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: 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

$0.74

07 Aug
2025

0.000

OPEN

$0.74

0.000

HIGH

$0.75

6,876,985

LOW

$0.73

TARGET
$0.743 0.5% 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 FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx - 59.6 1.9 xxx
DPS (cps) xxx 1.3 1.2 xxx
EPS Growth xxx N/A N/A xxx
DPS Growth xxx - 43.5% - 8.7% xxx
PE Ratio xxx N/A 38.9 xxx
Dividend Yield xxx N/A 1.6% xxx
Div Pay Ratio(%) xxx N/A 63.3% xxx

Dividend yield today if purchased 3 years ago: 1.34%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 1.78

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

0.3

No. Of Recommendations

3
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

UBS

xx/xx/xxxx

-1

xx xxxxxx

xx.xx%

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Morgans

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Morgan Stanley

03/06/2025

1

Overweight

$0.78

5.41%

Morgan Stanley reiterates an Overweight rating on Tabcorp Holdings with an upgraded target price of 78c from 70c.

The broker details how the company is seeking to realign its business by reducing commissions to pubs and clubs and re-allocating promotional capex and investment spending to retail versus re-investment of savings.

The analyst stresses there are upside risks to FY26 consensus earnings based on the changes.

A change in commission structure is also expected to underwrite improvements in retail margins, with increased possibilities around taking market share via product innovation, such as in-venue in-play betting which would support the group's retail licences, Morgan Stanley states.

The broker lifts EPS estimates by 14.7% for FY25 and 1.6% for FY26. Industry view: In Line.

FORECAST
Morgan Stanley forecasts a full year FY25 dividend of 0.95 cents and EPS of 2.00 cents.
Morgan Stanley forecasts a full year FY26 dividend of 1.54 cents and EPS of 3.00 cents.

Macquarie

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial
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

1.35%

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

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