Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Australia
  4. Australian Stock Exchange
  5. Tabcorp Holdings Limited
  6. News
  7. Summary
    TAH   AU000000TAH8

TABCORP HOLDINGS LIMITED

(TAH)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Australia's Tabcorp to spin-off Lotteries & Keno business

07/04/2021 | 08:21pm EDT

July 5 (Reuters) - Australia's Tabcorp Holdings Ltd said on Monday it would spin off its Lotteries & Keno business into a listed entity, drawing an end to a company-wide review it undertook earlier this year as interest built for a separate unit.

The company's shares closed down 4.4% at A$4.97, their lowest in nearly three weeks.

The demerger will create two listed-companies, Lotteries & Keno (L&K) and Wagering & Media (W&M), the latter being the target of buyout offers from Entain, Apollo Global Management Inc and Betmakers Technology Group.

Credit rating agency S&P Global Ratings said it believed the demerger of Tabcorp's lotteries arm would "materially reduce its earnings quality, scale, and diversification" and its wagering unit would be up against strong international competition.

British sports betting firm Entain said it was "disappointed" by Tabcorp's decision to go ahead with the demerger of its lotteries business. (https://bit.ly/3Awn6oz)

"We believe our all-cash offer would have delivered superior outcomes for shareholders, customers, employees and the wider industry," Entain added.

In late March, Tabcorp undertook a review that looked at potentially spinning off either business or selling the W&M arm.

The company said it considered proposals to sell the W&M business, and "concluded that a demerger of Lotteries & Keno is the optimal, and most certain, path to maximise the value of both businesses for Tabcorp shareholders".

Tabcorp said selling the W&M arm, which was hit hard by the halt to sporting events and closure of betting shops due to the pandemic, would have involved several regulatory approvals that were uncertain and could take a long time.

However, the company said it remained open to future engagement with bidders on revised proposals. (Reporting by Sameer Manekar, Harish Sridharan and Nikhil Kurian Nainan in Bengaluru; Editing by Christopher Cushing and Shounak Dasgupta)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BETMAKERS TECHNOLOGY GROUP LTD -2.54% 1.15 End-of-day quote.71.64%
ENTAIN PLC -2.48% 2206 Delayed Quote.94.97%
TABCORP HOLDINGS LIMITED -1.23% 4.82 End-of-day quote.23.59%
All news about TABCORP HOLDINGS LIMITED
09/22TIMELINE : DraftKings woos Entain as focus shifts to snubbed MGM
RE
09/20TABCORP HOLDINGS LIMITED(ASX : TAH) added to S&P/ASX 50 Index
CI
09/17Scientific Games seeks $5 bln lotteries unit IPO in Australia - sources
RE
08/25Tabcorp Holdings Limited Appoints Janette Kendall as Director
CI
08/25TABCORP HOLDINGS LIMITED : Ex-dividend day for final dividend
FA
08/17Tabcorp Holdings Limited Reports Earnings Results for the Full Year Ended June 30, 2021
CI
08/17Tabcorp Holdings Limited Announces Final Dividend, Payable on 17 September 2021
CI
08/17TABCORP HOLDINGS LIMITED (ASX : TAH) acquired remaining 50% stake in Premier Gateway Inter..
CI
08/13Investment banks in Australia shop for talent after raid by startups
RE
08/05West Australian TAB Reportedly Returns to the Course
CI
More news
Financials
Sales 2022 5 645 M 4 096 M 4 096 M
Net income 2022 407 M 295 M 295 M
Net Debt 2022 1 943 M 1 410 M 1 410 M
P/E ratio 2022 26,4x
Yield 2022 3,01%
Capitalization 10 696 M 7 751 M 7 761 M
EV / Sales 2022 2,24x
EV / Sales 2023 2,08x
Nbr of Employees 5 000
Free-Float 98,6%
Chart TABCORP HOLDINGS LIMITED
Duration : Period :
Tabcorp Holdings Limited Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends TABCORP HOLDINGS LIMITED
Short TermMid-TermLong Term
TrendsBearishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 9
Last Close Price 4,82 AUD
Average target price 5,28 AUD
Spread / Average Target 9,60%
EPS Revisions
Managers and Directors
David Robert Henry Attenborough CEO, Managing Director & Executive Director
Adam Newman Chief Financial Officer
Steven Gregg Chairman
Francoise Russo Chief Information Officer
Justin Trevor Milne Independent Non-Executive Director
Sector and Competitors
1st jan.Capi. (M$)
TABCORP HOLDINGS LIMITED23.59%7 751
LAS VEGAS SANDS CORP.-37.45%28 191
MGM RESORTS INTERNATIONAL41.61%21 502
WYNN RESORTS, LIMITED-25.70%9 510
GENTING SINGAPORE LIMITED-12.94%6 593
KANGWON LAND, INC.19.79%4 831