Aristocrat Leisure: Four things worth knowing from Investor Day

研报英文原文证据摘录

Aristocrat Leisure: Four things worth knowing from Investor Day

S Cons.

current top performing core games; (3) adjacencies market share 16% vs broader share 09/26E 2.59 2.58

much higher. 09/27E 2.83 2.87

09/28E 3.26 3.28

3. AI as an 'accelerator' of the strategy, 'not our strategy'

Andre FromyhrAI was a focus area for the briefing, a topic we see as more opportunity than threat for

Analyst

the incumbent slot suppliers. Aristocrat shared 3 proof points supporting productivity andre.fromyhr@ubs.com

opportunities: (1) AI attributed to a more-than-doubling of creative asset produced per +61-3-9242-6470

designer (2021-25), (2) shortening cinematic content development from 6-12mths (in-

Bradley Becketthouse) to 6-8 weeks, (3) reducing game porting time (across channels) by up to 75%.

The perceived risks of AI remain hard to disprove, especially IP protection from AI agents bradley.beckett@ubs.com

and rising competitive intensity in iGaming and social casino channels. +61-3-9242 6008

Rae El Adam

4. Social casino remains strategically important, despite industry pressures

Associate Analyst

Aristocrat emphasised Product Madness's role in the multi-channel R&D and distribution rae.el-adam@ubs.com

business model, despite difficult market conditions meaning market share gains are +61-3-9242 6180

needed to deliver revenue growth. Aristocrat estimates that the social casino market will

decline -3%pa from 2025-2030 (UBSe Product Madness revenue +2%pa FY25-30). Our

longer-term revenue growth assumption of +1%pa assumes the market stabilises.

12m price target A$69.40 per share (unchanged)

Our 12 month price target of A$69.40 per share is based on our DCF sum-of-parts of

$65.70 that is rolled forward at the cost of equity less dividends paid.