ALL: Investor Day - Reiteration of Full Year Earnings Guidance and Targets

研报英文原文证据摘录

ALL: Investor Day - Reiteration of Full Year Earnings Guidance and Targets

Aristocrat Leisure Limited

Target/Upside/Downside Scenarios Investment summary

Our Outperform rating is underpinned by robust forecast EPSAristocrat Leisure Limited

growth, resilient global gaming markets, Aristocrat's market

90 125 Weeks 08FEB24 - 01JUL26 leading positions in North America and ANZ, strong free

80 cashflow generation and an undergeared balance sheet.

70 TARGETTARGET 66.0066.00 Risks to rating and price target

60 CURRENTCURRENT 59.9859.98 Changes to consumer demand: Gaming machine demand

50 tends to be driven by the financial position of the customer

40 and general economic conditions. A strong financial position

30 and benign economic conditions will lead to higher demand

20m 15m for gaming machines under both a Gaming Ops and Outright

10m 5m Sales model and vice versa.

2024 2025 2026

F M A M J J A S O N D J F M A M J J A S O N D J F M A M J

ALL AU Rel. AUSTRALIAN ALL ORDINAIRES MA 40 weeks Changes in consumer preferences: Changes in consumer

Source: Bloomberg and RBC Capital Markets estimates for Target preferences will influence the types of gaming machines that

Valuation casino customers will purchase.

We value Aristocrat using a blended average of our DCF Changes in the degree of competition: The Gaming, iGamingand sum-of-the-parts valuations, which is derived from peer and Social Casino markets are very competitive and changes inaverages. Our DCF valuation utilises a WACC of 8.5% and a the degree of competition will influence volumes and pricing.terminal growth rate of 2.5%. Our price target of $66 supports The Social Casino sector has been impacted by competitionour Outperform rating. from online sweepstakes casinos, however, some US states are