Airlie FM Sector Spotlight: Tabcorp
Airlie Funds Management Equity Analyst Will Granger shares his views on what makes Tabcorp an attractive investment and how the business is positioned in the face of inflation.
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Tabcorp is a world-class diversified gambling entertainment group employing more than 5000 people.
Tabcorp manage iconic brands which ignite passion and excitement in millions of Australians.
Tabcorp’s goal is to build a sustainable future for gambling entertainment while making a positive impact. Each year our operations return hundreds of millions of dollars to the Australian community, the racing industry and venue partners including newsagents, hotels, clubs and TAB agents.
Tabcorp is listed on the Australian Securities Exchange (ASX).
Airlie Funds Management Equity Analyst Will Granger shares his views on what makes Tabcorp an attractive investment and how the business is positioned in the face of inflation.
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Tabcorp (ASX:TAH) shares plummeted over 20% on Wednesday after the company announced a significant non-cash impairment charge of $1.37 billion for its wagering business. This write-down, which is more than double the size of a similar impairment in February, reflects the challenges facing the gambling industry in Australia.
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In a dramatic announcement just after 5 p.m. Thursday, Tabcorp (ASX:TAH) announced that it and CEO Adam Rytenskild were parting ways after the company’s board became aware of "inappropriate and offensive language used by Mr. Rytenskild in the workplace.”
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Twelve days ago, Tabcorp (ASX:TAH) surprised the market with a gloomy first-quarter update.
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High-interest rates, rising mortgage costs, and inflation have combined to take a significant toll on the gaming market, foreshadowing weak racing seasons in Sydney and Melbourne over the next month. This comes after Tabcorp surprised investors with a rare trading update that revealed a decline in revenues across its divisions during the first three months of the new financial year.
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A further flurry of earnings reports released Tuesday, including from wagering group Tabcorp Holdings, car dealer Peter Warren, online jobs market Seek and property giant Stockland.
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Financial intelligence watchdog AUSTRAC has decided to take a close look at the local bookmaking activities of Entain, one of the world’s biggest gambling businesses.
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Outperform retained. Target rises to $1.30 from $1.25.
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Budget tax moves have seen coal miners up in arms about a rise in royalties in Queensland, but Tabcorp is happy about the NSW Government's changes to gambling taxes.
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The rating is upgraded to Outperform from Neutral and the target price increases to $6.20 from $5.70.
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Tabcorp has revealed more detail on its plans to demerge its lotteries and Keno businesses, with the new entity to debut on the ASX on May 24 if the split is approved by investors.
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