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12/21/06
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MPEL Operates in Macau China, a former Portugese colony. MGM, WYNN, LVS are all active there. Good luck to us all
PIPELINE:
Already opened: City Of Dreams, Altira, Mocha Clubs.
Development: Peninsula Macau Site, Macau Studio City
Currently trading at 8.5X EV of 2010 while others like WYNN trading at 17X, LVS 15X, MGM 12.5X
Largest holder.
MELCO INTERNATIONAL and PACKER about 30mln worthed of ADS shares but they are not converted to ADS shares. (That is the good thing, it is not trading in NASDAQ.)
LONE CAPITAL, 15mln shares.
Each ADS shares equal to 3 ordinary shares. MELCO INTERNATIONAL holds more than 90mln ordinary shares.
OUTSTANDING SHARES (ADS WORTHED including MELCO's ordinary shares) as of 2009 SEPTEMBER 30: 527mln
Authorised Shares: 1.5bln
MARKET CAP: 2.1 BLN
NET CASH: $685mln (as of September)
Q3 09 EBITDA: $55mln
Q4 predicted EBITDA: $75mln
Net income: (-0.05)
Short term Target Price: $5.5 (Early December)
Mid term Target Price: $7 (End December)
Long term Target Price: $10 (February 2010)
