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: 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

$0.98

18 Sep
2025

-0.020

OPEN

$1.00

-2.00%

HIGH

$1.00

5,577,887

LOW

$0.97

TARGET
$1.023 4.3% 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 2.2 xxx
EPS Growth xxx N/A 87.5% xxx
DPS Growth xxx 53.8% 10.3% xxx
PE Ratio xxx N/A 32.5 xxx
Dividend Yield xxx N/A 2.3% xxx
Div Pay Ratio(%) xxx 125.0% 73.5% xxx

Dividend yield today if purchased 3 years ago: 2.02%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 2.05

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 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

0.6

No. Of Recommendations

4
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Morgan Stanley

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

1

xxxxxxx xx xxx xxxx xxxx

$xx.xx

xx.xx%

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Morgans

28/08/2025

2

Upgrade to Accumulate from Hold

$1.02

4.08%

Tabcorp Holdings' FY25 results beat Morgans’ expectations, with Wagering and Media revenue slightly below forecast but offset by $39m in cost savings, 30% above guidance.

The broker raises its target to $1.02 from 75c and upgrades its rating to Accumulate from Hold.

Product initiatives and a 20% lift in digital retail turnover partly offset softer wagering trends, explains Morgans, while Gaming Services is expected to deliver low single-digit growth.

Profit was supported by the first positive equity contribution from Dabble, observes the analyst, while the new Victorian licence delivered $83.7m in earnings (EBITDA).

A 2c unfranked dividend was declared, well above Morgans' forecast, and leverage improved to 1.6 times.

Management guides to FY26 capex of -$120-140m and depreciation and amortisation of -$215-225m, while highlighting national tote reform as a strategic ambition. 

FORECAST
Morgans forecasts a full year FY26 dividend of 2.70 cents and EPS of 3.20 cents.
Morgans forecasts a full year FY27 dividend of 3.20 cents and EPS of 3.80 cents.

Macquarie

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

-1

xx xxxxxx

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

04/09/2025

2

Overweight

$1.00

2.04%

Against a weak operating and wagering backdrop, Tabcorp Holdings reported stronger-than-expected FY25 results, according to Jarden.

Management offered no quantitative guidance, but consensus earnings upgrades are flagged as likely by the analyst, who raises average earnings (EBITDA) forecasts by 3.9% and net profit after tax by 2.6% for FY26-FY30 inclusive.

Commentary suggests the company remains highly geared operationally to end wagering markets, with notable concerns around the structural decline in racing and Tabcorp's overweight position in this segment.

Target rises to $1 from 75c. Overweight.

FORECAST
Jarden forecasts a full year FY26 dividend of 1.60 cents and EPS of 2.60 cents.
Jarden forecasts a full year FY27 dividend of 2.20 cents and EPS of 3.20 cents.
Access Extra Coverage Research History >

TAH STOCK CHART

FNArena News on TAH

1
Rudi’s View: August Results; Standouts, Turnarounds, Failures & Misfits

Sep 10 2025 - Rudi's View
2
Australian Broker Call *Extra* Edition – Sep 04, 2025

Sep 04 2025 - Daily Market Reports
3
Weekly Ratings, Targets, Forecast Changes – 29-08-25

Sep 01 2025 - Weekly Reports
4
FNArena Corporate Results Monitor – 28-08-2025

Aug 28 2025 - Australia
5
Australian Broker Call *Extra* Edition – Aug 18, 2025

Aug 18 2025 - Daily Market Reports

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