Century Stock Has Signficant Upside Forward, States Analyst

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Posted on: May perhaps 1, 2021, 12:54h. 

Very last up to date on: May perhaps 1, 2021, 04:37h.

Right after soaring more than 23 percent this 7 days, Century Casinos (NASDAQ:CNTY) is up 106 per cent yr-to-date. That  very easily will make it just one of the ideal-carrying out gaming equities.

Century stock
Cripple Creek, Colo., household to a Century Casinos venue. An analyst sees additional upside in advance for the stock. (Image: Pinterest)

All those just now getting the regional on line casino operator can just take coronary heart, due to the fact analysts see additional upside coming for the shares. In reality, it was analyst commentary that sparked some of the stock’s surge this 7 days, as B. Riley’s David Bain initiated protection of the gaming fairness with a “buy” ranking and an $18 cost focus on. That implies appreciation opportunity of about 38 percent from the April 30 near.

CNTY’s qualities are locals-primarily based, which we believe are benefiting from numerous drivers in the present surroundings, like the vaccine generate and fiscal stimulus,” explained Bain in a observe to consumers.

Those people things, coupled with the stock’s ascent, ensure analysts and investors are prizing Century for its US exposure, because the shares are soaring even as the operator contends with short-term closures of venues in Canada and Poland.

In the US, Century’s roster consists of a pair of casinos in its house point out of Colorado, as properly as Missouri and West Virginia.

Century Stock Could Be Moved by Acquisitions

While Century’s portfolio of domestic qualities is small when compared to some rivals in the regional on line casino room, the operator is beloved by some analysts because management has a status for efficiently integrating bolt-on acquisitions.

At the close of previous yr, the firm experienced $63.4 million in cash on hand, and with Century inventory soaring, it has currency to go searching. Plus, there is the widely envisioned sale of its Poland assets, which should deliver in further cash for offer-making. B. Riley’s Bain suggests the gaming firm could imminently return to its acquisitive strategies, and that could likely trigger far more than doubling of the share price.

“CNTY represents a scarce on line casino operator benefit participate in that could likely double earnings before desire, taxes, depreciation, amortization, and restructuring or hire fees (EBITDAR) via domestic acquisitions by CY23E, generating per-share worth of more than $28, in our see,” reported the analyst. “We imagine CNTY’s subsequent US on line casino acquisition will be announced before the conclude of 3Q21, developing an approximated for every-share worth of $4, not reflected in our price tag concentrate on.”

Bain states Century is possible examining “multiple US regional on line casino acquisition alternatives,” but he didn’t get into specifics.

Far more Catalysts for Century Inventory

A different imminent catalyst for Century is implementation of better betting limitations and introduction of new desk video games in Colorado. That came about through passage of Modification 77 final November, and analysts and operators imagine the removing of the $100 wager cap will assistance casinos in the state seize a for a longer time-remaining, greater-conclusion clientele.

An additional edge for Century is that its domestic venues are intensely frequented by locals — demographics that are searching to invest stimulus income and get out of the dwelling just after obtaining coronavirus vaccinations.

We believe locals casinos are at the moment benefiting from pent-up desire, greater ability allowances, the COVID vaccine rollout (driving a important more mature demographic again to the on line casino), close-to-home entertainment, fiscal stimulus, and structural margin augmentation,” said Bain.