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Tatts Group Limited (TTS) |
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| Company Name: |
Tatt's Group Limited |
| Stock Code: |
TTS |
| Website: |
www.tattersalls.com.au |
| Market Cap ($M): |
3,141 |
| Equiv. Shares (M): |
1,282 |
|
|
 |
|
| Current Price |
Open |
High |
Low |
Last Close |
Volume |
Price Movement |
$ 2.450 |
$ 2.440 |
$ 2.460 |
$ 2.440 |
$ 2.440
|
2,006,822 |
$ 0.010 0.410 %
|
|
| Recommendation : |
Hold
|
| Recommendation Date : |
30th Jul 2010 |
| 12 Month Target Price (average) : |
$2.54 |
| Brokers Surveyed : |
10 |
|
| % of Market: |
0.2442 |
| % of Sector: |
13.0726 |
| Sector: |
Consumer Discretionary |
| Industry Group: |
Consumer Services |
| Industry: |
Hotels Restaurants & Leisure |
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|
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| Company Overview |
| Tatts Group Limited (TTS) is a provider of leisure and entertainment products and services in the gaming and lotteries segments of the Australian gambling industry and has investments in a number of overseas businesses. |
| Company History |
| TTS originated in 1881 when its founder George Adams organised a public sweep on the Sydney Cup horse race. In 1897, TTS began operating the first government-endorsed lottery in Australia and in 1954, it secured the Victorian state lottery. In 1992, TTS diversified into operating gaming machines in VIC. Since 1999, it has been expanding its global investment operations. In May 2005, TTS was restructured to facilitate public listing. In 2006, it successfully merged with UniTAB via a share swap. |
| Differentiating Factor |
| TTS' three key businesses operate in near monopolies. TTS has the monopoly to operate lotteries in Victoria, Tasmania, Qld and NT, while it shares the Canberra lotteries. The addition of UTB means TTS now has a dominant position in the Queensland wagering market. TTS will also continue to maintain its duopoly position in the Victorian gaming market until 2012 when the new licensing regime is enacted. |
| Major Customers & Competitors |
| TTS' customers are punters who play poker machines in pubs and hotels, punt on the horses or buy lottery tickets. These customers are concentrated in Victoria and Queensland, with only 15% of lotteries revenues derived from Tasmania, NT and ACT. TTS' key competitors are Tabcorp and Crown, which are the other key gaming licence holders in the Victorian market. Other state-owned lotteries provide limited competition, as they only operate in their respective jurisdictions. |
|
Year to Jun
|
NPAT
Rep $M |
NPAT1
Adj $M |
EPS
c |
EPS chg
% |
PER
x |
PER rel
All Ords x |
PER rel
Sector x |
DPS
c |
Yield
% |
Franking
% |
ROE
% |
| 2007A |
288.6 |
237.2 |
21.4 |
16.9 |
11.4 |
n/a |
n/a |
22.0 |
9.0 |
100.0 |
9.1 |
| 2008A |
257.6 |
257.6 |
20.4 |
-4.7 |
12.0 |
n/a |
n/a |
20.0 |
8.2 |
100.0 |
10.0 |
| 2009A |
277.4 |
277.4 |
21.9 |
7.4 |
11.2 |
1.0 |
1.1 |
21.0 |
8.6 |
100.0 |
10.7 |
|
1NPAT is normalised by removing non-recurring items and goodwill. All the above statistics are derived from normalised earnings.
|
| Crown |
CWN |
$7.96 |
$5,998M |
18.5886 |
22.7000 |
-27.1600 |
-10.5000 |
5.0900 |
4.6000 |
| Tabcorp |
TAH |
$6.86 |
$4,203M |
7.6758 |
8.1000 |
-5.2700 |
-9.2000 |
9.0800 |
9.0000 |
| Tatts Group |
TTS |
$2.45 |
$3,141M |
11.6385 |
10.8000 |
7.6100 |
3.2000 |
8.2400 |
8.6000 |
| Aristocrat Leisure |
ALL |
$3.39 |
$1,808M |
17.4252 |
15.3000 |
-24.3100 |
-4.3000 |
1.1200 |
3.8000 |
| Centrebet International |
CIL |
$1.31 |
$115M |
13.7234 |
8.7870 |
-70.3227 |
56.1788 |
7.2797 |
8.8123 |
|
| TTS |
-1.2200 |
10.7000 |
8.5600 |
| Sector |
n/a |
n/a |
n/a |
| Market |
-6.7540 |
-1.9465 |
7.4232 |
|
| P/E (x) |
FY07 |
11.4 |
n/a |
n/a |
|
FY08 |
12.0 |
n/a |
n/a |
| Yield (%) |
FY07 |
9.0 |
n/a |
n/a |
|
FY08 |
8.2 |
n/a |
n/a |
| EV/EBIT (x) |
FY07 |
(172033.9) |
n/a |
n/a |
|
FY08 |
(131109.9) |
n/a |
n/a |
| EV/EBITDA (x) |
FY07 |
(134536.6) |
n/a |
n/a |
|
FY08 |
(105367.4) |
n/a |
n/a |
|
| H Boon |
Chairman |
| D McIIwain |
Director/CEO |
| M L Cattermole |
Non Executive Director |
| B Jamieson |
Non Executive Director |
| J Playoust |
Director |
| B Bentley |
Director |
| K Seymour |
Director |
|
| D McIIwain |
CEO & MD |
| S Doyle |
GM, Corporate/General Counsel |
| R Gunston |
CFO |
| P Lee |
GM, Technology |
| I Mikkelson |
Chief Internal Auditor |
| A Nelson |
GM, Business Development |
| B Redmond |
GM, Commercial Operations |
|
| Australia and New Zealand Banking Group |
5.3700 |
|
| 06-Apr-2010 |
Dividend Date Payable for Half Yearly Result
(10c 100% franked)
|
| 09-Mar-2010 |
Dividend Record Date for Half Yearly Result
(10c 100% franked)
|
| 02-Mar-2010 |
Dividend Ex-Dividend Date for Half Yearly Result
(10c 100% franked)
|
| 25-Feb-2010 |
Reporting Date for Half Yearly Result |
| 30-Oct-2009 |
AGM Date for Final Year Result |
|
|
Data supplied by Aegis Equities Research Pty Limited (ACN 085 293 910).
|
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