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$0.55) 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 Ratio0.5x
SalesAU$2.36b
Market CapAU$1.26b

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
5.3x5.2%AU$850.2m
SGR Star Entertainment Group
0.4x-0.7%AU$587.6m
PBH PointsBet Holdings
1.3x11.1%AU$324.7m
AGI Ainsworth Game Technology
0.9x0.5%AU$249.2m
TAH Tabcorp Holdings
0.5x3.9%AU$1.3b

Price-To-Sales vs Peers: TAH is good value based on its Price-To-Sales Ratio (0.5x) 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$2.87m
MCL Mighty Craft
0.02xn/aUS$1.26m
No more companies available in this PS range
TAH 0.5xIndustry Avg. 1.5xNo. of Companies4PS012345+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: TAH is good value based on its Price-To-Sales Ratio (0.5x) compared to the Australian Hospitality industry average (1.5x).

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 Ratio0.5x
Fair PS Ratio2.7x

Price-To-Sales vs Fair Ratio: TAH is good value based on its Price-To-Sales Ratio (0.5x) 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$0.55
AU$0.58
+7.1%
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$0.90n/a11
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
Nov ’23AU$0.97
AU$1.02
+5.1%
10.5%AU$1.20AU$0.80AU$0.8114

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

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