Tabcorp’s Interim Fiscal 2017 Result Shows Traditional Wagering Remains Under Pressure
Narrow-moat-rated Tabcorp's 2017 interim result met our expectations, reporting 5% growth in underlying net profit after tax, or NPAT, over the prior corresponding period. However, the core wagering and media division is showing some signs of weakness. We retain our AUD 3.80 per share fair value estimate, and notwithstanding today's pronounced selloff, we believe shares in Tabcorp remain overvalued. The company did not provide any explicit earnings guidance, but we expect a softer performance in...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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