No Surprises in Tabcorp Fiscal 2017 Result; Merger With Tatts Remains the Focus
Narrow-moat-rated Tabcorp reported underlying net profit after tax of AUD 179 million, down 4% on the prior period, albeit towards the higher end of guidance. Our AUD 4.20 per share fair value estimate is intact, and the stock is fairly valued at the prevailing market price. The continued underperformance of Luxbet and trackside, exasperated by wet weather during the Autumn Carnival, kept a lid on yields and consequently on wagering revenue, which failed to grow over the period. In our view, Lux...Tabcorp Holdings is an Australian gambling entertainment company. Co. has three segments: Wagering and Media operations, which includes its network of TAB agencies, hotels and clubs, and on-course totalisators in Victoria, New South Wales and the Australian Capital Territory (ACT) as well as its Three Sky Racing television channels broadcasting thoroughbred, harness and greyhound racing and other sports; Gaming Services business, which consist of Tabcorp Gaming Solutions that provides a mix of gaming capabilities, services, advice and financing to licensed gaming venues; and Keno business, a random number game that is distributed to clubs, hotels and TABs and is available online in the ACT.
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