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Tag: TAH

Funds / Markets / Shares / Video

Airlie FM Sector Spotlight: Tabcorp

August 1, 2022August 3, 2022 - by Airlie Funds Management

Airlie Funds Management Equity Analyst Will Granger shares his views on what makes Tabcorp an attractive investment and how the business is positioned in the face of inflation.

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Broker News

TAH – Credit Suisse rates the stock as Outperform

June 22, 2022 - by Broker News

Outperform retained. Target rises to $1.30 from $1.25.

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Economics / Markets / Shares

Winners and Losers in NSW / Queensland Budgets

June 21, 2022June 21, 2022 - by Glenn Dyer

Budget tax moves have seen coal miners up in arms about a rise in royalties in Queensland, but Tabcorp is happy about the NSW Government’s changes to gambling taxes.

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Broker News

TAH – Credit Suisse rates the stock as Outperform

April 1, 2022 - by Broker News

The rating is upgraded to Outperform from Neutral and the target price increases to $6.20 from $5.70.

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Markets / Shares

Tabcorp Lotteries Demerger Rolls On

March 31, 2022March 31, 2022 - by Glenn Dyer

Tabcorp has revealed more detail on its plans to demerge its lotteries and Keno businesses, with the new entity to debut on the ASX on May 24 if the split is approved by investors.

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Markets / Shares

Tabcorp Shareholders to Foot Demerger Bill

October 19, 2021October 19, 2021 - by Glenn Dyer

Shareholders in gambling giant Tabcorp face a bill in the hundreds of millions of dollars for the company’s management’s desire to demerge its lotteries and Keno businesses from wagering and media.

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Markets / Shares

Did Tabcorp Miss the Jump with Entain?

September 22, 2021September 22, 2021 - by Glenn Dyer

Did Tabcorp miss the bid for its betting businesses when it decided in July not to talk to a number of interested parties and instead put its Lotteries and Keno business on the block in a demerger deal?

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Markets / Shares

Tabcorp Faces Facts, Plans Spinoff

July 5, 2021July 5, 2021 - by Glenn Dyer

Tabcorp has finally accepted that its Tatts merger has been a capital-wasting dud by confirming it will spin-off its lotteries and Keno business and list it as a new company on the ASX.

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Markets / Shares

Discourse from the Bourse

May 30, 2021May 31, 2021 - by Glenn Dyer

A fair bit going on at the moment, here are a few developing stories from over the weekend we thought you might like updates on, involving PEXA / LNK, ING, SHV, TAH and FMG.

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Broker News

TAH – Morgans rates the stock as Hold

April 28, 2021 - by Broker News

The target rises to $5.11 from $4.04 and the rating of Hold is unchanged.

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Markets / Shares

Odds Shortening on Entain Success with Tabcorp Bid

April 27, 2021April 27, 2021 - by Glenn Dyer

The chances have improved for Entain to grab control of Tabcorp’s bookmaking and media division after it sweetened its original $3 billion offer with an additional $500 million.

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Markets / Shares

Entain Ticks Up Tabcorp Bid

April 27, 2021April 27, 2021 - by Glenn Dyer

UK punting giant Entain has lifted its offer for Tabcorp’s bookmaking and media division by half a billion dollars, taking the new price to $3.5 billion.

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Broker News

TAH – Credit Suisse rates the stock as Upgrade to Outperform

April 12, 2021 - by Broker News

Rating is upgraded to Outperform from Neutral and the target increased to $5.70 from $4.60.

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Markets / Shares

Tabcorp Says “No, Tah” to Entain Offer

March 29, 2021March 29, 2021 - by Glenn Dyer

Shares in Tabcorp dipped 2.7% to $4.69 yesterday after the company rejected an approach from UK gambling group Entain on the basis that it was was too low to accept.

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Funds / Markets

Cashflows Stay Strong During COVID-19

March 8, 2021March 9, 2021 - by Investors Mutual

The positive results from core shareholdings for 2021 FY reiterate why Investors Mutual invests in good quality, well-established businesses which produce real cashflows, earnings, and dividends.

