Fund Manager Summary
The fund managers believe that EVT Ltd presents a promising investment opportunity given its current share price of approximately $10.78, which is below its net tangible asset backing. They note that the company operates in two distinct divisions: the accommodation and hotels segment, featuring brands like Rydges and QT Hotels, and Event Cinemas, a leading cinema chain in Australia. In their opinion, the recent pressures on share price due to the cinema division's performance, affected by both COVID shutdowns and the Hollywood writers' strike, are temporary. They expect a significant re-rating of cinema earnings in the next 18 months with a resurgence in blockbuster films. Furthermore, the fund managers anticipate that EVT's management will explore strategies to unlock value from underappreciated assets and property development opportunities, enhancing shareholder returns.
Source: Trading View
Commentary From The Managers
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Perpetual Asset Management
31 Oct 2025
$14.49
Summary
- EVT Limited contributed positively to portfolio performance in October, with a 10.9% increase for the month.
- The company’s Q1 trading performance showed a significant EBITDA of $61.8 million, up $10.6 million, marking a 20.7% increase.
- All operating divisions experienced growth compared to the prior year.
- The Entertainment Group saw earnings rise by 53.1% for the quarter, with Germany as a standout market, driven by the success of the local film Das Kanu des Manitu.
- Thredbo benefited from improved winter conditions, resulting in a 28.6% increase in earnings for the quarter.
- The Hotels division achieved a record Q1 result, with earnings lifting by 10.0% for the quarter.
- EVT’s property and hotel portfolio continues to represent a source of embedded value.
- The company’s strong balance sheet provides flexibility during periods of softer cinema trading.
- Perpetual Asset Management continues to hold EVT as the company is well positioned to achieve another full year record result, with ongoing scope for earnings growth across all divisions.
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Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Commentary From The Managers
Perpetual Asset Management
31 Oct 2025
$14.49
- EVT Limited contributed positively to portfolio performance in October, with a 10.9% increase for the month.
- The company’s Q1 trading performance showed a significant EBITDA of $61.8 million, up $10.6 million, marking a 20.7% increase.
- All operating divisions experienced growth compared to the prior year.
- The Entertainment Group saw earnings rise by 53.1% for the quarter, with Germany as a standout market, driven by the success of the local film Das Kanu des Manitu.
- Thredbo benefited from improved winter conditions, resulting in a 28.6% increase in earnings for the quarter.
- The Hotels division achieved a record Q1 result, with earnings lifting by 10.0% for the quarter.
- EVT’s property and hotel portfolio continues to represent a source of embedded value.
- The company’s strong balance sheet provides flexibility during periods of softer cinema trading.
- Perpetual Asset Management continues to hold EVT as the company is well positioned to achieve another full year record result, with ongoing scope for earnings growth across all divisions.
Summary
Perpetual Asset Management
31 Aug 2025
$14.07
- EVT Limited detracted from portfolio performance in August, finishing down -17.4%.
- Full-year results showed Group revenue and EBITDA growth, but highlighted softness in cinema operations.
- Entertainment admissions slower to recover than expected; Australian and German media revenues were weaker.
- Weak performance attributed to variability in blockbuster film pipeline and timing of releases.
- Hotels and Resorts delivered solid results with higher occupancy rates and improved revenue per room.
- Gains in Hotels and Resorts insufficient to offset the drag from entertainment.
- Investor sentiment impacted by limited visibility on near-term catalysts and cautious management outlook.
- Despite headwinds, EVT’s property and hotel portfolio remains a source of embedded value.
- Strong balance sheet provides flexibility during periods of softer cinema trading.
- There is scope for earnings recovery as the film slate normalizes.
- Near-term performance likely to be influenced by volatility of entertainment revenues.
Summary
SG Hiscock & Company
31 Aug 2025
$14.07
- SG Hiscock & Company notes that EVT Limited (ASX: EVT) experienced a decline of 17.4% in August due to external factors such as weather disruptions and the Hollywood strikes.
- Despite these challenges, the underlying trends in EVT's performance are encouraging.
- The Entertainment division is demonstrating clear operating leverage with the return of blockbuster content.
- Looking ahead to FY26, a stronger film slate is anticipated, which is expected to support recovery in cinema admissions and earnings.
- The recent acquisition of Pro-Invest in the Hotels division adds a scalable, asset-light growth pillar.
- SG Hiscock & Company believes the market has yet to fully recognize the potential of this scalable platform.
