Tabcorp Holdings Ltd TAH

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A$0.71 0.00 (0.35%)

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As of May 2, 2024 12:21am Delayed Price Open

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Company Report

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Tabcorp's Market Share Looks to Be Stabilizing After Prolonged Decline

Angus Hewitt Feb 22, 2024

We expect Tabcorp will remain unparalleled in physical wagering—stringent regulatory licensing requirements create barriers to entry to compete with Tabcorp's retail locations, such as racing venues, pubs, and TAB agencies. However, the pari-mutuel model is in decline as punters increasingly choose fixed-odds betting, and technological change means geographic exclusivity no longer translates to a monopoly.

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Price vs Fair Value

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TAH is trading at a 32% discount.

Price

A$0.71

May 1, 2024

Fair Value

A$2.72

Feb 22, 2024

Uncertainty

Medium

1-Star Price: A$9.76
5-Star Price: A$9.66
Economic Moat: Fwv
Capital Allocation: Cbxrcvjm

Bulls Say, Bears Say

Bulls

Tabcorp's retail exclusivity and extensive brick-and-mortar distribution presence places the company in a strong position to migrate its large wagering customer base to a omnichannel environment.

Bears

A protracted impact from the covid-19 pandemic would weigh significantly on Tabcorp's retail wagering venues and gaming services customers.

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Trading Information

Previous Close Price: A$0.71
Day Range: A$0.71–0.72
52-Week Range: A$0.61–1.17
Bid/Ask: A$0.71 / A$0.71
Market Cap: A$1.62 Bil
Volume/Avg: 249,111 / 8.1 Mil

Key Statistics

Price/Earnings (Normalized): 0.25
Price/Sales: 0.68
Dividend Yield (Trailing): 2.82%
Dividend Yield (Forward): 2.82%
Total Yield: 2.85%

Company Profile

Tabcorp now operates through principally two segments: wagering and media and gaming services, with the lottery and keno businesses demerged in May 2022. The firm conducts wagering activities under the TAB brand both online and physically in every Australian state and territory other than Western Australia, reaching 90% of the population through a network of retail venues. In addition, Tabcorp Gaming Services provides services to electronic gaming machine venues.

Sector: Consumer Cyclical
Industry: Gambling
Stock Style Box: Small Value
Total Number of Employees: 8,464
Website: https://www.tabcorp.com.au

Competitors

Valuation

Metric	TAH	SGR	SKC
Price/Earnings (Normalized)	0.25	2.96	14.75
Price/Book Value	0.81	0.45	0.85
Price/Sales	0.68	0.43	1.49
Price/Cash Flow	4.38	—	7.04

Price/Earnings

TAH

SGR

SKC

Financial Strength

Metric	TAH	SGR	SKC
Quick Ratio	0.73	0.66	0.64
Current Ratio	0.94	0.85	0.73
Interest Coverage	−16.87	−11.36	2.10

Quick Ratio

TAH

SGR

SKC

Profitability

Metric	TAH	SGR	SKC
Return on Assets (Normalized)	2.34%	−5.90%	1.58%
Return on Equity (Normalized)	3.67%	−10.16%	2.88%
Return on Invested Capital (Normalized)	3.69%	−4.53%	1.80%

Return on Assets

TAH

SGR

SKC

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