CWN FY16 NPAT $406m is down 23% on the same time last year. Normalised EBITDA was up 4% and EBIT up 2% on last year.
FY17 outlook on our numbers suggests that Crown could grow EBITDA earnings per share around 5% to $900m and payout $0.60 per share in dividends. This places the stock on a forward yield of 4.2%.
We retain our long exposure and feel there’s added value yet to come from the proposed break up of CWN.