- EVT's strong property portfolio and pipeline of brand initiatives position the company well to unlock long-term value despite potential near-term volatility.
Summary
Wilson Asset Management
31 July 2025
$17.00
- EVT is a diversified Australian leisure and property company with operations across cinemas, hotels, and commercial property.
- It owns and operates the largest cinema chains in Australia and New Zealand.
- Manages a growing hotel platform under the QT, Rydges, and Atura brands.
- Holds a high-quality property portfolio, including flagship assets such as 525 George Street, Sydney.
- Wilson Asset Management continues to hold EVT for its founder ownership and the significant opportunity to unlock value from its property portfolio.
- The hotels division is delivering consistent growth with a clear and efficient path to scale.
- This growth potential is not limited to Australia, with expansion into Asia possibly offering further upside.
- The company’s large property assets provide downside protection and an underappreciated source of capital.
- An example is the announced sale of 525 George Street, Sydney, which has a clear catalyst to unlock capital.
- This capital can be reinvested into hotels or capital management initiatives.
- Wilson Asset Management sees multiple catalysts ahead for the company, including potential strong earnings over the next few years.
- Asset sales and clarity on capital deployment are also anticipated.
- Over time, the market is likely to reward the company for shifting from a passive asset holder to an active capital allocator, focused on return and growth.
Summary
Oracle Advisory Group
30 June 2025
$16.65
- Oracle Advisory Group has reduced their position in EVT by 2% after a significant 40% gain since the beginning of the year.
- The gain was driven by strong earnings and a recovery of the cinema business.
- The original investment thesis focused on the undervaluation of EVT's property portfolio.
- With the share price now exceeding $16, it aligns with their DCF valuation, indicating much of the potential upside is realized.
- Potential for further upside exists if the company explores a property sale on George Street, Sydney.
- There is also the possibility of a special dividend, leading Oracle Advisory Group to maintain a partial position in EVT.
Summary
Perpetual Asset Management
30 June 2025
$16.65
- Perpetual Asset Management notes the portfolio’s overweight to EVT Limited positively impacted relative performance over the June quarter (+25.1%).
- The stock is re-rating as the market addresses the disconnect between asset value and share price.
- Recent announcement of a sale process for the prime 525 George Street property is seen as a significant milestone, unlocking value from EVT’s high-quality real estate portfolio.
- There is a recovery in cinema earnings underway, with spend per visitor continuing to grow.
- Perpetual Asset Management remains constructive on EVT’s outlook, highlighting ongoing earnings recovery and embedded property value.
- Potential for capital management is viewed as a catalyst for further upside.
Summary
Perpetual Asset Management
31 May 2025
$16.20
- Perpetual Asset Management highlights that the portfolio’s overweight to EVT Limited contributed positively to performance in May, with a gain of 15.0%.
- EVT's share price appreciated despite a lack of announced news, indicating investor confidence.
- The initial position in EVT was based on the share price reflecting only the value of its property portfolio, undervaluing its operating businesses.
- A recovery in cinema earnings is underway, bolstered by an improving box office pipeline and increased spend per visitor.
- Operating leverage in cinemas is viewed as underappreciated, given the fixed-cost nature of the business model.
- EVT's hotel and property assets present embedded value, with planned divestments and strategic reviews serving as near-term catalysts.
- As earnings momentum builds and asset-level transparency improves, Perpetual Asset Management maintains conviction in EVT.
- There is an expectation that the market will narrow the valuation gap implied by EVT's current trading levels.
Summary
Oracle Advisory Group
31 Mar 2025
$13.31
- Oracle Advisory Group has enhanced its position in EVT, a major player in Australia’s cinema sector.
- The decision is grounded in the belief that property valuations are stabilising.
- The cinema industry is expected to recover notably in 2025 and 2026.
- Recent disruptions from the Hollywood writers’ strike have created a backlog of potential blockbusters.
- Oracle increased their stake at a price below EVT’s property portfolio value, indicating a strategic advantage.
- This approach allows the market to perceive the cinema business as essentially cost-free.
- Positive company outlook led to market recognition of EVT’s value, contributing to a 23.4% increase in share price during February.
Summary
Cooper Investors
31 Mar 2025
$13.31
- EVT Ltd (EVT) was a key contributor to performance over the March quarter.
- 1H25 results surpassed market expectations.
- EVT operates in the entertainment, hospitality, and leisure sectors, managing hotels (QT, Rydges), cinemas (EVENT), and Thredbo Alpine Resort.
