New Risk • May 13
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Payout ratio: 177% Dividend yield: 2.8% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. However, this risk is mitigated by the fact the dividend is covered by cash flows. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.0x net interest cover). Minor Risk Dividend is not well covered by earnings (177% payout ratio). Aankondiging • Feb 25
Tabcorp Holdings Limited Announces an Interim Unfranked Dividend in Respect of the First Half 2026, Payable on March 24, 2026 Tabcorp Holdings Limited announced an interim unfranked dividend of 1.5 cents per share in respect of the first half 2026 period . This interim dividend is 50.0% higher than the pcp interim unfranked dividend of 1.0 cents per share. The interim dividend will be payable on 24 March 2026 to shareholders registered as at 3 March 2026. The ex-dividend date is 2 March 2026. Buy Or Sell Opportunity • Jan 07
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 14% to AU$0.93. The fair value is estimated to be AU$1.17, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 2.8% per annum. Earnings are also forecast to grow by 21% per annum over the same time period. Aankondiging • Sep 18
Tabcorp Holdings Limited, Annual General Meeting, Oct 20, 2025 Tabcorp Holdings Limited, Annual General Meeting, Oct 20, 2025. Location: clarendon auditorium, level 1 melbourne convention and exhibition centre, 2 clarendon street, south wharf,victoria, and, Australia Declared Dividend • Aug 29
Final dividend of AU$0.01 announced Shareholders will receive a dividend of AU$0.01. Ex-date: 1st September 2025 Payment date: 19th September 2025 Dividend yield will be 2.0%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is not covered by earnings (125% earnings payout ratio). However, it is well covered by cash flows (16% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 39% to bring the payout ratio under control. EPS is expected to grow by 68% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Aankondiging • Aug 28
Tabcorp Holdings Limited to Report Fiscal Year 2025 Results on Aug 27, 2025 Tabcorp Holdings Limited announced that they will report fiscal year 2025 results on Aug 27, 2025 Reported Earnings • Aug 27
Full year 2025 earnings released: EPS: AU$0.016 (vs AU$0.60 loss in FY 2024) Full year 2025 results: EPS: AU$0.016 (up from AU$0.60 loss in FY 2024). Revenue: AU$2.62b (up 11% from FY 2024). Net income: AU$36.6m (up AU$1.40b from FY 2024). Profit margin: 1.4% (up from net loss in FY 2024). The move to profitability was primarily driven by lower expenses. Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Hospitality industry in Australia. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Aankondiging • May 21
Tabcorp Receives Approaches from Intralot for Max Gaming Tabcorp Holdings Limited (ASX:TAH) is understood to have received -approaches from European gaming systems company Intralot S.A. Integrated Lottery Systems and Services (ATSE:INLOT) about buying Maxgaming Holdings Pty Ltd. (Max Gaming), estimated to be worth as much as $610 million. Sources have suggested Macquarie Capital is working for Tabcorp, and Gresham could be involved in deal talks. They come after Tabcorp boss Gillon McLachlan launched a strategic review into the future of the entire Tabcorp business after starting with the wagering company last year, but it is understood no decision has been made as to whether it would proceed with a sale of its gaming monitoring business, Max Gaming. At the Macquarie Australia Conference this month, the Tabcorp chief executive told analysts it did not need to sell the business to drive down debt and said he liked Max Gaming. Aankondiging • Mar 24
Tabcorp Holdings Limited(ASX:TAH) dropped from FTSE All-World Index (USD) Tabcorp Holdings Limited(ASX:TAH) dropped from FTSE All-World Index (USD) Aankondiging • Jan 22
Tabcorp Holdings Limited to Report First Half, 2025 Results on Feb 20, 2025 Tabcorp Holdings Limited announced that they will report first half, 2025 results on Feb 20, 2025 Aankondiging • Jan 16
Tabcorp Holdings Limited Appoints Michael Fitzsimons as Chief Wagering Officer, Expects to Commence in the First Half of 2025 Tabcorp Holdings Limited announced the appointment of global wagering executive Michael Fitzsimons as Chief Wagering Officer. Mr. Fitzsimons will oversee all core wagering functions including digital, retail, tote, trading, product and marketing. The position is part of the company's evolved Executive Leadership Team structure, which was announced in December last year. The simpler structure will ensure all wagering functions will fall under one executive. Mr. Fitzsimons has over 20 years of global sports betting experience across the EU, US and Asia. He is currently Executive Director Wagering at Hong Kong Jockey Club (HKJC) where he leads strategy, trading, marketing, data and product development for fixed odds, parimutuel and lottery products. His current role encompasses oversight of one of the larger totes, including the World Pool platform, along with Risk Management of China Sports Lottery's 120,000 betting branches. Prior to his role at the HKJC, Mr. Fitzsimons was Director of International Trading and Operations at The Stars Group. During this time, he successfully launched the PokerStars Sportsbook and relaunched SkyBet in Germany and Italy. Mr. Fitzsimons is on the executive of the World Tote Association (WoTA). Mr. Fitzsimons is expected to commence in the first half of 2025. His appointment is subject to relevant regulatory and probity approvals. Aankondiging • Dec 20
