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

$0.88

27 Aug
2025

0.170

OPEN

$0.85

23.94%

HIGH

$0.94

24,497,305

LOW

$0.81

TARGET
$0.93 5.7% 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 0.0 2.1 xxx
EPS Growth xxx N/A 84.4% xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A 32.9 xxx
Dividend Yield xxx N/A 2.2% xxx
Div Pay Ratio(%) xxx N/A 71.5% xxx

Dividend yield today if purchased 3 years ago: 0.00%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 0.00

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 xxxxxxxxxxxxxxx0.0
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

Morgans

xx/xx/xxxx

2

xxxxxxx xx xxxxxxxxxx xxxx xxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Ord Minnett

28/08/2025

1

Upgrade to Buy from Hold

$1.02

15.91%

Ord Minnett highlights Tabcorp Holdings's FY25 operating earnings beat forecasts on cost savings and higher revenue. Betting turnover was flat y/y in 2H after a -4% decline in 1H, suggesting the company gained or at least held market share.

FY26 guidance was cautious but indicates some improvement after the company said it was expecting modest y/y growth in the wagering market.

The broker believes higher operating leverage positions the company for stronger benefit from revenue growth. FY26-27 EPS forecasts lifted significantly.

Rating upgraded to Buy from Hold. Target lifted to $1.02 from 64c.

(The coverage was last updated on Aug 30, 2024).

UBS

xx/xx/xxxx

-1

xx xxxxxx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

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

18/08/2025

2

Overweight

$0.75

-14.77%

Tabcorp Holdings' FY25 result on Aug 27 marks the first full year result under new CEO Gill McLachlan and CFO Mark Howell, and Jarden notes peer results indicated challenging market conditions remain.

The broker will focus on cost savings delivery and momentum heading into FY26 plus any disclosure changes aligned with new leadership team structure. Leverage is estimated to be 2.2x, within the tolerable limit of less than 2.5x, hence low likelihood of equity raising.

The broker is -2% below consensus on FY25 EPS forecast, despite estimating modestly higher operating profits.

Overweight. Target unchanged at 75c.

FORECAST
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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