Tabcorp Holdings Limited

ASX:TAH Stock Report

Market Cap: AU$1.3b

Tabcorp Holdings Valuation

Is TAH undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of TAH when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: TAH (A$0.57) is trading below our estimate of fair value (A$0.6)

Significantly Below Fair Value: TAH is trading below fair value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for TAH?

Key metric: As TAH is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for TAH. This is calculated by dividing TAH's market cap by their current revenue.
What is TAH's PS Ratio?
PS Ratio0.6x
SalesAU$2.36b
Market CapAU$1.30b

Price to Sales Ratio vs Peers

How does TAH's PS Ratio compare to its peers?

The above table shows the PS ratio for TAH vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average2x
JIN Jumbo Interactive
5.4x5.2%AU$865.1m
SGR Star Entertainment Group
0.3x-0.6%AU$544.6m
PBH PointsBet Holdings
1.4x11.1%AU$339.6m
AGI Ainsworth Game Technology
1x1.0%AU$272.8m
TAH Tabcorp Holdings
0.6x3.9%AU$1.3b

Price-To-Sales vs Peers: TAH is good value based on its Price-To-Sales Ratio (0.6x) compared to the peer average (2x).

Price to Sales Ratio vs Industry

How does TAH's PS Ratio compare vs other companies in the AU Hospitality Industry?

2 CompaniesPrice / SalesEstimated GrowthMarket Cap
OLI Oliver's Real Food
0.2xn/aUS$3.04m
MCL Mighty Craft
0.02xn/aUS$1.26m
No more companies available in this PS range
TAH 0.6xIndustry Avg. 1.4xNo. of Companies5PS01.22.43.64.86+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: TAH is good value based on its Price-To-Sales Ratio (0.6x) compared to the Australian Hospitality industry average (1.4x).

Price to Sales Ratio vs Fair Ratio

What is TAH's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

TAH PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio0.6x
Fair PS Ratio2.7x

Price-To-Sales vs Fair Ratio: TAH is good value based on its Price-To-Sales Ratio (0.6x) compared to the estimated Fair Price-To-Sales Ratio (2.7x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst TAH forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentAU$0.57
AU$0.59
+3.2%
19.7%AU$0.90AU$0.45n/a11
Dec ’25AU$0.54
AU$0.58
+9.1%
20.1%AU$0.90AU$0.45n/a11
Nov ’25AU$0.46
AU$0.58
+28.2%
20.1%AU$0.90AU$0.45n/a11
Oct ’25AU$0.48
AU$0.58
+21.6%
20.1%AU$0.90AU$0.45n/a11
Sep ’25AU$0.43
AU$0.60
+38.7%
21.5%AU$0.90AU$0.45n/a12
Aug ’25AU$0.65
AU$0.84
+30.6%
15.4%AU$1.05AU$0.56n/a12
Jul ’25AU$0.70
AU$0.85
+20.1%
15.2%AU$1.05AU$0.56n/a12
Jun ’25AU$0.61
AU$0.86
+39.8%
12.1%AU$1.05AU$0.67n/a12
May ’25AU$0.71
AU$0.86
+21.1%
12.1%AU$1.05AU$0.67n/a12
Apr ’25AU$0.76
AU$0.86
+14.2%
11.6%AU$1.05AU$0.70n/a12
Mar ’25AU$0.73
AU$0.84
+14.8%
10.9%AU$1.05AU$0.70n/a11
Feb ’25AU$0.84
AU$1.05
+25.1%
11.3%AU$1.20AU$0.88n/a9
Jan ’25AU$0.83
AU$1.05
+25.9%
11.3%AU$1.20AU$0.88n/a9
Dec ’24AU$0.69
AU$1.07
+54.5%
9.3%AU$1.20AU$0.90AU$0.5411
Nov ’24AU$0.81
AU$1.07
+32.5%
9.3%AU$1.20AU$0.90AU$0.4611
Oct ’24AU$0.94
AU$1.17
+24.6%
13.2%AU$1.52AU$0.98AU$0.4811
Sep ’24AU$1.11
AU$1.18
+6.9%
12.9%AU$1.52AU$0.98AU$0.4312
Aug ’24AU$1.07
AU$1.18
+10.9%
12.0%AU$1.48AU$0.98AU$0.6512
Jul ’24AU$1.11
AU$1.18
+6.0%
12.2%AU$1.48AU$0.98AU$0.7012
Jun ’24AU$1.15
AU$1.15
+0.07%
14.3%AU$1.48AU$0.84AU$0.6113
May ’24AU$1.06
AU$1.13
+6.4%
14.0%AU$1.49AU$0.84AU$0.7112
Apr ’24AU$0.99
AU$1.11
+11.2%
15.2%AU$1.49AU$0.84AU$0.7613
Mar ’24AU$1.03
AU$1.09
+6.5%
16.6%AU$1.49AU$0.84AU$0.7313
Feb ’24AU$1.05
AU$1.03
-1.1%
13.8%AU$1.35AU$0.80AU$0.8413
Jan ’24AU$1.08
AU$1.04
-3.4%
12.9%AU$1.35AU$0.80AU$0.8314
Dec ’23AU$1.05
AU$1.02
-2.4%
10.5%AU$1.20AU$0.80AU$0.6914

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/21 21:48
End of Day Share Price 2024/12/20 00:00
Earnings2024/06/30
Annual Earnings2024/06/30

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Tabcorp Holdings Limited is covered by 33 analysts. 11 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Swapan PandyaAPP Securities Pty Ltd.
Russell WrightBarclay Pearce Capital Pty Limited
Matthew RyanBarrenjoey Markets Pty Limited