TABCORP HOLDINGS LIMITED |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 0.72 AUD | -1.37% |
|
+2.86% | -13.77% |
| Apr. 10 | JPMorgan Downgrades Tabcorp to Underweight from Neutral, Price Target is AU$0.67 | MT |
| Mar. 14 | Tabcorp CEO resigns after allegations around use of 'inappropriate' language | RE |
Valuation
| Fiscal Period: Juni | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 8,969 | 6,853 | 11,481 | 2,368 | 2,468 | 1,639 | - | - |
| Enterprise Value (EV) 1 | 12,225 | 10,551 | 13,713 | 2,485 | 2,749 | 2,364 | 2,258 | 2,162 |
| P/E ratio | 24.9 x | -7.88 x | 42.1 x | 0.35 x | 38.3 x | -3.63 x | 16.9 x | 14.8 x |
| Yield | 4.94% | 3.25% | 2.8% | 12.2% | 2.07% | 2.6% | 3.78% | 4.37% |
| Capitalization / Revenue | 1.64 x | 1.31 x | 2.02 x | 1 x | 1.01 x | 0.71 x | 0.64 x | 0.63 x |
| EV / Revenue | 2.23 x | 2.02 x | 2.41 x | 1.05 x | 1.13 x | 1.02 x | 0.89 x | 0.83 x |
| EV / EBITDA | 11.5 x | 10.6 x | 12.4 x | 6.51 x | 7.03 x | 7.17 x | 4.96 x | 4.61 x |
| EV / FCF | 28 x | 27.7 x | 25.5 x | 4.65 x | -35.4 x | 14.8 x | 11.3 x | 9.71 x |
| FCF Yield | 3.57% | 3.61% | 3.92% | 21.5% | -2.82% | 6.75% | 8.87% | 10.3% |
| Price to Book | 1.25 x | 1.14 x | 1.71 x | 0.87 x | 0.95 x | 0.83 x | 0.82 x | 0.8 x |
| Nbr of stocks (in thousands) | 2,015,565 | 2,027,565 | 2,216,316 | 2,223,114 | 2,223,114 | 2,275,721 | - | - |
| Reference price 2 | 4.450 | 3.380 | 5.180 | 1.065 | 1.110 | 0.7200 | 0.7200 | 0.7200 |
| Announcement Date | 8/13/19 | 8/18/20 | 8/17/21 | 8/23/22 | 8/23/23 | - | - | - |
1AUD in Million2AUD
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: Juni | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 5,482 | 5,224 | 5,686 | 2,373 | 2,434 | 2,314 | 2,548 | 2,615 |
| EBITDA 1 | 1,065 | 995 | 1,107 | 381.6 | 391 | 329.5 | 455 | 468.6 |
| EBIT 1 | 760.6 | 617 | 724 | 95.2 | 150.5 | 106.2 | 235.8 | 250.8 |
| Operating Margin | 13.87% | 11.81% | 12.73% | 4.01% | 6.18% | 4.59% | 9.26% | 9.59% |
| Earnings before Tax (EBT) 1 | 534.2 | -767 | 483 | -136.2 | 82.7 | -385.8 | 149.2 | 179.6 |
| Net income 1 | 362.5 | -870 | 269 | 6,776 | 66.5 | -600.8 | 97.7 | 110.8 |
| Net margin | 6.61% | -16.65% | 4.73% | 285.51% | 2.73% | -25.97% | 3.83% | 4.24% |
| EPS 2 | 0.1790 | -0.4290 | 0.1230 | 3.050 | 0.0290 | -0.1984 | 0.0427 | 0.0487 |
| Free Cash Flow 1 | 436.4 | 381 | 537 | 534.5 | -77.6 | 159.5 | 200.2 | 222.7 |
| FCF margin | 7.96% | 7.29% | 9.44% | 22.52% | -3.19% | 6.89% | 7.86% | 8.52% |
| FCF Conversion (EBITDA) | 40.99% | 38.29% | 48.51% | 140.07% | - | 48.4% | 44% | 47.53% |
| FCF Conversion (Net income) | 120.39% | - | 199.63% | 7.89% | - | - | 204.94% | 200.96% |
| Dividend per Share 2 | 0.2200 | 0.1100 | 0.1450 | 0.1300 | 0.0230 | 0.0187 | 0.0272 | 0.0315 |
