MGM Resorts International
MGM
pitch
long
Alder Hill
Thesis
MGM is trading at a significant valuation discount with a 20% levered free cash flow yield. The stock is expected to appreciate as the company continues to pay down debt and improve its balance sheet, with additional upside potential from industry normalization and possible structural changes like an opco/propco split.
Did it work?
inconclusive
confidence: low
Without specific price performance data or a defined time frame since the pitch, it's unclear whether the thesis has played out. The thesis suggests potential for appreciation based on debt reduction and industry normalization, but without evidence of these developments or the stock's performance, we cannot determine the outcome.
Raw excerpt
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