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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