A Messy Interim 2018 Result for Tabcorp, Although Long-Term Outlook Is More Positive; FVE Lifted
Narrow-moat-rated Tabcorp’s interim fiscal 2018 underlying net profit after tax fell 20% to AUD 82 million, including an 18-day contribution from Tatts. The soft performance was driven by higher costs in the core wagering division, along with an AUD 24 million EBIT loss in struggling U.K. startup Sun Bets. Despite the weaker result, we have taken a more positive view on the long-term outlook for the wagering and lotteries divisions and increased our long-term margin forecasts for both divisions....
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