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: 2.08
Index: ASX200 | ASX300 | ALL-ORDS

Tabcorp is an Australian wagering, media and gaming-services company. Its Lotteries and Keno business was demerged into The Lottery Corporation in 2022.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$0.96

27 Aug
2026

0.050

OPEN

$0.92

5.49%

HIGH

$0.97

98,429,632

LOW

$0.92

TARGET
$1.05 9.4% 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 FY25
Actual		 FY26
Actual		 FY27
Forecast		 FY28
Forecast
EPS (cps) xxx 2.0 3.6 xxx
DPS (cps) xxx 3.0 3.6 xxx
EPS Growth xxx 26.3% 79.5% xxx
DPS Growth xxx 50.0% 20.0% xxx
PE Ratio xxx N/A 25.4 xxx
Dividend Yield xxx N/A 3.9% xxx
Div Pay Ratio(%) xxx 148.5% 99.3% xxx

Dividend yield today if purchased 3 years ago: 2.73%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 3.26

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: 25/02 - (franking ex-div 1c)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202120222023202420252026
EPS Basic xxxxxxxxxxxxxxx2.0
DPS All xxxxxxxxxxxxxxx3.0
Sales/Revenue xxxxxxxxxxxxxxx2,154.3 M
Book Value Per Share xxxxxxxxxxxxxxx55.0
Net Operating Cash Flow xxxxxxxxxxxxxxx309.3 M
Net Profit Margin xxxxxxxxxxxxxxx2.15 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202120222023202420252026
Return on Capital Employed xxxxxxxxxxxxxxx3.68 %
Return on Invested Capital xxxxxxxxxxxxxxx2.23 %
Return on Assets xxxxxxxxxxxxxxx1.46 %
Return on Equity xxxxxxxxxxxxxxx3.68 %
Return on Total Capital xxxxxxxxxxxxxxx8.89 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx107.8 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 202120222023202420252026
Short-Term Debt xxxxxxxxxxxxxxx30 M
Long Term Debt xxxxxxxxxxxxxxx802 M
Total Debt xxxxxxxxxxxxxxx832 M
Goodwill - Gross xxxxxxxxxxxxxxx3,576 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx306 M
Price To Book Value xxxxxxxxxxxxxxx1.52

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202120222023202420252026
Capex xxxxxxxxxxxxxxx150.7 M
Capex % of Sales xxxxxxxxxxxxxxx7.00 %
Cost of Goods Sold xxxxxxxxxxxxxxx1,709 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx258 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

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

Macquarie

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Morgan Stanley

11/08/2026

5

Equal-weight

$0.99

(13/08/2026)

3.13%

Tabcorp Holdings has announced its intention to acquire BetMakers Technology ((BET)) at an implied 6.1x enterprise value to earnings multiple.

The strategic logic is sound, Morgan Stanley suggests, however near-term accretion is predicated on the ability to deliver cost synergies.

BetMakers is a technology and content supplier Tabcorp already works with, and vertical integration supports Tabcorp's tote and omni-channel ambitions.

However, with BetMakers generating broadly break-even profit, accretion rests on the delivery of the targeted synergies rather than acquired earnings.

Acquisition notwithstanding, Morgan Stanley upgrades Tabcorp to Equal-weight from Underweight on key structural initiatives, however, the ongoing regulatory inquiry is likely to limit the scope for outperformance.

Target rises to 96c from 93c. Industry view: In Line.

FORECAST
Morgan Stanley forecasts a full year FY27 EPS of 3.00 cents.

Morgans

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

2

xxxxxxxxx xx xxxxxxxxxx xxxx xxx

$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

30/08/2026

2

Overweight

$1.00

4.17%

Jarden retains an Overweight rating for Tabcorp Holdings with its target price decreased to $1.00 from $1.05 following a mixed FY result.

The company reported EBITDA of $432m, marginally beating consensus, though revenue fell slightly short amid soft underlying wagering post the FIFA World Cup.

The analyst highlights strategic delivery as the standout feature, noting the new retail commercial model is now live across over 3,300 venues and the company has secured industry agreement for a National Tote.

Near-term EPS forecasts are reduced by -6%-11% to reflect rising depreciation and amortisation associated with the terminal rollout.

Neither company guidance nor broker estimates currently assume a turnover uplift from the new terminals or the upcoming tote launch.
Access Extra Coverage Research History >

TAH STOCK CHART

FNArena News on TAH

1
Next Week At A Glance – 31 Aug – 4 Sep 2026

Aug 28 2026 - Weekly Reports
2
FNArena Corporate Results Monitor – 27-08-2026

Aug 27 2026 - Australia
3
Weekly Ratings, Targets, Forecast Changes – 14-08-26

Aug 17 2026 - Weekly Reports
4
Next Week At A Glance – 17-21 Aug 2026

Aug 14 2026 - Weekly Reports
5
In Case You Missed It – BC Extra Upgrades & Downgrades – 14-08-26

Aug 14 2026 - Weekly Reports

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