Ardent downgraded
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- Indepth analysis of ASX listed shares
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Around 6,000 people ventured through the gates of Dreamworld in the weekend it was re-opened following October's accident. This is around 30% of Dreamworld's estimated weekend capacity (10,000 per day). Considering a large number of rides are still to be given the tick of approval to begin operating again, such low numbers were not unexpected. However, considering the first half of the financial year and particularly the period between November and February is typically the busiest period at the park, it does highlight that the theme park division will find the going tough this year.
Further highlighting the expected difficulties this year, the recent dividend announcement of 2 cents per share was 71% lower than the same period last year of 7 cents per share.
With a coronial enquiry still to hand down its findings, we see more downside than upside at this point in time and better opportunities exist elsewhere. With the share price now above our Sell price of $2.20 from Will Dreamworld take away from Ardent's Main Event? (Hold — $2.02) we are downgrading to SELL.
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