Do not trust Crown broker estimates

Timely reminder to everyone that the pending Crown demerger and possible property IPO will be one of the most lucrative advisory mandates awarded this year in Australia. As a result of this any broker with a shot of getting on that ticket (most of the big investment banks in town), will be treating Crown and their management with kid gloves. That means not slashing their earnings forecasts or valuation estimates too much as they want to keep the company on side.