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Markets / Shares

Pressure Mounts on Tabcorp as Profits Fall

February 17, 2021February 17, 2021 - by Glenn Dyer

Yesterday’s half-year results provided a solid hint as to what lies behind Tabcorp’s current popularity, with a 7% slide in profit despite a surge in online betting and growth in its lotteries business.

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Markets / Shares

Tabcorp Laying-Off Its Bets?

February 2, 2021February 2, 2021 - by Glenn Dyer

Shares in Tabcorp jumped to an 11-month high of $4.58 yesterday as the company confirmed that multiple parties have shown interest in its underperforming wagering business.

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Broker News

TAH – UBS rates the stock as Buy

November 9, 2020 - by Broker News

UBS notes media speculation suggesting multiple offers for Tabcorp Holdings with one of the consortiums interested in the entire business while the other is interested in the wagering business. 

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Shares

COVID Crushes Gaming Stocks As Tabcorp, Crown Revenues Tumble

August 20, 2020August 19, 2020 - by Glenn Dyer

Coronavirus has, for the time being, driven the destruction of profits at the country’s gambling giants, as reports from Tabcorp and Crown resorts confirmed. Tabcorp revealed an $870 million net loss, while the James Packer dominated Crown Resorts also saw its performance whacked lower by the pandemic and subsequent lockdowns and travel restrictions.

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Shares

Heavy Writedown Leads Tabcorp’s Unwanted Trifecta

August 4, 2020August 3, 2020 - by Glenn Dyer

Tabcorp yesterday revealed an unwanted trifecta of big write-downs, falling profits, and a miserable outlook thanks to COVID-19 and the renewed lockdowns, especially in Victoria.

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Shares

More Debt Relief At Tabcorp

June 5, 2020June 4, 2020 - by Glenn Dyer

A fortnight after revealing it had won a deal from its Australian bankers by dropping its final dividend for 2020, Tabcorp’s offshore bondholders controlling $2.1 billion of debt, have done a similar deal.

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Broker News

TAH – Citi rates the stock as Reinstate Coverage with Sell

May 25, 2020 - by Broker News

Tabcorp is facing a challenging year, cycling a fortunate run of lottery jackpots amid wagering retail venue closures and an uncertain outlook for sports betting.

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Shares

Tabcorp Punts Dividend In Wake Of New Debt Deal

May 20, 2020May 20, 2020 - by Glenn Dyer

Tabcorp will not pay a dividend this year as part of an agreement with its banks to ease pressure on its finances by waiving its debt covenants until the end of 2020.

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Broker News

TAH – Credit Suisse rates the stock as Downgrade to Neutral from Outperform

April 30, 2020 - by Broker News

Credit Suisse downgrades to Neutral from Outperform. The share price has rallied 45% since the trough and is now approaching the broker’s target. Target is $3.20.

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Broker News

TAH – UBS rates the stock as Buy

April 16, 2020April 16, 2020 - by Broker News

Tabcorp’s gambling offerings are materially impacted by pub/club closures, the broker notes. Lottery ticket impact at newsagents is unclear in the lockdown. Can racing (80% of wagering) continue with everything else suspended? How much offset can be gleaned from increased online activity?

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Broker News

TAH – Credit Suisse rates the stock as Outperform

April 8, 2020 - by Broker News

Credit Suisse suspects the company may need equity of $500m, although it acknowledges it does not have a liquidity issue.

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Shares

More Companies Shutdown Guidance In Wake Of New Restrictions

March 24, 2020March 23, 2020 - by Glenn Dyer

More and more companies are battening down the hatches as the coronavirus banks and crackdowns escalate. Property developer Stockland, gambling and gaming giant Tabcorp, and health insurance firm NIB are among the latest to mothball earnings guidance while Ardent Leisure and Village Roadshow have shut their Gold Coast theme parks.

