{"id":280474,"date":"2023-07-07T15:36:21","date_gmt":"2023-07-07T20:36:21","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=280474"},"modified":"2023-07-10T12:07:27","modified_gmt":"2023-07-10T17:07:27","slug":"wynn-resorts-cheap-catalyst-rich-says-deutsche-bank-analyst","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/wynn-resorts-cheap-catalyst-rich-says-deutsche-bank-analyst\/","title":{"rendered":"Wynn Resorts Added to Deutsche Bank Q3 Fresh Money List"},"content":{"rendered":"

After setting a torrid pace in the first half of the year, Wynn Resorts (NASDAQ: WYNN) stock was added to Deutsche Bank\u2019s Fresh Money List for the third quarter. That\u2019s a collection of equities the bank\u2019s analysts have strong convictions about.<\/p>\n

\"Wynn
Wynn and Encore Las Vegas. An analyst says Wynn stock is inexpensive, with multiple upside catalysts. (Image: Vegas Means Business<\/em>)<\/figcaption><\/figure>\n

Buy-rated Wynn is one of six consumer equities added to the fresh money list, and the only gaming stock. Past performance isn\u2019t a guarantee of future gains. But Wynn\u2019s inclusion on the list is notable because since Deutsche Bank started its fresh money group in the third quarter of 2017, the collection of stocks returned 167% compared to 124% for the S&P 500. Its rolling 12-month performance over the past four quarters was 7.42% better than the benchmark domestic equity gauge, according to the bank.<\/p>\n

\n

Specific to Wynn, analyst Carlo Santarelli sees more potential upside<\/a> for the shares in the second half of 2023. That’s because the stock is inexpensive, there\u2019s more to come in terms of Macau\u2019s rebound, and because market participants aren\u2019t fully appreciating the operator\u2019s Wynn Al-Marjan Island in the United Arab Emirates (UAE), among other factors.<\/p>\n<\/div>\n

That venue, the first of its kind in the Middle East<\/a>, is scheduled to open in early 2027. Santarelli has a $140 price target on Wynn, implying upside of about 38% from Friday\u2019s close.<\/p>\n

Wynn Inexpensive, Has Multiple Catalysts<\/h2>\n

Currently, shares of Wynn are discounted relative to long-term averages — a potentially noteworthy trait at a time when investors are concerned about stretched valuations on many of the growth and tech stocks that led markets higher in the first half.<\/p>\n

At present, WYNN shares are trading at 9.2x our 2024 adjusted EBITDA forecast. From 2017 through 2018, WYNN shares traded at an average forward EV\/EBITDA multiple of 13.0x,\u201d<\/strong> wrote Santarelli. \u201cSaid simply, based on our current 2024 EBITDA forecast, should WYNN re-establish its historical multiple, we see $45-85 of potential upside in the shares, should our estimate prove accurate within a 10% range.\u201d<\/strong><\/p><\/blockquote>\n

As for the UAE project in which Wynn will hold a minority stake of about 40%, the first casino resort in the region could generate up to $600 million<\/a> in earnings before interest, taxes, depreciation, and amortization (EBITDA) when it ramps up. But Santarelli argues those expectations aren\u2019t reflected in Wynn\u2019s current share price.<\/p>\n

\u201cBased on our property level analysis and our assumptions around the management contract details, we believe the project is worth $10-$14 per share in present equity value, none of which is currently embedded in the stock. We note that our $140 price target does not include any contribution from the UAE development,\u201d added the analyst.<\/p>\n

Other Underappreciated Factors<\/h2>\n

While Macau is rebounding in earnest and its importance to the Wynn investment thesis is widely known, Santarelli says there are several factors at play that could be beneficial to Wynn, but aren\u2019t being adequately appreciated by market participants at present.<\/p>\n

Those include the operator\u2019s ability to extract labor expenses, better VIP segment margins<\/a> and superior gross gaming revenue (GGR) mix, which could position Wynn Macau to top margins notched prior to the coronavirus pandemic.<\/p>\n

The Deutsche Bank analysts also observed Wynn\u2019s plans to enhance Encore Boston Harbor and efforts to land a New York City casino permit aren\u2019t getting enough credit from investors.<\/strong><\/p>\n

\u201cWe believe WYNN\u2019s development is well-positioned within the competitive process, and we believe the project, which would be located in the Hudson Yards area of Manhattan, would generate a strong return,\u201d concluded Santarelli.<\/p>\n","protected":false},"excerpt":{"rendered":"

After setting a torrid pace in the first half of the year, Wynn Resorts (NASDAQ: WYNN) stock was added to Deutsche Bank\u2019s Fresh Money List for the third quarter. That\u2019s a collection of equities the bank\u2019s analysts have strong convictions about. Buy-rated Wynn is one of six consumer equities added to the fresh money list, […]<\/p>\n","protected":false},"author":46,"featured_media":242145,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,62,10],"tags":[81913,81897,81903],"acf":[],"yoast_head":"\nWynn Resorts Cheap, Catalyst-Rich, Says Deutsche Bank Analyst<\/title>\n<meta name=\"description\" content=\"Wynn Resorts positive factors not fully appreciated by investors, says analyst.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/wynn-resorts-cheap-catalyst-rich-says-deutsche-bank-analyst\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wynn Resorts Cheap, Catalyst-Rich, Says Deutsche Bank Analyst\" \/>\n<meta property=\"og:description\" content=\"Wynn Resorts positive factors not fully appreciated by investors, says analyst.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/wynn-resorts-cheap-catalyst-rich-says-deutsche-bank-analyst\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-07T20:36:21+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-10T17:07:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/wynn.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/wynn-resorts-cheap-catalyst-rich-says-deutsche-bank-analyst\/\",\"url\":\"https:\/\/www.casino.org\/news\/wynn-resorts-cheap-catalyst-rich-says-deutsche-bank-analyst\/\",\"name\":\"Wynn Resorts Cheap, Catalyst-Rich, Says Deutsche Bank Analyst\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-resorts-cheap-catalyst-rich-says-deutsche-bank-analyst\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-resorts-cheap-catalyst-rich-says-deutsche-bank-analyst\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/wynn.jpg\",\"datePublished\":\"2023-07-07T20:36:21+00:00\",\"dateModified\":\"2023-07-10T17:07:27+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Wynn Resorts positive factors not fully appreciated by investors, says analyst.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-resorts-cheap-catalyst-rich-says-deutsche-bank-analyst\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/wynn-resorts-cheap-catalyst-rich-says-deutsche-bank-analyst\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/wynn-resorts-cheap-catalyst-rich-says-deutsche-bank-analyst\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/wynn.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/wynn.jpg\",\"width\":1200,\"height\":675,\"caption\":\"Wynn and Encore Las Vegas. 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