Australian Research at a Glance - June 29, 2026

研报英文原文证据摘录

Australian Research at a Glance - June 29, 2026

AUSTRALIAN RESEARCH AT A GLANCE

Company Comments

Mark Wilson, CFA (Analyst) Aristocrat Leisure Limited (ASX: ALL; 58.69)

+612 9033 3023; mark.wilson@rbccm.com Published June 26 2026 03:00:53 EDT

Siofra Mcelhinney (Associate)

+61 2 9033 3068; siofra.mcelhinney@rbccm.com Reiterating our Outperform rating ahead of the Investor Day

Rating: Outperform

Price Target: 66.00 ↑ 61.00

Our view: We reiterate our Outperform rating ahead of the company's Investor Day

on July 1 as the company's recently released US Gaming Ops games are performing

strongly, US gaming spend remains buoyant, the company is executing well in

Australia and the company will be a beneficiary of the lower AUD. We have raised

our earnings estimates by 3-5% over the forecast period and we have raised our

valuation by 8% to $66. Valuation remains attractive with 14% implied upside and

the stock is trading on an FY27e P/E multiple of 19.3x.

Industry Comments

Owen Birrell (Analyst) Climbing the property ladder - What is BSL's surplus land

+61 3 8688 6519; owen.birrell@rbccm.com portfolio worth?

Published June 26 2026 03:12:27 EDT

Australian Steel Spread (Jun-26)

This month: In this month's 'Australian Steel Spread' we review BSL's property

portfolio; On a sum of the parts (SOTP) valuation approach, we believe the 1,200ha

portfolio of surplus property is valued at ~$1.3bn on an undeveloped basis, with

potential upside to reach $2.7bn over time once portions of the surplus portfolio

are developed.

Across our coverage, we remain constructive on Bluescope Steel (BSL, Outperform,

PT $38.25), which is benefitting from: (i) recent elevation in global steel prices and

spreads; (ii) internal productivity improvement; and (iii) upside property valuation

potential.