Tatts' Weak Result Does Not Reduce Its Corporate Appeal; FVE Lowered to Implied Bid Price
As guided, narrow-moat-rated Tatts Group reported a weak first-half 2017 fiscal result, albeit slightly below our expectations. The market's key focus is Tatts' corporate appeal, given that it is in play with two suitors: Tabcorp Holdings and a consortium of four financial investors. This soft result does not reduce Tatts' appeal. In our view, Tabcorp is the front runner, as it has a blocking stake, and as the Tatts Board rejected the consortium's indicative bid. The strategic and financial meri...
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