TABCORP HOLDINGS LIMITED (TAH)
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TAH

TAH - TABCORP HOLDINGS LIMITED

FNArena Sector : Gaming
Year End: June
GICS Industry Group : Consumer Services
Debt/EBITDA: 6.65
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

$0.71

03 Mar
2025

0.000

OPEN

$0.71

0.000

HIGH

$0.72

8,884,062

LOW

$0.70

TARGET
$0.67 -5.6% downside
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 FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx - 59.6 1.7 xxx
DPS (cps) xxx 1.3 1.1 xxx
EPS Growth xxx N/A N/A xxx
DPS Growth xxx - 43.5% - 12.8% xxx
PE Ratio xxx N/A 41.5 xxx
Dividend Yield xxx N/A 1.6% xxx
Div Pay Ratio(%) xxx N/A 67.7% xxx

Dividend yield today if purchased 3 years ago: 0.26%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 1.87

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: 27/02 - ex-div 1c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx-59.6
DPS All xxxxxxxxxxxxxxx1.3
Sales/Revenue xxxxxxxxxxxxxxx1,980.8 M
Book Value Per Share xxxxxxxxxxxxxxx54.7
Net Operating Cash Flow xxxxxxxxxxxxxxx245.2 M
Net Profit Margin xxxxxxxxxxxxxxx-68.64 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx-69.62 %
Return on Invested Capital xxxxxxxxxxxxxxx-48.96 %
Return on Assets xxxxxxxxxxxxxxx-36.56 %
Return on Equity xxxxxxxxxxxxxxx-69.62 %
Return on Total Capital xxxxxxxxxxxxxxx-1.72 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx41.0 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 201920202021202220232024
Short-Term Debt xxxxxxxxxxxxxxx31 M
Long Term Debt xxxxxxxxxxxxxxx1,113 M
Total Debt xxxxxxxxxxxxxxx1,144 M
Goodwill - Gross xxxxxxxxxxxxxxx3,576 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx314 M
Price To Book Value xxxxxxxxxxxxxxx1.28

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx160.4 M
Capex % of Sales xxxxxxxxxxxxxxx8.10 %
Cost of Goods Sold xxxxxxxxxxxxxxx1,777 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx252 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx31 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

0.4

No. Of Recommendations

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

UBS

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Morgans

xx/xx/xxxx

1

xxxxxxx xx xxx xxxx xxxx

$xx.xx

xx.xx%

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Macquarie

21/02/2025

3

Neutral

$0.70

-1.41%

Tabcorp Holdings reported first half earnings that were broadly in line with Macquarie's estimates. The broker notes underlying wagering and media businesses are still finding a floor while earnings are benefiting from cost reductions and the Victorian wagering licence change.

Macquarie considers the business is in transition and not without risks, and whether the new leadership structure can provide stability is yet to be proven. Caution prevails and a Neutral rating is retained. Target rises to $0.70 from $0.50.

FORECAST
Macquarie forecasts a full year FY25 dividend of 1.40 cents and EPS of 1.70 cents.
Macquarie forecasts a full year FY26 dividend of 1.50 cents and EPS of 2.40 cents.

Morgan Stanley

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

3

xxxxxxxxx xx xxxx xxxx xxxxxxxxxx

$xx.xx

xx.xx%

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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

27/02/2025

2

Overweight

$0.75

5.63%

Jarden cheers the progress made by Tabcorp in a short time under new management, and while soft racing turnover remains a hurdle, the broker believes the building blocks are being put in place. 

The analyst is not ruling out the possibility of a sustained turnaround. In terms of result, 1H25 EBITDA rose 11.9% to $190m, and free cash flow translated to lower debt and balance sheet improvement.

The broker raised FY25 EBITDA forecast by 4% but lowered FY26 by -2%. Target price lifted to 75c from 65, and Overweight rating is maintained.

FORECAST
Jarden forecasts a full year FY25 dividend of 1.50 cents and EPS of 1.60 cents.
Jarden forecasts a full year FY26 dividend of 1.60 cents and EPS of 2.60 cents.
Access Extra Coverage Research History >

TAH STOCK CHART

FNArena News on TAH

1
Weekly Ratings, Targets, Forecast Changes – 28-02-25

Mar 03 2025 - Weekly Reports
2
Australian Broker Call *Extra* Edition – Feb 27, 2025

Feb 27 2025 - Daily Market Reports
3
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Feb 22 2025 - Australia
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