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Las Vegas Sands Corp. Message Board

  • willnyny willnyny Jan 22, 2013 6:44 PM Flag

    BofA Merrill Lynch Global Research Raisede Target to $57

    BofA Merrill Lynch Global Research
    Las Vegas Sands (LVS)
    Our $57 PO is based on 22x our 2014 EPS estimate of $2.56 and 14x 2014
    EBITDA estimate of $4.22B. Our target PE multiple is in line with other luxury/
    growth comps given a 40%+ three year EPS CAGR and PEG less than 1.
    LVS free cash flow generation is improving owing to a combination of continued
    mid-teens revenue growth, operating leverage, financial deleveraging and having
    a very low corporate tax rate with a high earnings mix in Asia (where gaming
    taxes are the primary form of taxation, which is embedded in EBITDA). As a
    result, we think investor focus shifts from EV/EBITDA to PE driven approach on
    valuation and think this clarity will be an upside driver for the stock.

    I predict $57 before Feb 1. $65 by end of Spring Festival ( entire country on holiday Feb 9-15)

    Sentiment: Hold

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