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Shares / Strategy

Good And Bad News For Value Investors

March 23, 2020March 25, 2020 - by Anthony Aboud

Despite the prevalence of bad news stories and a sea of red across stock screens, Perpetual’s Anthony Aboud argues it’s not all bad news.

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Broker News

TAH – UBS rates the stock as Buy

February 14, 2019February 14, 2019 - by Broker News

Tabcorp’s result missed the broker at the headline but the detail within the numbers was positive.

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Shares

Tabcorp Back In The Black

August 9, 2018 - by Glenn Dyer

As a result capable of showing us how the merger with Tatts is going, the 2017-18 figures from Tabcorp was next to useless.

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Shares

‘Unsatisfactory’ UK Arm Weighs On Tabcorp

February 9, 2018September 5, 2018 - by Glenn Dyer

Tabcorp shares fell nearly 7% yesterday after releasing a less than stellar first half result.

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Shares

Tabcorp Divests Pokies Business To Smooth Way For Merger

April 19, 2017 - by Glenn Dyer

So much for the hairy chested suggestion last month from Tabcorp (TAH) that it would run off to the Australian Competition Tribunal to try and by pass that nasty Australian Competition and Consumer Commission which wants the company to sell off its Queensland poker machine monitory business as a condition before approving the $11 billion merger with rival gaming group, Tatts (TTS).

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Shares

Legal Battles Hit Tabcorp Profit

February 3, 2017 - by Glenn Dyer

A wary reception from investors to the first-half results from gambling and wagering giant Tabcorp (TAH).

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Shares

Digital Bets Pay Off For Tabcorp

August 5, 2016 - by Glenn Dyer

Tabcorp’s digital-betting business has recorded strong growth, but the company’s full-year profit was hit by the cost of defending legal proceedings and its new UK joint venture Sun Bets.

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Shares

Tabcorp Profit Up 14.7%

August 14, 2015 - by Glenn Dyer

Wagering group Tabcorp (TAH) could have done with some of the earnings oomph from its one time stablemate Echo Entertainment (EGP) in the year to June.

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Shares

Tabcorp Promises Dividend Lift For 2015

August 8, 2014 - by Glenn Dyer

Gambling group Tabcorp (TAH) has lifted its full year profit 3%, despite a slide in revenue, but is forecasting a small lift in dividends in the 2015 financial year.

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Shares

Tabcorp Posts Weak Result

February 7, 2014 - by Glenn Dyer

Australians don’t seem to be gambling as much, judging by the interim results of Echo Entertainment (EGP) on Wednesday and its former stablemate, Tabcorp (TAH), yesterday.

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Shares

Updates: Tabcorp’s 3rd Revenues Up

April 14, 2011 - by Glenn Dyer

Gambling giant Tabcorp Holdings yesterday has reported a 5.4% rise in normalised net revenue for the March quarter.

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Shares

Results: Market Tick For Tabcorp Interim

February 4, 2011 - by Glenn Dyer

Gaming company Tabcorp Holdings has posted half-year net profit up 2.9% on the first half of 2009-10.

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Shares

Splits: Tabcorp, A Split, Issue And CEO To Go

October 19, 2010September 5, 2018 - by Glenn Dyer

So, expect Tabcorp Holdings to come under speculative pressure from punters tipping some corporate action after yesterday’s big announcement of a demerger, capital raising and the departure of the CEO.

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Paxalisib Misses AGILE Hurdle, but Very Significant Value Remains

Investors Over-React, Smart Ones Will Profit

Kazia Therapeutics (KZA) announced yesterday morning that paxalisib did not meet the threshold to move into stage 2 of the GBM AGILE clinical trial (NCT03970447). The study was an adaptive trial designed to assess the potential of new therapeutics to treat the highly aggressive brain cancer glioblastoma (GBM) in a cost-effective manner. Demonstrating efficacy in GBM is an extremely high hurdle as shown by the fact that there is only one approved drug for the disease, temozolomide, and it is only effective in 1/3 of patients.

