Tatts Group’s Result at Top End of Guidance; Fair Value Estimate Unchanged
Tatts Group’s fiscal 2016 result was near the top of guidance. Lotteries performed modestly better than we expected, and wagering worse. The key lotteries business, representing 72% of group business unit revenue and 63% of group EBITDA, saw revenue grow 8.2% and EBITDA 10.2%, boosted by strong growth in jackpots and the success of the new Set for Life game. Wagering performance weighed on the result as a 120-basis-point decrease in the net win rate on 4.1% growth in turnover saw revenue and EB...
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