{"id":152323,"date":"2020-10-18T23:38:20","date_gmt":"2020-10-19T06:38:20","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=152323"},"modified":"2020-10-19T10:51:58","modified_gmt":"2020-10-19T17:51:58","slug":"century-casinos-could-be-next-gaming-winner-analysts-sees-double-potential","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/century-casinos-could-be-next-gaming-winner-analysts-sees-double-potential\/","title":{"rendered":"Century Casinos Could Be Next Gaming Winner, Analysts Sees Double Potential"},"content":{"rendered":"

Regional gaming company Century Casinos is on a tear from its March lows, surging nearly 466 percent over that span. But at least one analyst believes the stock has much more upside ahead, particularly if a \u201ctransformative\u201d acquisition comes to pass over the next several months.<\/p>\n

\"Century
The sportsbook at the Mountaineer Casino West Virginia, a Century Casinos property. An analyst thinks the stock can double and more. (Image: WTRF)<\/figcaption><\/figure>\n

In a note to clients last Friday, Roth Capital analyst David Bain reiterated a \u201cbuy\u201d rating on Century with a 12-month $11 price target. That implies the stock will nearly double from its Oct. 16 close at $5.72. A move to $11 would be well above the name’s pre-pandemic peak of $8.95.<\/p>\n

Colorado-based Century operates gaming properties in its home state, Missouri, and in West Virginia, and has international venues in Canada, Poland, and in the UK. However, the operator recently sold a Canadian asset,<\/a> and Bain believes the company can turn its revenue mix to 80 percent US\/20 percent Canada by 2022 with some smart acquisitions.<\/p>\n

Century is in unique position to benefit from an unprecedented number of marketed, underpriced gaming assets,\u201d said the analyst. \u201cWe calculate CNTY could comfortably acquire a $90 million earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs (<\/span><\/span>EBITDAR)<\/span> US gaming asset with little to no equity capital consideration.\u201d<\/p><\/blockquote>\n

Translation: Bain believes the operator can purchase a rival without having to shell out equity, which is preferable for investors<\/a>, because when companies issue new stock, current shareholders are diluted.<\/p>\n

The Road to $19<\/h2>\n

As of the Oct. 16 close, Century has $163.62 million market capitalization, so even if it doubles in value, as Bain believes it can, it’d still be a small-cap stock.<\/p>\n

\n

Under any circumstances, a stock doubling is impressive, but approaching a quadruple is obviously moreso. That could be the case for Century, as Bain sees a road for the name possibly surging to $19, an undoubtedly impressive feat considering this was a $1 name at its March nadir.<\/p>\n<\/div>\n

If an accretive acquisition is made, Century could trade at a 4x enterprise value\/EBITDA in 2022, compared to 9.1x for its peers, according to the analyst.<\/p>\n

\u201cAt a two turn discount to peers, CNTY would trade for $19 per share,\u201d said Bain.<\/strong><\/p>\n

Broadly speaking, Wall Street is enthusiastic<\/a> about Century stock, but $19 is an ambitious forecast. In roughly a decade as a publicly traded entity, the operator has only enjoyed brief moments trading above $10, never even touching $11, let alone $19.<\/p>\n

‘Transformative’ Deal Could Happen<\/h2>\n

While Century is one of the smallest publicly traded gaming outfits in the US, its management team has a reputation for making shrewd deals, and Bain believes another such acquisition could be in the works, saying a \u201ctransformative\u201d transaction could be unveiled over the next six months.<\/p>\n

The analyst notes the combination of larger gaming enterprises either grappling with issues stemming from the COVID-19 pandemic, working to strengthen finances, focusing on iGaming and sports betting, or all of the above, is leaving some assets underpriced, perhaps positioning a company like Century to strike.<\/p>\n

\u201cCNTY is one of a handful of companies with the balance sheet capability to pursue such assets, which combined with a proven M&A record\/management and portfolio, that such an acquisition could leapfrog its current stock multiple\/shareholder base, in our view,\u201d said Bain.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Regional gaming company Century Casinos is on a tear from its March lows, surging nearly 466 percent over that span. But at least one analyst believes the stock has much more upside ahead, particularly if a \u201ctransformative\u201d acquisition comes to pass over the next several months. In a note to clients last Friday, Roth Capital […]<\/p>\n","protected":false},"author":46,"featured_media":152324,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10],"tags":[],"acf":[],"yoast_head":"\nCentury Casinos Could Be Next Gaming Winner, Analysts Sees Double Potential - Casino.org<\/title>\n<meta name=\"description\" content=\"Regional gaming company Century Casinos is on a tear from its March lows, surging nearly 466 percent over that span. 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