TABCORP HOLDINGS LIMITED (TAH)
Share Price Analysis and Chart

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TAH - TABCORP HOLDINGS LIMITED

FNArena Sector : Gaming
Year End: June
GICS Industry Group : Consumer Services
Debt/EBITDA: 1.58
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

$0.67

25 Jul
2024

-0.010

OPEN

$0.68

-1.47%

HIGH

$0.68

4,574,414

LOW

$0.67

TARGET
$0.96 43.3% upside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
AGI . ALL . BET . JIN . LNW . PBH . PLY . SGR . SKC . TLC . TLC .
FNARENA'S MARKET CONSENSUS FORECASTS
TAH: 1
Title FY22
Actual		 FY23
Actual		 FY24
Forecast		 FY25
Forecast
EPS (cps) xxx 2.9 2.7 xxx
DPS (cps) xxx 2.3 2.0 xxx
EPS Growth xxx - 99.0% - 8.5% xxx
DPS Growth xxx - 99.5% - 14.3% xxx
PE Ratio xxx N/A 24.6 xxx
Dividend Yield xxx N/A 3.0% xxx
Div Pay Ratio(%) xxx 78.5% 73.5% xxx

Dividend yield today if purchased 3 years ago: 0.47%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 3.48

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 © 2024 FactSet UK Limited. All rights reserved
Title 201820192020202120222023
EPS Basic xxxxxxxxxxxxxxx2.9
DPS All xxxxxxxxxxxxxxx2.3
Sales/Revenue xxxxxxxxxxxxxxx2,101.1 M
Book Value Per Share xxxxxxxxxxxxxxx119.5
Net Operating Cash Flow xxxxxxxxxxxxxxx119.3 M
Net Profit Margin xxxxxxxxxxxxxxx3.17 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201820192020202120222023
Return on Capital Employed xxxxxxxxxxxxxxx2.48 %
Return on Invested Capital xxxxxxxxxxxxxxx2.15 %
Return on Assets xxxxxxxxxxxxxxx1.64 %
Return on Equity xxxxxxxxxxxxxxx2.48 %
Return on Total Capital xxxxxxxxxxxxxxx3.91 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-200.5 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 201820192020202120222023
Short-Term Debt xxxxxxxxxxxxxxx37 M
Long Term Debt xxxxxxxxxxxxxxx535 M
Total Debt xxxxxxxxxxxxxxx572 M
Goodwill - Gross xxxxxxxxxxxxxxx3,576 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx291 M
Price To Book Value xxxxxxxxxxxxxxx0.93

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201820192020202120222023
Capex xxxxxxxxxxxxxxx196.9 M
Capex % of Sales xxxxxxxxxxxxxxx9.37 %
Cost of Goods Sold xxxxxxxxxxxxxxx1,759 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx220 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx35 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

0.7

No. Of Recommendations

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

Morgans

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

2

xxxxxxxxxx

$xx.xx

xx.xx%

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Macquarie

01/05/2024

1

Outperform

$1.00

49.25%

Tabcorp Holdings remains the top investment stock in the ex100 gaming sector according to Macquarie and the analyst considers that the earnings outlook for the business is yet to be fully priced into the shares.

An improvement in the domestic wagering market is forecast in the 1H25. The broker highlights Tabcorp Holdings has a fixed cost advantage and is expected to retain market share.

Looking at the Sky Racing Fee rebates, Macquarie anticipates Tabcorp Holdings can soften the impact with other income streams from media rights domestically and internationally.

The analyst forecasts a 3-year 6% compound growth rate in EBITDA to FY26 with the Victorian Wagering licence to provide the biggest earnings lift.

An Overweight rating and $1.00 target price are maintained.

FORECAST
Macquarie forecasts a full year FY24 dividend of 2.00 cents and EPS of 1.70 cents.
Macquarie forecasts a full year FY25 dividend of 2.60 cents and EPS of 4.20 cents.

UBS

xx/xx/xxxx

3

xxxxxxx

$xx.xx

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.
Login above or Get a Free Trial
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

21/06/2024

2

Overweight

$0.80

19.40%

Jarden views the appointment of ex-AFL CEO Gillon McLachlan as new MD and CEO-elect of Tabcorp Holdings as positive. He is expected to bring strong media experience and government advocacy.

However, the near-term earnings momentum remains negative, the broker highlights, though stabilisation of racing turnover and the new Victorian licence agreement are expected to provide some earnings support.

The analyst adjusts FY24 forecast net profit by -34% to $34m due to lower-than-expected racing turnover and fixed cost exposure. Forecast FY25 EPS is also downgraded around -25%.

Overweight rating unchanged. The target is lowered to 80c from 95c.

FORECAST
Jarden forecasts a full year FY24 dividend of 1.40 cents and EPS of 1.50 cents.
Jarden forecasts a full year FY25 dividend of 1.90 cents and EPS of 3.20 cents.
Access Stockbroker Research History >

TAH STOCK CHART

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