Financials The Lottery Corporation Limited

Equities

TLC

AU0000219529

Casinos & Gaming

Market Closed - Australian S.E. Other stock markets 11:40:31 06/05/2024 am IST			5-day change	1st Jan Change
4.95 ^AUD	+1.02%		+1.64%	+2.27%

03/05	China's Appetite for Playing Lottery Increases in March	MT
26/04	NeoGames Closes $1.2 Billion Sale of Company to Luxembourg's Aristocrat Leisure	MT

Valuation

Fiscal Period: June	2022	2023	2024	2025	2026
Capitalization ¹	10,033	11,418	10,906	-	-
Enterprise Value (EV) ¹	12,106	13,444	12,856	12,780	12,726
P/E ratio	29 x	43.1 x	28.5 x	26.7 x	24.5 x
Yield	-	2.73%	3.36%	3.62%	3.92%
Capitalization / Revenue	3.06 x	3.25 x	2.84 x	2.74 x	2.63 x
EV / Revenue	3.69 x	3.83 x	3.35 x	3.22 x	3.07 x
EV / EBITDA	17.4 x	18.8 x	16.3 x	15.5 x	14.6 x
EV / FCF	20.2 x	35.7 x	26.7 x	26.2 x	23.9 x
FCF Yield	4.96%	2.8%	3.74%	3.82%	4.18%
Price to Book	41.4 x	43.1 x	31.8 x	30.2 x	28 x
Nbr of stocks (in thousands)	22,19,752	22,25,772	22,25,772	-	-
Reference price ²	4.520	5.130	4.900	4.900	4.900
Announcement Date	23/08/22	22/08/23	-	-	-

¹AUD in Million²AUD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: June	2022	2023	2024	2025	2026
Net sales ¹	3,279	3,513	3,834	3,974	4,144
EBITDA ¹	694	713.2	789.6	825.2	873.4
EBIT ¹	547.8	615	679.9	712.9	760
Operating Margin	16.71%	17.51%	17.73%	17.94%	18.34%
Earnings before Tax (EBT) ¹	526.3	386.5	541.8	590.6	640
Net income ¹	346.6	264.8	388.1	407.5	440.9
Net margin	10.57%	7.54%	10.12%	10.25%	10.64%
EPS ²	0.1560	0.1190	0.1718	0.1834	0.1998
Free Cash Flow ¹	600	376.9	481	487.8	531.5
FCF margin	18.3%	10.73%	12.55%	12.27%	12.83%
FCF Conversion (EBITDA)	86.46%	52.85%	60.92%	59.11%	60.85%
FCF Conversion (Net income)	173.11%	142.33%	123.95%	119.7%	120.54%
Dividend per Share ²	-	0.1400	0.1648	0.1771	0.1921
Announcement Date	23/08/22	22/08/23	-	-	-

¹AUD in Million²AUD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: June	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2
Net sales ¹	1,784	1,495	1,920	1,593	1,885	1,915
EBITDA ¹	353	341	409.4	303.8	399.1	350.9
EBIT ¹	313	234.8	360.8	254.2	347	337
Operating Margin	17.54%	15.71%	18.79%	15.96%	18.41%	17.6%
Earnings before Tax (EBT)	-	254.3	-	-	-	-
Net income	-	158.6	172.9	91.9	217.4	-
Net margin	-	10.61%	9%	5.77%	11.53%	-
EPS	-	0.0710	-	-	-	-
Dividend per Share ²	-	-	-	0.0600	-	0.0780
Announcement Date	31/03/22	23/08/22	22/02/23	22/08/23	20/02/24	-

¹AUD in Million²AUD

Estimates

Balance Sheet Analysis

Fiscal Period: June	2022	2023	2024	2025	2026
Net Debt ¹	2,073	2,025	1,949	1,874	1,820
Net Cash position ¹	-	-	-	-	-
Leverage (Debt/EBITDA)	2.987 x	2.84 x	2.469 x	2.271 x	2.084 x
Free Cash Flow ¹	600	377	481	488	531
ROE (net income / shareholders' equity)	135%	104%	128%	126%	126%
ROA (Net income/ Total Assets)	10%	6.17%	10.6%	11.4%	12.3%
Assets ¹	3,464	4,294	3,674	3,575	3,596
Book Value Per Share ²	0.1100	0.1200	0.1500	0.1600	0.1800
Cash Flow per Share ²	0.2800	0.2100	0.2400	0.2500	0.2600
Capex ¹	24.4	79.6	69.4	71.2	73.9
Capex / Sales	0.74%	2.27%	1.81%	1.79%	1.78%
Announcement Date	23/08/22	22/08/23	-	-	-

¹AUD in Million²AUD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for The Lottery Corporation Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

4.9 AUD

Average target price

5.407 AUD

Spread / Average Target

+10.35%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Other Casinos & Gaming

	1st Jan change	Capi.
THE LOTTERY CORPORATION LIMITED	+2.27%	7.21B
FLUTTER ENTERTAINMENT PLC	+12.66%	35B
EVOLUTION AB	+0.48%	23.58B
SANDS CHINA LTD	-11.16%	20.98B
GALAXY ENTERTAINMENT GROUP LIMITED	-14.40%	20.98B
DRAFTKINGS INC.	+18.64%	19.92B
ARISTOCRAT LEISURE LIMITED	-3.36%	16.73B
CHURCHILL DOWNS INCORPORATED	-0.67%	9.85B
MGM CHINA HOLDINGS LIMITED	+47.93%	7.26B
LA FRANÇAISE DES JEUX	+3.78%	6.94B

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