| Announcement Date | 8/13/19 | 8/18/20 | 8/17/21 | 8/23/22 | 8/23/23 | - | - | - |
1AUD in Million2AUD
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: June | 2020 S1 | 2020 S2 | 2021 S1 | 2021 S2 | 2022 S1 | 2022 S2 | 2023 S1 | 2023 S2 | 2024 S1 |
|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 2,914 | 2,310 | 2,870 | 2,816 | 2,934 | 2,672 | 1,274 | 1,160 | 1,210 |
| EBITDA 1 | 596.5 | 398.5 | - | 547 | 529 | -147.4 | 201.6 | 189.4 | 170 |
| EBIT 1 | 404.2 | - | - | 352 | 333 | -237.8 | 78.2 | 72.3 | 50 |
| Operating Margin | 13.87% | - | - | 12.5% | 11.35% | -8.9% | 6.14% | 6.23% | 4.13% |
| Earnings before Tax (EBT) | - | - | - | - | - | - | - | - | - |
| Net income | 198.8 | - | - | - | 175 | - | 51.7 | - | - |
| Net margin | 6.82% | - | - | - | 5.96% | - | 4.06% | - | - |
| EPS | 0.0980 | - | - | - | 0.0780 | 2.968 | - | - | - |
| Dividend per Share | 0.1100 | - | 0.1071 | 0.0700 | 0.0650 | 0.0650 | 0.0130 | 0.0100 | - |
| Announcement Date | 2/18/20 | 8/18/20 | 2/16/21 | 8/17/21 | 2/16/22 | 8/23/22 | 2/20/23 | 8/23/23 | 2/21/24 |
1AUD in Million
Estimates
Balance Sheet Analysis
| Fiscal Period: June | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 3,256 | 3,698 | 2,232 | 118 | 282 | 725 | 619 | 523 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 3.058 x | 3.717 x | 2.016 x | 0.3082 x | 0.7205 x | 2.201 x | 1.36 x | 1.117 x |
| Free Cash Flow 1 | 436 | 381 | 537 | 535 | -77.6 | 159 | 200 | 223 |
| ROE (net income / shareholders' equity) | 5.51% | 4.1% | 6.27% | -0.38% | 2.48% | -0.86% | 5.05% | 5.65% |
| ROA (Net income/ Total Assets) | 3.03% | 2.08% | 3.29% | -0.23% | 1.64% | -1.15% | 4.01% | 4.35% |
| Assets 1 | 11,962 | -41,797 | 8,186 | -2,979,727 | 4,050 | 52,205 | 2,435 | 2,545 |
| Book Value Per Share 2 | 3.570 | 2.970 | 3.020 | 1.220 | 1.170 | 0.8700 | 0.8800 | 0.9000 |
| Cash Flow per Share 2 | 0.3500 | 0.3300 | 0.3300 | 0.3300 | 0.0500 | 0.1200 | 0.1400 | 0.1500 |
| Capex 1 | 278 | 290 | 183 | 203 | 197 | 158 | 167 | 172 |
| Capex / Sales | 5.08% | 5.55% | 3.22% | 8.53% | 8.09% | 6.84% | 6.54% | 6.58% |
| Announcement Date | 8/13/19 | 8/18/20 | 8/17/21 | 8/23/22 | 8/23/23 | - | - | - |
1AUD in Million2AUD
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
B
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
12
Last Close Price
0.72
AUD
Average target price
0.8599
AUD
Spread / Average Target
+19.43%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -13.77% | 1.07B | |
| -7.64% | 33.86B | |
| +5.24% | 10.74B | |
| -8.00% | 8.15B | |
| +15.79% | 2.59B | |
| -5.62% | 2.22B | |
| +2.64% | 2B | |
| 0.00% | 1.53B | |
| +9.80% | 1.37B | |
| -1.56% | 1.28B |
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- Financials Tabcorp Holdings Limited
