Tabcorp Fiscal 2018 Earnings Miss, but Positive Outlook Driven by Synergies and Digital Growth
Tabcorp's fiscal 2018 underlying net profit rose by almost 40% to AUD 246 million, although the bulk of the growth was due to the half-year earnings contribution from the recently acquired Tatts. This fell short of our expectations, however, reflecting timing of the merger synergies. We have not changed our AUD 4.50 per share fair value estimate, as our long-term outlook remains broadly unchanged. We maintain our narrow moat rating, and despite the shares trading marginally above our fair value ...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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