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Aristocrat Leisure Ltd ALL

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Digital Gaming Stars While Aristocrat's EGM Business Quietly Captures Share

Angus Hewitt, CFA Equity Analyst

Analyst Note

| Angus Hewitt, CFA |

We maintain our fair value estimate of AUD 33 per share following the release of narrow moat rated Aristocrat's interim fiscal 2021 results. First-half underlying NPAT of AUD 412 million was pre-released (see our note published May 18, 2021: "Aristocrat's Dominant Position Reaps Rewards as Gaming Recovers"), representing an increase of 12% on the prior corresponding period, or pcp, tracking our full-year forecast of AUD 809 million. While digital gaming growth grabbed headlines, we are also encouraged by the core land-based electronic gaming machine, or EGM, business capturing share in a down market.

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Company Profile

Business Description

Aristocrat Leisure is an electronic gaming machine manufacturer, selling machines to pubs, clubs, and casinos. The firm is licensed in all Australian states and territories, North American jurisdictions, and essentially every major country. Aristocrat is one of the top three largest players in the space along with International Game Technology and Scientific Games. Through acquisitions of Plarium and more recently Big Fish, Aristocrat now derives a significant proportion of earnings from the faster growing mobile gaming business.

85 Epping Road, Building A, Pinnacle Office Park
Sydney, NSW, 2113, Australia
T +61 290136300
Sector Communication Services
Industry Electronic Gaming & Multimedia
Most Recent Earnings
Fiscal Year End Sep 30, 2021
Stock Type Slow Growth
Employees 6,000

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