Tabcorp: Result 2016

This wagering behemoth is losing the online race, but Keno and Gaming services are on the right track.

What could be worse than Tabcorp’s 1% increase in underlying earnings before interest and tax (EBIT)? Realising that EBIT is still 8% below where it was 15 years ago. And what could be worse than that? Realising that the number of shares outstanding has more than doubled since then, leaving the intrinsic value per share significantly lower than it was in 2001.


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