TAH - Citi rates the stock as Buy
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First half results missed Citi's expectations, largely on lower win rates in wagering. Nevertheless, wagering fundamentals appear solid and the broker forecasts 2.2% revenue growth in the segment in the second half, given the soft comparables.
Citi continues to exclude a share buyback in its forecasts, suspecting management may look for potential opportunities such as the WA TAB licence should a tender process eventuate. Buy rating maintained. Target reduced to $5.85 from $6.00.
Sector: Consumer Services.
Target price is $5.85.Current Price is $4.76. Difference: $1.09 - (brackets indicate current price is over target). If TAH meets the Citi target it will return approximately 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).
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