Tabcorp Holdings Limited Announces Executive Changes Tabcorp Holdings Limited announced changes to the Executive Leadership Team (ELT) including increased wagering and media capability to deliver Tabcorp's strategic growth ambitions. Central to the changes is the creation of a Chief Wagering Officer role bringing together the core wagering functions of digital, retail, trading, marketing and product, including Tote innovation. This structure will provide the Chief Wagering Officer control of key levers that drive wagering revenue and better connect the TAB ecosystem. A search process for the Chief Wagering Officer role is well advanced and appointment is expected to be announced in the new year. The Executive Leadership Team appointments are as follows: Jarrod Villani has been appointed Chief Commercial and Media Officer. Mr. Villani has extensive transformation experience with deep expertise in the Media sector. Mr. Villani was most recently the Regional Leader of Paramount ANZ encompassing the Australian operations of Network 10 and Paramount+. During this time Mr. Villani had oversight of all commercial and operational aspects and was involved in the launch of Paramount+ in Australia, the negotiation of sport media rights and the restructuring of various business operations. Previously he was a Managing Partner of KordaMentha during which time he led the successful restructure and sale of Network 10 to American television and entertainment network CBS. Narelle McKenzie has been appointed Chief Legal Officer. Ms McKenzie joins Tabcorp after almost 20 years at Telstra where she held multiple General Counsel roles. Ms McKenzie brings extensive legal experience advising highly regulated technology and telecommunications companies in Australia and the United Kingdom. This includes 6 years in private practice at top-tier law firms. Robert Fraser has been appointed Chief Technology & Transformation Officer. Mr. Fraser is currently Chief Transformation Officer and has led the design and execution of the company's Genesis Program along with the successful separation from the Lottery Corporation. Mr. Fraser has over 15 years experience in enterprise transformation across digital operations, data and strategic partnering. Prior to joining Tabcorp, Mr. Fraser was a senior executive with Ausnet Services with responsibility for Transformation, Data Science and AI. All appointments are subject to relevant regulatory approvals. As part of these changes, the chief customer officer, Ms. Jenni Barnett, and Chief Information Officer, Mr. Alan Sharvin, will be leaving the business. Buy Or Sell Opportunity • Oct 18
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 31% to AU$0.47. The fair value is estimated to be AU$0.59, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Oct 01
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 31% to AU$0.48. The fair value is estimated to be AU$0.60, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Meanwhile, the company became loss making. Recent Insider Transactions • Sep 26
Independent Non-Executive Director recently bought AU$85k worth of stock On the 23rd of September, Brett Chenoweth bought around 191k shares on-market at roughly AU$0.44 per share. This transaction amounted to 79% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$944k more in shares than they have sold in the last 12 months. Buy Or Sell Opportunity • Aug 29
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 27% to AU$0.46. The fair value is estimated to be AU$0.57, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Aug 28
Full year 2024 earnings released: AU$0.60 loss per share (vs AU$0.029 profit in FY 2023) Full year 2024 results: AU$0.60 loss per share (down from AU$0.029 profit in FY 2023). Revenue: AU$2.36b (down 4.6% from FY 2023). Net loss: AU$1.36b (down AU$1.43b from profit in FY 2023). Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Hospitality industry in Australia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 11 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Jul 09
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.8% to AU$0.69. The fair value is estimated to be AU$0.87, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 21% over the last 3 years. Earnings per share has grown by 31%. Revenue is forecast to grow by 0.9% in a year. Earnings are forecast to grow by 60% in the next year. Buy Or Sell Opportunity • Apr 19
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at AU$0.71. The fair value is estimated to be AU$0.90, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 21% over the last 3 years. Earnings per share has grown by 31%. Revenue is forecast to grow by 1.4% in a year. Earnings are forecast to grow by 60% in the next year. Buy Or Sell Opportunity • Mar 17
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 21% to AU$0.72. The fair value is estimated to be AU$0.90, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 21% over the last 3 years. Earnings per share has grown by 31%. Revenue is forecast to grow by 1.5% in a year. Earnings are forecast to grow by 60% in the next year. New Risk • Mar 16
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.4% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite being loss-making. Shareholders have been diluted in the past year (2.4% increase in shares outstanding). Aankondiging • Mar 15
Adam Rytenskild Resigns as CEO of Tabcorp The chief executive and managing director of Tabcorp is stepping down after using inappropriate and offensive language, the wagering company says. Adam Rytenskild has tendered his resignation and will step down immediately, Tabcorp reported. Tabcorp chairman Bruce Akhurst will take on additional duties as executive chairman with immediate effect while the company searches for a new chief executive and managing director. Recent Insider Transactions • Feb 27