Given the high nature of the hurdle, in our original initiating coverage report on KZA, we only gave paxalisib a small chance of returning a positive result from the overall study. That is the nature of drug development with one group estimating only 6% to 7% of new chemical entities that commence clinical trials reach launch (Dowden & Munro (2019) Nat Rev Drug Discov). The small percentage that do make it to launch, however, more than make up for the cash spent on those that don’t.

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    The Cash keeps coming

    Terracom will report their FY2022 results in September 2022. In the last two months there have been a number of company announcements that have given us improved visibility on our earnings forecasts and valuation metrics so we have taken this opportunity to update our numbers.

    With the combination of geopolitical factors in the northern hemisphere as well as disruption from other supply regions, we believe the visibility on export coal prices over the next 12 months has also improved since our March note.

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      Acquisitions underpin strong near term growth opportunities not reflected in share price

      Stealth Global Holdings (SGI) provides direct exposure to the growing industrial consumables market, driven by favourable conditions across key industries, expanding industrialisation and improving workplace safety regulations. Around 95% of revenue is attributable to non-discretionary items.

      Based on our current forecasts, we derive a DCF equity value for SGI of $0.33 per share, with potential upside if full synergies can be extracted. We note SGI is currently trading on very undemanding forward multiples.

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        4Q reveals more focus on profit and cash flow

        • LBY’s 4Q FY22 quarterly activities update showed continued solid growth in top line metrics, albeit slowing, with GMV of NZ$203m (+26% on pcp) and income of NZ$12.1m (+23% on pcp).
        • Net Transaction Margin (NTM) disappointed at -0.5%, due to further increase in credit losses from 4.0% to 4.9% of GMV. However, new fraud and credit risk management tools have seen losses recover materially with NTM back to 1.2% in March and LBY is confident of further recovery in coming months.

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          Signs MOU with Ford Company – Kachi is now sold out!

          Lake Resources (LKE. ASX) – LKE has signed two non-binding MOU’s in the space of 10 days. Ford Company (Ford) has signed an MOU for ~25,000t/year and last week Hanwa, a Japanese commodity trader signed a MOU for up to 25,000t/year. Subject to execution, this is an amazing feat as Ford and Hanwa are prepared to enter into longer-term strategic partnerships with LKE. Commercial negotiations are still ongoing but are expected, especially if Ford & Hanwa inject new equity into LKE, to further de-risk the project financing & thus ensure LKE and Kachi are fully funded.

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            Strategic Vanadium-battery growth with Titanium & Iron earnings resiliency

            TNG Ltd is an ASX-listed technology owner and developer of the world-class Mount Peake near-surface vanadiferous titanomagnetite deposit. To unlock value, TNG will concentrate ore from its central Northern Territory mine for processing through its patented TIVAN® process produce three premium quality revenue streams: hi-purity vanadium pentoxide (V2O5) for steel alloys and Vanadium Redox Flow batteries, a quality titanium pigment for paints and a premium steel input with >64%Fe iron ore fines.

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              Promising exploration and development update while SOP prices continue to rise

              Two recent gravity surveys have considerably exceeded expectations and revealed potential for extensions to the existing MRE at Lake Throssell, plus a material growth opportunity at Lake Yeo. This reinforces the potential for a multi-decade, Tier-1 SOP production hub based around Lake Throssell.

              TMG is currently completing work towards the PFS due early 2023, including drilling to start in Q3 2022, evaporation trials and permitting activities. Results from these programs will support the PFS and any future resource upgrade.

              Benchmark SOP prices have risen to ~US$940/t due to recent geopolitical developments. The Oct 2021 Scoping Study assumed a SOP price of US$550/t and contained a sensitivity analysis showing every 10% increase in price drives a +$144m increase in the project NPV of $364m. The c.70% increase above the Scoping Study thus implies a project NPV of ~$1.4bn.

