TABCORP HOLDINGS LIMITED (TAH)
Share Price Analysis and Chart

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TAH

TAH - TABCORP HOLDINGS LIMITED

FNArena Sector : Gaming
Year End: June
GICS Industry Group : Consumer Services
Debt/EBITDA: 2.42
Index: ASX200 | ASX300 | ALL-ORDS

Tabcorp is the largest provider of lotteries, Keno, and gambling products in Australia. Tabcorp has been listed since 1994.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$1.03

04 Mar
2026

-0.020

OPEN

$1.06

-1.90%

HIGH

$1.06

15,067,429

LOW

$1.00

TARGET
$1.102 7.0% upside
OTHER COMPANIES IN THE SAME SECTOR
AGI . ALL . BBT . BET . JIN . LNW . PBH . PLY . SGR . SKC . TLC . TLC .
FNARENA'S MARKET CONSENSUS FORECASTS
TAH: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 1.6 3.0 xxx
DPS (cps) xxx 2.0 2.3 xxx
EPS Growth xxx N/A 85.9% xxx
DPS Growth xxx 53.8% 16.1% xxx
PE Ratio xxx N/A 33.9 xxx
Dividend Yield xxx N/A 2.3% xxx
Div Pay Ratio(%) xxx 125.0% 78.1% xxx

Dividend yield today if purchased 3 years ago: 1.97%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 1.97

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 25/02 - (franking ex-di

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx1.6
DPS All xxxxxxxxxxxxxxx2.0
Sales/Revenue xxxxxxxxxxxxxxx2,151.5 M
Book Value Per Share xxxxxxxxxxxxxxx54.9
Net Operating Cash Flow xxxxxxxxxxxxxxx406.5 M
Net Profit Margin xxxxxxxxxxxxxxx1.70 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx2.93 %
Return on Invested Capital xxxxxxxxxxxxxxx1.65 %
Return on Assets xxxxxxxxxxxxxxx1.12 %
Return on Equity xxxxxxxxxxxxxxx2.93 %
Return on Total Capital xxxxxxxxxxxxxxx6.81 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx260.4 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx34 M
Long Term Debt xxxxxxxxxxxxxxx829 M
Total Debt xxxxxxxxxxxxxxx863 M
Goodwill - Gross xxxxxxxxxxxxxxx3,576 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx237 M
Price To Book Value xxxxxxxxxxxxxxx1.30

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx117.8 M
Capex % of Sales xxxxxxxxxxxxxxx5.48 %
Cost of Goods Sold xxxxxxxxxxxxxxx1,727 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx271 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx34 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.2

No. Of Recommendations

5
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Morgans

xx/xx/xxxx

2

xxxxxxxxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Morgan Stanley

26/02/2026

5

Underweight

$0.93

-9.71%

Morgan Stanley has stuck with Tabcorp Holdings' Underweight rating, with a $0.93 price target and an In-Line industry view after 1H26 EBITDA beat consensus by 11% on better cost control and early benefits from the retail commission reset.

Commentary highlights Wagering turnover rising 0.3% y/y, but domestic revenue falling -2.5% (pre VRI share) as yields soften, with digital net yield down -50bp to 12.3% (gross yield 16.3%).

The broker notes opex is -4% below consensus (and -1.1% y/y), while the VC/revenue ratio improves 130bp on VIC licence changes and the venue commission reset.

FORECAST
Morgan Stanley forecasts a full year FY26 dividend of 1.09 cents and EPS of 2.00 cents.
Morgan Stanley forecasts a full year FY27 dividend of 1.78 cents and EPS of 3.00 cents.

Ord Minnett

xx/xx/xxxx

2

xxxxxxxxx xx xxxxxxxxxx xxxx xxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

1

xxx

$xx.xx

(xx/xx/xxxx)

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Jarden

05/03/2026

2

Overweight

$1.05

1.94%

Tabcorp Holdings delivered a strong 1H26 result, Jarden suggests, despite below-average wagering yields. Profit was 34% ahead of consensus with earnings up 19% year driven by the full-six month benefit of the reformed Victorian Wagering licence and continued cost discipline.

Importantly for Jarden, the outlook improved following early signs that wagering turnover is stabilising. Additionally, reported leverage was lowered to 1.5x which has Tabcorp better placed to self-fund its broader based strategy, including reinvestment across retail, content and tote.

Target rises to $1.05 from 95c, Overweight retained.

FORECAST
Jarden forecasts a full year FY26 dividend of 1.60 cents and EPS of 2.50 cents.
Jarden forecasts a full year FY27 dividend of 2.20 cents and EPS of 3.30 cents.
Access Extra Coverage Research History >

TAH STOCK CHART

FNArena News on TAH

1
Australian Broker Call *Extra* Edition – Mar 05, 2026

1:29 PM - Daily Market Reports
2
Weekly Ratings, Targets, Forecast Changes – 27-02-26

Mar 02 2026 - Weekly Reports
3
Next Week At A Glance – 27 Feb – 6 March 2026

Feb 27 2026 - Weekly Reports
4
FNArena Corporate Results Monitor – 26-02-2026

Feb 26 2026 - Australia
5
Australian Broker Call *Extra* Edition – Feb 09, 2026

Feb 09 2026 - Daily Market Reports

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