SCHYY - Sands China: The Path To Recovery Is Still Challenging
- Sands China's 2Q 2021 EBITDA was significantly below pre-COVID levels in 2Q 2019, and this implies that the Macau gaming industry still has a long road to recovery.
- It is uncertain when a full travel bubble between Macau and other parts of China will be realized; while China's vaccination rate is rising, it is still targeting zero cases.
- The company is better positioned for a recovery in the near term, given its focus on the mass segment.
- Sands China is valued by the market at consensus forward FY 2022 EV/EBITDA and Enterprise Value-to-Revenue multiples of 12.8 times and 4.6 times, respectively.
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Sands China: The Path To Recovery Is Still Challenging