Friday, 27 February 2009 23:00

The Wynn Resorts Full Analysis is released

Here are the reports with valuation bands. As is usual, the professional/institutional reports give the complete macro argument in addition to the fundamental assumptions that went into the model that calculates the valuation.

They haven’t released their 10k yet, so we are still running on our internal estimates for much of the Balance Sheet stuff. I have to admit, in reviewing the earnings call transcript, Steve Wynn didn’t bitch and cry like the management of many other companies that I have shorted – making excuses for their lack of performance. He stood tall like a man and honestly said they had a horrible quarter. This goes a long way in conveying a sense of honesty and accountability from management, at least in my eyes. Compare him to the behavior of the management of BSC, MBIA, LEH, GGP, etc., who blamed their companies abysmal performance on a whole plethora of third parties (somehow the C-suite crew gets absolved from responsibility) and state that the market doesn’t understand how to value their business despite the fact that they had clearly been losing money and asset value for quarters stemming from binging at the punch bowl of inflated credit spigots and out of control asset prices.

pdf Wynn Resorts Forensic Valuation Retail 2009-02-28 18:57:59 147.47 Kb

pdf Wynn Resorts Forensic Valuation Professional/Institutional 2009-02-28 18:56:42 322.47 Kb


Last modified on Friday, 27 February 2009 23:00


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