MD, CEO & Executive Director recently bought AU$136k worth of stock On the 23rd of February, Adam Rytenskild bought around 200k shares on-market at roughly AU$0.68 per share. This transaction amounted to 5.0% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth AU$215k. Adam has been a buyer over the last 12 months, purchasing a net total of AU$452k worth in shares. Buy Or Sell Opportunity • Feb 27
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at AU$0.72. The fair value is estimated to be AU$0.91, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 21% over the last 3 years. Earnings per share has grown by 31%. Revenue is forecast to grow by 1.6% in a year. Earnings are forecast to grow by 52% in the next year. Declared Dividend • Feb 24
First half dividend of AU$0.01 announced Shareholders will receive a dividend of AU$0.01. Ex-date: 27th February 2024 Payment date: 21st March 2024 Dividend yield will be 2.9%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is well covered by cash flows (21% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Reported Earnings • Feb 22
First half 2024 earnings released: AU$0.28 loss per share (vs AU$0.023 profit in 1H 2023) First half 2024 results: AU$0.28 loss per share (down from AU$0.023 profit in 1H 2023). Revenue: AU$1.22b (down 6.6% from 1H 2023). Net loss: AU$636.8m (down AU$688.5m from profit in 1H 2023). Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Hospitality industry in Australia. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 48% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Dec 24
MD, CEO & Executive Director recently bought AU$215k worth of stock On the 21st of December, Adam Rytenskild bought around 250k shares on-market at roughly AU$0.86 per share. This transaction amounted to 6.6% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Adam has been a buyer over the last 12 months, purchasing a net total of AU$569k worth in shares. Aankondiging • Nov 29
Tabcorp Holdings Limited Announces the Appointment of Mark Howell as Chief Financial Officer Tabcorp Holdings Limited (Tabcorp) announced the appointment of Mark Howell as the Company's new Chief Financial Officer (CFO). Mr. Howell currently leads the finance function, as the General Manager Liquor Finance & Network Optimisation, for Coles Group Limited's (Coles) Liquor business (trading as Liquorland, Vintage Cellars and First Choice Liquor Market), one of the country's largest retail liquor networks, and will commence prior to June 2024. Mr. Howell brings to Tabcorp a wealth of consumer and retail experience, joining Coles in 2017, just prior to its demerger from Wesfarmers Limited. Following the demerger, Mr. Howell held senior finance, strategy, business development and investor relations roles at Coles. Prior to joining Coles, Mr. Howell held senior investment banking roles at Rothschild and Goldman Sachs in Australia and New York and began his career at Ernst and Young. The appointment is subject to all necessary regulatory approvals. Buying Opportunity • Oct 12
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 19%. The fair value is estimated to be AU$1.17, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 36% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 2.3% per annum. Earnings is also forecast to grow by 16% per annum over the same time period. Reported Earnings • Aug 24
Full year 2023 earnings released: EPS: AU$0.029 (vs AU$0.053 loss in FY 2022) Full year 2023 results: EPS: AU$0.029 (up from AU$0.053 loss in FY 2022). Revenue: AU$2.53b (up 5.9% from FY 2022). Net income: AU$66.5m (up AU$184.9m from FY 2022). Profit margin: 2.6% (up from net loss in FY 2022). Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Hospitality industry in Australia. Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has fallen by 33% per year, which means it is significantly lagging earnings. Buying Opportunity • Aug 14
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 3.8%. The fair value is estimated to be AU$1.34, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 39% over the last 3 years. Meanwhile, the company became loss making. Recent Insider Transactions • Feb 24
MD, CEO & Executive Director recently bought AU$253k worth of stock On the 22nd of February, Adam Rytenskild bought around 250k shares on-market at roughly AU$1.01 per share. This transaction amounted to 8.8% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Adam has been a buyer over the last 12 months, purchasing a net total of AU$2.0m worth in shares. Reported Earnings • Feb 21
First half 2023 earnings released: EPS: AU$0.023 (vs AU$0.079 in 1H 2022) First half 2023 results: EPS: AU$0.023 (down from AU$0.079 in 1H 2022). Revenue: AU$1.31b (down 55% from 1H 2022). Net income: AU$51.7m (down 71% from 1H 2022). Profit margin: 3.9% (down from 6.0% in 1H 2022). Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 8.9% growth forecast for the Hospitality industry in Australia. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has fallen by 36% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Dec 26
Independent Chairman recently bought AU$215k worth of stock On the 21st of December, Bruce Akhurst bought around 200k shares on-market at roughly AU$1.08 per share. This transaction amounted to 20% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Bruce has been a buyer over the last 12 months, purchasing a net total of AU$1.1m worth in shares. Recent Insider Transactions • Dec 15
