Sun International looks like a bargain, but …
Though the group is recovering well from the pandemic, concerns over its debt levels remain
Sun International’s* recently released results for the year ended December 2023 were on all accounts quite pleasing, especially when considering the tough economic environment the group operates in.
A highlight of the results was the record trading numbers in its SunBet online gaming business. Though SunBet is still a relatively small contributor to the group, it is growing rapidly. Growth in this area of the business is exceeding its five-year targets at an income and earnings before interest tax, depreciation and amortisation (ebitda) level. This speedy growth is evident in the improvement of its margin, which more than doubled from about 12.4% to 30% in the 2023 year-end results. ..
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