Aristocrat Leisure

In our recent brief on Aristocrat Leisure’s full-year result, on 28 Nov 12 (Long Term Buy – $2.80), we noted that the stock was near the top of our range for Long Term Buy of $2.75. Well it’s been on a surge since then and now sits about 17% above the range. The current price represents a multiple of almost 17 times prospective earnings per share for the year to September 2013 leaving little margin for error. We’re downgrading to HOLD. Note: The Growth portfolio owns shares in Aristocrat Leisure.

In our recent brief on Aristocrat Leisure’s full-year result, on 28 Nov 12 (Long Term Buy – $2.80), we noted that the stock was near the top of our range for Long Term Buy of $2.75. Well it’s been on a surge since then and now sits about 17% above the range.

The current price represents a multiple of almost 17 times prospective earnings per share for the year to September 2013 leaving little margin for error. We’re downgrading to HOLD.

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