Independent Non-Executive Director recently bought AU$74k worth of stock On the 8th of December, Raelene Murphy bought around 70k shares on-market at roughly AU$1.06 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$3.1m more in shares than they have sold in the last 12 months. Board Change • Nov 16
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. 1 experienced director. 1 highly experienced director. Independent Non-Executive Director Justin Milne is the most experienced director on the board, commencing their role in 2011. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Recent Insider Transactions • Sep 13
MD, CEO & Executive Director recently bought AU$106k worth of stock On the 7th of September, Adam Rytenskild bought around 114k shares on-market at roughly AU$0.93 per share. This transaction amounted to 4.4% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth AU$497k. Adam has been a buyer over the last 12 months, purchasing a net total of AU$1.8m worth in shares. Board Change • Sep 02
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. 1 experienced director. 1 highly experienced director. Independent Non-Executive Director Justin Milne is the most experienced director on the board, commencing their role in 2011. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Aug 25
Full year 2022 earnings released: AU$0.073 loss per share (vs AU$0.42 loss in FY 2021) Full year 2022 results: AU$0.073 loss per share (up from AU$0.42 loss in FY 2021). Revenue: AU$2.53b (down 51% from FY 2021). Net loss: AU$160.9m (loss narrowed 82% from FY 2021). Over the next year, revenue is forecast to grow 5.0%, compared to a 34% growth forecast for the Hospitality industry in Australia. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has fallen by 41% per year, which means it is performing significantly worse than earnings. Board Change • Aug 01
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. 1 highly experienced director. Independent Non-Executive Director Justin Milne is the most experienced director on the board, commencing their role in 2011. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Jul 02
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. 1 highly experienced director. Independent Non-Executive Director Justin Milne is the most experienced director on the board, commencing their role in 2011. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Recent Insider Transactions • Jun 13
MD & CEO recently bought AU$1.0m worth of stock On the 9th of June, Adam Rytenskild bought around 1m shares on-market at roughly AU$1.01 per share. This was the largest purchase by an insider in the last 3 months. This was Adam's only on-market trade for the last 12 months. Valuation Update With 7 Day Price Move • May 25
Investor sentiment deteriorated over the past week After last week's 81% share price decline to AU$1.01, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 20x in the Hospitality industry in Australia. Total loss to shareholders of 75% over the past three years. Reported Earnings • Feb 19
First half 2022 earnings: EPS in line with analyst expectations despite revenue beat First half 2022 results: EPS: AU$0.079 (down from AU$0.086 in 1H 2021). Revenue: AU$2.93b (up 2.2% from 1H 2021). Net income: AU$175.0m (down 5.4% from 1H 2021). Profit margin: 6.0% (down from 6.4% in 1H 2021). Revenue exceeded analyst estimates by 1.8%. Over the next year, revenue is forecast to grow 3.4%, compared to a 38% growth forecast for the industry in Australia. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Recent Insider Transactions • Nov 19
Independent Non-Executive Director recently bought AU$154k worth of stock On the 12th of November, Bruce Akhurst bought around 30k shares on-market at roughly AU$5.14 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$299k more in shares than they have sold in the last 12 months. Recent Insider Transactions • Sep 04
Independent Non-Executive Director recently bought AU$145k worth of stock On the 30th of August, Bruce Akhurst bought around 30k shares on-market at roughly AU$4.84 per share. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Aug 22
Full year 2021 earnings released: EPS AU$0.12 (vs AU$0.43 loss in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: AU$5.69b (up 8.8% from FY 2020). Net income: AU$269.0m (up AU$1.14b from FY 2020). Profit margin: 4.7% (up from net loss in FY 2020). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 67 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 21
First half 2021 earnings released: EPS AU$0.086 (vs AU$0.098 in 1H 2020) The company reported a poor first half result with weaker earnings, revenues and profit margins. First half 2021 results: Revenue: AU$2.87b (down 1.5% from 1H 2020). Net income: AU$185.0m (down 7.0% from 1H 2020). Profit margin: 6.4% (down from 6.8% in 1H 2020). Over the last 3 years on average, earnings per share has fallen by 84% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Feb 18
Revenue beats expectations Revenue exceeded analyst estimates by 6.4%. Over the next year, revenue is forecast to grow 6.4%, compared to a 12% growth forecast for the Hospitality industry in Australia. Is New 90 Day High Low • Jan 22
New 90-day high: AU$4.18 The company is up 21% from its price of AU$3.46 on 23 October 2020. The Australian market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Hospitality industry, which is up 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AU$3.52 per share. Is New 90 Day High Low • Oct 28
New 90-day low: AU$3.32 The company is down 5.0% from its price of AU$3.50 on 30 July 2020. The Australian market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AU$3.05 per share. 
