Tatts’ Result Soft but In Line With Expectations; Coverage Transferred to New Analyst
We retain our AUD 3.80 per share fair value estimate for Tatts Group following the release of its fiscal 2017 results, and after transferring coverage to a new analyst. At present, the stock is fairly valued. The company reported underlying net profit after tax of AUD 245 million, down 8% on last year, albeit in line with our expectations. The lotteries business cycled against a very tough comparable, with only 31 jackpots (at or above AUD 15 million), down from last year’s record 45 jackpots. M...
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