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According to the firm, its bullish industry view is based on unique brands, high barriers to entry, and complementary footprints, which minimizes competition risks and creates EBITDA resilience given healthy consumer demand.
According to the firm, Cedar Fair’s strong season pass member visitation and greater margin opportunity from normalizing above-peer expense growth underpin its above-consensus 6% EBITDA CAGR through 2025.
On SeaWorld Entertainment, Morgan Stanley noted that overlapping footprint with Disney/Universal offers relative pricing power, with greater per-park scale supporting its above 5% EBITDA CAGR outlook.
According to the firm, recent strategic reset at Six Flags Entertainment creates both opportunity and risks, with upside potential from delivering a faster-than-expected recovery of lost attendance and revenues, while returns on premiumization efforts could take time and put long-term margin guidance at risk.
By Davit Kirakosyan
