Six Flags-Cedar Fair Merger Unlocks $200 Million In Synergies, Analyst Sees Big Growth Potential
Six Flags-Cedar Fair Merger Unlocks $200 Million In Synergies, Analyst Sees Big Growth Potential
Katz projects a smooth integration between both companies, as their parks have minimal geographic overlap.Jefferies analyst David Katz initiated coverage on Six Flags Entertainment Corporation (NYSE:FUN) with a Buy rating and a price target of $59.00.
杰富瑞分析师大卫·卡茨对六旗娱乐公司（纽交所：FUN）进行了覆盖，给予买入评级，目标价为59.00美元。
The analyst writes that the merger of Six Flags and Cedar Fair offers a strong long-term opportunity, with Cedar Fair's management positioned to unlock significant earnings potential.
分析师表示，六旗和雪松娱乐的合并提供了一个强大的长期机会，雪松娱乐的管理层有能力释放出显著的盈利潜力。
Notably, on July 1, legacy Cedar Fair and legacy Six Flags closed the merger transactions to form the new combined company Six Flags Entertainment Corporation.
值得注意的是，在7月1日，原雪松娱乐和原六旗完成了合并交易，组成新的合并公司六旗娱乐公司。
Katz projects a smooth integration between both companies, as their parks have minimal geographic overlap.
卡茨预计两家公司之间的整合将顺利进行，因为它们的公园在地理上重叠较小。
The analyst expects Cedar Fair's management to unlock the value of Six Flags' assets and achieve at least $200 million in synergies ($80 million in revenue and $120 million in cost savings) by the end of 2026.
分析师预计雪松娱乐的管理层会释放六旗资产的价值，并在2026年底前实现至少20000万的协同效应（8000万的营业收入和12000万的成本节省）。
Execution opportunities in technology, labor, marketing, and operations should be easy wins for the new company, which is likely to end 2024 with a 5x net debt/EBITDA ratio, adds the analyst.
在科技、劳动力、市场推广和运营方面的执行机会应是新公司的轻松胜利，分析师补充说，该公司在2024年结束时可能会有5倍的净债务/息税折旧摊销比率。
The analyst considers the guidance of <3.5x by the end of 2027 to be conservative and notes Six Flags could reach this target by the end of 2026.
分析师认为，2027年底前低于3.5倍的指导方针是谨慎的，并指出六旗可能在2026年底前达到这一目标。
Katz forecasts modest EBITDA growth in FY25E and FY26E, with over $1.5 billion in free cash flow generated from fourth-quarter FY24 through FY26, including 12%-13% of revenue spent on capital expenditure.
卡茨预测FY25E和FY26E的EBITDA增幅适度，从FY24第四季度到FY26将产生超过15亿的自由现金流，其中12%-13% 的营业收入将用于资本支出。
Last month, the company reported third-quarter adjusted earnings per share of $2.10, missing the street view of $3.39. Quarterly sales of $1.348 billion outpaced the analyst consensus estimate of $1.339 billion.
上个月，公司报告第三季度调整后的每股收益为2.10美元，低于市场预期的3.39美元。季度营业收入为13.48亿人民币，高于分析师共识预期的13.39亿人民币。
Investors can gain exposure to the stock via Invesco S&P SmallCap Consumer Discretionary ETF (NASDAQ:PSCD).
投资者可以通过Invesco S&P 小型消费品ETF (纳斯达克:PSCD) 获得对该股票的投资机会。
Price Action: FUN shares are up 0.04% at $47.28 at the last check Monday.
价格动态：FUN股票在周一最后一次检查时上涨了0.04%，现报47.28美元。
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