Il rating di Sands, secondo Fitch, riceve un impulso a causa dell'influenza di Singapore.
Articolo Aggiornato:
La valutazione del credito di Las Vegas Sands (LVS) rimane a BBB- con un outlook stabile, come confermato da Fitch Ratings. La società ha citato le prospettive di cassa libera solide dell'operatore e la forza di Marina Bay Sands a Singapore come fattori chiave. Nonostante questa valutazione positiva, Fitch ha menzionato la letargia a Macau, dove Sands China gestisce cinque casinò hotel.
Le forze finanziarie dell'operatore includono la sua scala, le posizioni competitive e la cassa libera robusta, anche se con un programma di capitale pesante e potenziale debolezza dell'economia cinese. Lo status di investimento di Sands è ulteriormente supportato da un miglioramento delle prospettive di guadagno prima degli interessi, delle tasse, della depreciazione e dell'amortizzazione (EBITDA), che posiziona la società per ridurre l'indebitamento.
In effetti, Fitch prevede che Sands avrà un EBITDA leverage del 3,5x e un potenziale upgrade se questa valutazione viene mantenuta in modo sostenibile. La liquidità di Sands è rafforzata da una riserva di $4,2 miliardi e dalla disponibilità di ampie linee di credito.
Despite these strengths, Fitch highlights the risks of sustained high leverage and liquidity deterioration. However, the gaming company's prudent balance sheet management history helps solidify its higher-quality credit mark and potentially paves the way for a future upgrade. Sands' clear communication of its leverage objectives to shareholders further underscores its responsible financial management.
Fitch acknowledges Sands' continuous stock buybacks and plans for dividend growth, asserting that free cash flow generation should be sufficient to finance these shareholder rewards. Moreover, the company has the necessary funds to service Sands China's debt due later this year.
The recent $9 billion financing secured by Sands for Marina Bay Sands enhancements and expansion highlights the operator's creditworthiness. Fitch identifies improved leverage and increased geographic diversification as potential factors that could lead to a potential upgrade.
Geographic diversification, an accomplished strategy for Las Vegas Sands, allows it to capitalize on diverse market opportunities. Similarly, the company's presence in Asia and potential expansion into New York, Texas, and Thailand, could bolster its financial resilience and growth potential.
Approfondimenti:
Las Vegas Sands' 8.9% revenue growth is bolstered by aggressive expansion plans and improving market conditions, while its 38.5% gross profit margin attests to the company's efficient revenue and expense management. Analysts are optimistic about the company's future performance, with price targets ranging from $51 to $69. The company's geographic diversification strategy results in positive contributions from its various market locations. For example, Marina Bay Sands in Singapore recorded a 7% increase in revenue year-over-year, countering challenges faced by Macao's casinos.
The recent news about Fitch Ratings reaffirming Las Vegas Sands' (LVS) credit rating is a testament to the company's robust creditworthiness, considering its strong free cash flow prospects and the performance of Marina Bay Sands in Singapore. Despite mentioning the lethargy in Macau, Fitch acknowledges Sands' $4.2 billion cash reserve and substantial credit facility availability as mitigating factors. The ongoing coronavirus pandemic has led to the display of Sands' prudent balance sheet management, further strengthening its higher-quality credit mark.