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                Biopharmas Hit, but Buying Opportunities Created

                The news being reported about the performance of biotechnology has been dour, to say the least, for some time now. Those dour articles have been deserved with the iShares Biotechnology Exchange-Traded Fund down 25% and the SPDR® S&P® Biotech ETF is down 45% from their highs. However, those articles are backward-looking, and successful investors need to be looking forward.

                Recently, however, an article in Nature Reviews Drug Discovery caught our eye which we believe should point the way forward for the vast majority of Australian biotechnology investors. This article indicates that, at least, two companies, Antisense Therapeutics (ANP) and Kazia Therapeutics (KZA), are right in the sweet spot in terms of the future of drug development.

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                  Hitting goals – Making four material announcements

                  We initiated on Magnis Energy Technologies (MNS.ASX) in December 2021 and since then, MNS has made four material announcements. Firstly; a conditional offtake contract for 600,000t of graphite concentrate from the Tanzanian Nachu Project (net 100%) was signed with Traxys, a global
                  commodities merchant with annual revenue of ~US$6Bn; secondly; semi autonomous production has started at battery gigafactory iM3NY, thirdly;
                  exciting Extra Fast Charge battery tests were reported and most recently, the game changing launch of the Lithium Slim Energy Reserve battery platform, which supports C4V’s growing EFC capability.

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                    Increasing our Target

                    Despite the lower realised oil and gas price, which fell by 5.4% and 19.7% respectively in August, Calima managed to show improvement in its key business metrics.

                    We expect higher production in November due to the contribution by the new Thorsby wells which will be drilled in August/September which will see Calima meet its 2021 production guidance of 4,500 boe/d.

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                      Emerging Financial Wealth Advisory Group

                      WT Financial Group Limited (WTL) is a growing diversified financial services company, founded in 2010 and listed on the Australian Stock Exchange (ASX) in 2015. Its advice and product offerings are delivered primarily through a group of independent financial advisers operating as authorised representatives of WTL under its Wealth Today Pty Ltd (Wealth Today) and Sentry Group Pty Ltd (Sentry Group) dealer group operations. It has around 275 advisers across more than 200 financial advice practices Australia-wide. It also operates a direct-to-consumer operation under its Spring Financial Group brand.

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                        Immutep Taking the Fight to Cancer

                        In May 2021, Corporate Connect analyst Marc Sinatra published a comprehensive research report on ASX-listed biotech Immutep Ltd (ASX: IMM). So impressed was he with IMM that Corporate Connect felt it imperative that a follow-up report be released placing a valuation on the company, because the market was not seeing the vast potential of eftilagimod alpha (efti).

                        This follow-up report has been released today. Using comparables, after adding cash back to their EV estimate and dividing by the total number of issued shares, Corporate Connect now places the fair value of an Immutep share at $A2.20.

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                          Phillips 66 to acquire 16% in NVX – 12-month target price rises 7% through project de-risking

                          Phillips 66 (PSX) has entered into an agreement with NVX to acquire 77.9m new shares for US$150m (A$203m). PSX is the worlds largest producer of speciality petroleum coke a precursor for battery grade synthetic graphite anode materials found with an Enterprise Value of US$47.5Bn and assets of US$57Bn.

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                            Market leading lifelong learning platform technology company in Australia and SE Asia

                            PayGroup (PYG) delivers multi-country BPO services and cloud SaaS HCM solutions, assisting companies to manage employees in multiple, complex jurisdictions. The company has many growth opportunities, including new clients, new jurisdictions, new products, partner expansion, and new revenue sources. PYG’s scalable business model allows operating leverage and with savings from in-housing third party technology, support margin expansion.

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                              Market leading lifelong learning platform technology company in Australia and SE Asia

                              OpenLearning (OLL) is a higher education technology company that operates a scalable online learning platform through a software-as-a-service (SaaS) business model and provides a global marketplace of high quality courses for learners of all levels. Its primary customers are education providers based in Australia and South-East Asia (primarily Malaysia). OLL started operations in Australia in 2012 and expanded to Malaysia in 2015, Singapore in 2018, and recently also Indonesia.

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