The Lottery Corporation: FY23 earnings - Not a Lott changes
About the author:
- Author name:
- By Alexander Mees
- Job title:
- Co-Head of Research and Senior Analyst
- Date posted:
- 24 August 2023, 8:00 AM
- Sectors Covered:
- Gaming and Retail
- The Lottery Corporation's (ASX:TLC) FY23 earnings were slightly below our expectations, with an unfavourable sequence of large jackpots resulting in a small yoy decline in Lotteries revenue, while higher operating expenses meant EBIT was 4% below forecast at $615m, up 4% on FY22. NPAT was 4% below forecast at $339m.
- We have reduced our NPAT forecasts by 2% in FY24 and 3% in FY25.
- We retain an ADD rating with a target price of (login to view).
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