Not Much Fun In Leisure; Ardent Leisure Undervalued While Event Hospitality Worth Monitoring
Leisure companies under our coverage endured a torrid reporting season, with average fiscal 2017 first-half EBITDA fall of 15% from a year ago. The...
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Valuations Stretched on ASX-Listed Corporate Hybrids
In November 2016 we stated a large proportion of redemptions would be reinvested in existing corporate issues to achieve some degree of sectoral...
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Tabcorp and Tatts Merger Edges One Step Closer to the Finish Line
We remain confident the proposed Tabcorp and Tatts merger will proceed following the statement of issue, or SOI, released by the Australian...
243 Views
Tatts' Weak Result Does Not Reduce Its Corporate Appeal; FVE Lowered to Implied Bid Price
As guided, narrow-moat-rated Tatts Group reported a weak first-half 2017 fiscal result, albeit slightly below our expectations. The market's key...
258 Views
Tabcorp's Interim Fiscal 2017 Result Shows Traditional Wagering Remains Under Pressure
Narrow-moat-rated Tabcorp's 2017 interim result met our expectations, reporting 5% growth in underlying net profit after tax, or NPAT, over the...
268 Views