Morningstar - Tatts Group Limited The stable lotteries division underpins Tatts defensive appeal.

Report

Morningstar

Ravi Reddy

EUR 101.80 For Business Accounts Only

The stable lotteries division underpins Tatts' defensive appeal.

In the latest development in what is likely to be an ongoing saga, Tatts Group board has rejected the Pacific Consortium's indicative proposal to acquire 100% of Tatts, and continues to recommend the proposed Tabcorp merger. Our AUD 4.40 per share fair value estimate for narrow moat-rated Tatts Group is unchanged.
Tatts' board believes the total value offered by the consortium's proposal is inferior to the proposed Tabcorp merger, highlighting a number of issues with the consortium's financial a...

16/02/2017 14 EN

Underlying

Tatts Group Limited

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AU000000TTS5 Australia

Provider

Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

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Analysts

Ravi Reddy

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Tatts Delivers a Solid Start to Fiscal 2018, Albeit Cycling Against a Weak Comparable

Tatts is off to a strong start to fiscal 2018 with first-quarter revenue and EBITDA increasing by 7% and 10%, respectively. The lotteries division was the key driver of the improvement, despite cycling against a weak comparable. Despite tracking marginally ahead of our expectations, the impact on our intrinsic value is negligible. We maintain our Tatts and Tabcorp fair value estimates of AUD 3.80 and AUD 4.20 per share, respectively. At current prices, we believe shares in both companies are sli...

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Another Spanner Thrown in the Works for Merger Between Tabcorp and Tatts

Another spanner has been thrown into the works for the Tabcorp and Tatts merger, as the federal court has set aside the approval granted by the Australian Competition Tribunal. Contrary to Tabcorp's view, we believe the best-case scenario for both narrow-moat-rated groups would be a delay, while the worst case is the deal falling through. Consequently, we have assessed the impact on our fair value estimates for both firms in the event the takeover does not proceed. In this scenario, our fair val...

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The stable lotteries division underpins Tatts' defensive appeal.

Tatts Delivers a Solid Start to Fiscal 2018, Albeit Cycling Against a Weak Comparable

Corporate Action: Tatts Shareholders Should Vote in Favour of Merger with Tabcorp

Another Spanner Thrown in the Works for Merger Between Tabcorp and Tatts

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Sasol Provides Full-Year Production Update

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

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