ¢ 30.0 0.0 18.0 41.0 Sydney Harbour Bridge and Sydney Opera House. Crown Sydney will feature Yield % 2.5 0.0 1.5 3.5 349 hotel rooms and suites, luxury residences, signature restaurants, bars, Franking % 25.0 0.0 60.0 60.0 luxury retail outlets, pool and spa facilities, conference rooms and VIP * Adjusted for goodwill and unusual items gaming facilities Source: Based on Citi estimates International Interests In Overseas, Crown owns and operates Crown Share Price Chart Aspinalls in London, one of the high-end licensed casinos in the West End entertainment district. Crown also holds a 50%equity interest in Aspers Group, the UK-based regional casino operator, and a 20% interest in Nobu, the lifestyle hotel and restaurant brand. Latest Research 1H21 Result — Normalised Earnings on the Horizon Looking through the 1H21 result towards normalised earnings — Investors are likely looking through near-term earnings, as little can be garnered from the 1H21 result to determine underlying operating performance given restrictions, closures, and wage subsidies. The January trading update for Melbourne and Perth was encouraging; however momentum was interrupted by unexpected lockdowns in February. We increase our FY21E EBITDA by 9% and decrease our FY22E and FY23E by 1-2%, maintaining Total Return on $10,000 Investment our Neutral rating with a slightly increased $10.00 target price. For more information see research 22 Feb 2021. Important Disclaimer - This may affect your legal rights: Because this document has been prepared without consideration of any specific client's financial situation, particular needs and investment objectives, a Bell Potter Securities Limited investment adviser (or the financial services licensee, or the proper authority of such licensee, who has provided you with this report by arrangement with Bell Potter Securities Limited) should be consulted before any investment decision is made. While this document is based on the information from sources which are considered reliable, Bell Potter Securities Limited, its directors, employees and consultants do not represent, warrant or guarantee, expressly or impliedly, that the information contained in this document is complete or accurate. Nor does Bell Potter Securities Limited accept any responsibility to inform you of any matter that subsequently comes to its notice, which may affect any of the information contained in this document. This document is a private communication to clients and is not intended for public circulation or for the use of any third party, without the prior approval of Bell Potter Securities Limited. This is general investment advice only and does not constitute advice to any person. Disclosure of Interest: Bell Potter Securities Limited receives commission from dealing in securities and its authorised representatives, or introducers of business, may directly share in this commission. Bell Potter Securities and its associates may hold shares in the companies recommended. Crown Resorts Limited Profit & Loss ($M) Cash Flow ($M) 2016A 2017A 2018A 2019A 2020A 2016A 2017A 2018A 2019A 2020A Sales Revenue 3,557 3,253 3,425 2,867 2,201 Receipts from Customers 3,567 3,352 3,677 3,070 2,258 Total Revenue ex. Int. 4,203 5,170 3,635 2,903 2,227 Funds from Operations 871 667 862 893 411 EBITDA 943 862 802 863 590 Net Operating Cashflow 483 466 732 778 327 Depreciation & Amort. -283 -297 -286 -274 -276 Capex -557 -405 -394 -539 -746 Goodwill Amortisation -- -- -- -- -- Acquisitions & Investments -253 -6 -18 -6 -4 EBIT 661 565 516 589 314 Sale of Invest. & Subsid. 1,067 3,173 275 8 -- Net Interest -199 -134 -46 -10 -- Net Investing Cashflow 453 2,817 201 -532 -750 Profit Before Tax 461 431 470 579 314 Proceeds from Issues -- -- -- -- -- Income Tax -73 -127 -144 -176 -72 Dividends Paid -379 -1,111 -413 -409 -406 Outside Equity Int. 5 41 -14 -1 -2 Net Financing Cashflow -827 -1,955 -861 -965 -420 Profit after Tax 394 345 311 402 240 Net Increase Cash 109 1,328 72 -719 -843 Significant Items after Tax 555 1,521 248 -- -160 Cash at Beginning 341 450 1,771 1,845 1,126 Reported Profit after Tax 949 1,866 559 402 80 Exchange Rate Adjust. -0 -6 2 1 4 Preferred Dividends -- -- -- -- -- Cash at End 450 1,771 1,845 1,126 287 Ratios and Substantial Shareholders Balance Sheet ($M) 2016A 2017A 2018A 2019A 2020A 2016A 2017A 2018A 2019A 2020A Profitability Ratios Cash & Equivalent 450 1,771 1,845 1,126 287 EBITDA Margin % 26.53 26.49 23.41 30.11 26.81 Receivables 333 225 172 99 111 EBIT Margin % 18.57 17.37 15.06 20.56 14.29 Inventories 16 17 17 17 17 Net Profit Margin % 11.07 10.61 9.09 14.02 10.90 Other Current Assets 43 45 42 44 42 Return on Equity % 7.77 6.71 6.03 7.88 5.04 Current Assets 842 2,059 2,076 1,285 457 Return on Assets % 6.22 5.23 4.46 5.60 3.45 Prop. Plant & Equipment 4,069 3,959 3,881 4,259 4,871 Intangibles 1,722 1,660 1,543 1,479 1,403 Debt/Safety Ratios Other Non-Current Assets 185 191 185 201 42 Net Debt/Equity % 35.16 3.36 -6.78 -0.93 17.73 Non-Current Assets 8,006 6,494 6,096 6,349 6,709 Interest Cover x 3.31 4.22 11.21 58.36 -- Total Assets 8,849 8,553 8,172 7,634 7,166 Interest Bearing Debt 2,261 1,945 1,495 1,079 1,130 Top 5 Substantial Shareholders Other Liabilities 1,435 1,432 1,519 1,458 1,282 Consolidated Press Holdings Ltd 36.8% Total Liabilities 3,696 3,377 3,014 2,537 2,412 Midnight Acacia Holdings Pte Limited 10.0% Net Assets 5,152 5,175 5,158 5,097 4,754 Perpetual Limited and subsidiaries 8.2% Share Capital 438 -73 -88 -203 -203 Reserves 797 61 -60 1 3 Retained Earnings 3,828 5,153 5,306 5,299 4,954 Outside Equity Int. 90 34 -- -- -- Total Shareholders Equity 5,152 5,175 5,158 5,097 4,754 Current Analyst Recommendations * Principals & Directors Principals Company Secretary Mr Alan Gordan McGregor Directors Professor John Stephen Horvath(Non-Executive Director,Non-Executive Deputy Chairman) Ms Antonia (Toni) Korsanos(Non-Executive Director) Hon Helen Anne Coonan(Executive Chairman,Executive Director) Ms Sarah Jane Halton(Non-Executive Director) * Source: Morningstar. This chart shows the spread of recommendations from those broker analyst's in Australia with research coverage of this stock. To access further Research or for information regarding our recommendations and ratings please see www.bellpotter.com.au © 2021 Morningstar, Inc. All rights reserved.Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or distribution. Any general advice or ‘regulated financial advice’ under New Zealand law has been prepared by Morningstar Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892) and/or Morningstar Research Ltd, subsidiaries of Morningstar, Inc, without reference to your objectives, financial situation or needs. For more information refer to our Financial Services Guide (AU) and Financial Advice Provider Disclosure Statement (NZ) at www.morningstar.com.au/s/fsg.pdf and www.morningstar.com.au/s/fapds.pdf. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Our publications, ratings and products should be viewed as an additional investment resource, not as your sole source of information.
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