- Cooper Investors was attracted to EVT's value latency from significant property backing (> $12.00/share), indicating a low multiple for its operating business.
- The market is currently overreacting to recent earnings headwinds due to poor Thredbo snow seasons and the Hollywood writers’ strike affecting blockbuster releases.
- Management is streamlining the business model and recycling capital through divestment of non-core assets.
- Cooper Investors believes improvements will be more evident as the operating environment improves.
- Strong insider ownership, particularly from Chair Alan Rydge, aligns shareholder interests with management.
- Cooper Investors continues to hold because of the strong delivery track record being built by current management.
Summary
Wilson Asset Management
28 Feb 2025
$14.60
- EVT operates cinemas, hotels, restaurants, and resorts across Australia, New Zealand, Germany, and Singapore.
- In February, the company announced its FY2025 half year results, reporting a normalised EBITDA of $99.6 million, a 3.7% increase from the prior year.
- Normalised profit after tax rose to $31.5 million, reflecting an 8.3% increase from the prior year.
- EVT’s property portfolio is valued at approximately $2.3 billion, providing a solid asset base.
- The company’s entertainment division continues to perform strongly.
- Looking forward, there is excitement about the growth outlook in the company’s entertainment segment, driven by a strong line-up of blockbuster films for FY2026.
Summary
Naos Asset Management
30 Sept 2024
$10.78
- EVT is a core investment in the NAC portfolio for 8 years.
- Two main divisions: accommodation/hotels and Event Cinemas.
- Accommodation division includes brands like Rydges and QT Hotels.
- Profitability in the hotel segment tied to property ownership, leasing, or management contracts.
- Event Cinemas ranks as one of the largest cinema chains in Australia.
- Recent share price pressure primarily from cinema division performance.
- Revenue affected by COVID shutdowns and Hollywood writers’ strike.
- Current share price values EVT below its net tangible asset backing.
- Expectations for earnings re-rating due to improving outlook for blockbuster films.
- Potential for management to explore strategies for unrealized value.
- Opportunities for near-term value realization through partnerships or asset divestment.
Summary
Oracle Advisory Group
31 Mar 2024
$12.12
- EVT’s enterprise value is currently lower than the value of its property portfolio, which had a 20% valuation uplift in the FY23 result.
- Oracle Advisory Group believes investors are getting the operating businesses, including Event Cinemas, Cinestar, Thredbo, and the Rydge’s hotel chain, for free.
- Value can be realised through the sale or spin-off of operating businesses.
- Event Cinemas, being Australia’s largest chain, could potentially yield a sale price of at least $700m, similar to the bid received by competing chain Hoyts.
- This sale would create significant value for shareholders.
- There is also potential to further develop properties and sell them above current valuations, enhancing shareholder value.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
ANALYST INSIGHT
Equity Research Analyst
"With EVT Ltd's share price lagging behind its tangible asset value, the potential for a rebound in cinema earnings and strategic asset realization could ignite shareholder interest, making this a compelling watch for savvy investors looking for hidden gems in a turbulent market."
Last Updated: 31 Oct 2025
Query The Data
Frequently Asked Questions
Who is investing in EVT Ltd (ASX:EVT)?
Fund managers including Naos Asset Management, Oracle Advisory Group, Cooper Investors, Perpetual Asset Management, Wilson Asset Management and SG Hiscock & Company have invested in EVT Ltd (ASX:EVT).
Why do fund managers invest in EVT Ltd?
Fund managers invest in EVT Ltd due to its diversified business model, which includes a strong presence in the accommodation sector with well-known brands and a significant position in the cinema market. Despite recent challenges in the cinema division affecting revenue, the current share price is undervalued compared to its net tangible assets, particularly its hotel properties. Fund managers anticipate a rebound in earnings from the cinema business as the market improves, alongside potential strategies for unlocking additional value through asset divestment or partnerships.
What happened to EVT Ltd (ASX:EVT)?
Fund managers are investing in EVT Ltd due to its diversified operations in cinemas, hotels, and commercial property, which provide a robust platform for growth. Despite recent challenges in cinema admissions and external factors like weather disruptions, the company's Entertainment division is showing signs of recovery with a stronger film slate expected in FY26. The acquisition of Pro-Invest enhances its asset-light growth strategy, while a strong property portfolio offers downside protection and capital unlocking potential. Overall, EVT is seen as well-positioned for long-term value creation, supported by a solid balance sheet and growth opportunities across its divisions.