In a dramatic announcement just after 5 p.m. Thursday, Tabcorp (ASX:TAH) announced that it and CEO Adam Rytenskild were parting ways after the company’s board became aware of "inappropriate and offensive language used by Mr. Rytenskild in the workplace.”
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Twelve days ago, Tabcorp (ASX:TAH) surprised the market with a gloomy first-quarter update.
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High-interest rates, rising mortgage costs, and inflation have combined to take a significant toll on the gaming market, foreshadowing weak racing seasons in Sydney and Melbourne over the next month. This comes after Tabcorp surprised investors with a rare trading update that revealed a decline in revenues across its divisions during the first three months of the new financial year.
Read MoreA further flurry of earnings reports released Tuesday, including from wagering group Tabcorp Holdings, car dealer Peter Warren, online jobs market Seek and property giant Stockland.
Read MoreFinancial intelligence watchdog AUSTRAC has decided to take a close look at the local bookmaking activities of Entain, one of the world’s biggest gambling businesses.
Read MoreOutperform retained. Target rises to $1.30 from $1.25.
Read MoreBudget 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.
Read MoreThe rating is upgraded to Outperform from Neutral and the target price increases to $6.20 from $5.70.
Read MoreTabcorp 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.
Read MoreShareholders 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.
Read MoreDid 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?
Read MoreTabcorp 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.
Read MoreA 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.
Read MoreThe target rises to $5.11 from $4.04 and the rating of Hold is unchanged.
Read MoreThe 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.
Read MoreUK 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.
Read MoreRating is upgraded to Outperform from Neutral and the target increased to $5.70 from $4.60.
Read MoreShares 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.
Read MoreThe 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.
Read MoreYesterday’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.
Read MoreShares 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.
Read MoreUBS 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.
Read MoreCoronavirus 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.
Read MoreTabcorp 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.
Read MoreA 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.
Read MoreTabcorp is facing a challenging year, cycling a fortunate run of lottery jackpots amid wagering retail venue closures and an uncertain outlook for sports betting.
Read MoreTabcorp 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.
Read MoreCredit 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.
Read MoreTabcorp’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?
Read MoreCredit Suisse suspects the company may need equity of $500m, although it acknowledges it does not have a liquidity issue.
Read MoreMore 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.
Read MoreDespite 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.
Read MoreTabcorp’s result missed the broker at the headline but the detail within the numbers was positive.
Read MoreAs a result capable of showing us how the merger with Tatts is going, the 2017-18 figures from Tabcorp was next to useless.
Read MoreTabcorp shares fell nearly 7% yesterday after releasing a less than stellar first half result.
Read MoreSo 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).
Read MoreA wary reception from investors to the first-half results from gambling and wagering giant Tabcorp (TAH).
Read MoreTabcorp’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.
Read MoreWagering 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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DOWNLOAD RESEARCH REPORTSecures binding contract with Tier-1 OEMUS based anode active project gathers momentumMagnis Energy Technologies (MNS.ASX) – MNS is planning an anode active facility in the US and recently announced a binding, yet conditional, contract for the supply of anode active with Tesla. The contract is for a minimum 17.5kt/year with an option to purchase another 17.5t/year. Conditions precedent carry a tight development timeframe, with first production scheduled for February 2025. Site selection is underway and co-locating with an OEM on a brownfields site makes sense. Long lead items have been ordered and detailed engineering and design is expected to commence soon. |
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December Quarterly Report: Q2 FY2023Looking past the rain – there’s a rainbow.TerraCom released their operating results for the December quarter FY2023 with operating metrics being in line with our forecasts. Unseasonal rains in both Australia and South Africa contributed to operational and logistical issues across all mines, however guidance for annual production at Blair Athol is unaffected and highlights the quality of TerraCom’s skills in operational management. We continue to like the stable operating metrics around the company’s Australian operations and see potential for the South African operations to benefit from increased management focus given the rationalisation of operations following the closure of the Ubuntu mine. Corporate Connects overall financials remain unchanged as does our target price of $1.35 share. We maintain our forecast for a fully franked quarterly dividend of 7.5c/share to be paid in the March and June quarters of FY2023. |
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DOWNLOAD RESEARCH REPORTHigh performance synthetic anode & cathode materials Building a US based materials supply chainNOVONIX (ASX:NVX) – is scaling a synthetic anode materials plant in the US and piloting nickel rich cathode material in Canada. Why? China is dominant and growing – 100% of global natural anode and 68% of synthetic anode is refined in China. In short, China controls the global midstream battery chain by controlling 60% of chemical refining, 87% of anode manufacturing, 61% of cathode manufacturing and 73% of battery manufacturing. It is global battery supply and price domination at scale. |
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DOWNLOAD RESEARCH REPORTAntisense Therapeutics (ANP) Taking a Quick Approach to Long COVIDThis report looks at the results of a collaborative study Antisense undertook which looked at the largest protein expression database in Long COVID-19 patients who experienced neurologic symptoms well after the primary or acute SARS-CoV-2 infection was considered over (Groups 1 & 2, with 48 subjects Group 2 comprising a single patient from a different clinical site). The symptoms and others experienced by such patients result in a highly significant amount of illness, possibly more than all primary SARS-CoV-2 infections i.e COVID-19. |
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DOWNLOAD RESEARCH REPORT4Q 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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DOWNLOAD RESEARCH REPORTSigns 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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DOWNLOAD RESEARCH REPORTStrategic Vanadium-battery growth with Titanium & Iron earnings resiliencyTNG 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 riseTwo 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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DOWNLOAD RESEARCH REPORTIncreasing our TargetDespite 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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DOWNLOAD RESEARCH REPORTEmerging Financial Wealth Advisory GroupWT 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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DOWNLOAD RESEARCH REPORTImmutep Taking the Fight to CancerIn 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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DOWNLOAD RESEARCH REPORTMarket leading lifelong learning platform technology company in Australia and SE AsiaPayGroup (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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DOWNLOAD RESEARCH REPORTMarket leading lifelong learning platform technology company in Australia and SE AsiaOpenLearning (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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