Company Valuation: Tabcorp Holdings Limited

Data adjusted to current consolidation scope
Fiscal Period: June 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 11,481 2,368 2,468 1,593 1,630 1,874 - -
Change - -79.38% 4.23% -35.44% 2.32% 15.01% - -
Enterprise Value (EV) 1 13,713 2,485 2,749 2,424 2,256 2,422 2,339 2,263
Change - -81.88% 10.63% -11.84% -6.92% 7.38% -3.43% -3.26%
P/E 42.1x 0.35x 38.3x -1.17x 44.7x 37.1x 21.4x 18.6x
PBR 1.71x 0.87x 0.95x 1.27x 1.3x 1.49x 1.48x 1.47x
PEG - 0x -0.4x 0x -0x 1x 0.3x 1.2x
Capitalization / Revenue 2.02x 1x 1.01x 0.68x 0.62x 0.71x 0.69x 0.67x
EV / Revenue 2.41x 1.05x 1.13x 1.04x 0.86x 0.91x 0.86x 0.81x
EV / EBITDA 12.4x 6.51x 7.03x 7.63x 5.76x 5.76x 5.29x 5.01x
EV / EBIT 18.9x 26.1x 18.3x 24.9x 12x 11.9x 10.4x 9.74x
EV / FCF 25.5x 4.65x -35.4x 28.6x 7.81x 12.4x 10.2x 9.04x
FCF Yield 3.92% 21.5% -2.82% 3.5% 12.8% 8.04% 9.78% 11.1%
Dividend per Share 2 0.145 0.13 0.023 0.013 0.02 0.0267 0.0323 0.035
Rate of return 2.8% 12.2% 2.07% 1.86% 2.8% 3.25% 3.94% 4.27%
EPS 2 0.123 3.05 0.029 -0.596 0.016 0.0221 0.0383 0.0441
Distribution rate 118% 4.26% 79.3% -2.18% 125% 121% 84.5% 79.5%
Net sales 1 5,686 2,373 2,434 2,339 2,615 2,649 2,732 2,792
EBITDA 1 1,107 381.6 391 317.7 391.5 420.6 442.6 451.9
EBIT 1 724 95.2 150.5 97.4 188.7 203.7 225.3 232.4
Net income 1 269 6,776 66.5 -1,360 36.6 53.36 83.34 99.6
Net Debt 1 2,232 117.6 281.7 830.7 626.1 547.9 465 388.8
Reference price 2 5.1800 1.0650 1.1100 0.7000 0.7150 0.8200 0.8200 0.8200
Nbr of stocks (in thousands) 2,216,316 2,223,114 2,223,114 2,275,721 2,279,558 2,285,954 - -
Announcement Date 17/08/21 23/08/22 23/08/23 27/08/24 26/08/25 - - -
1AUD in Million2AUD
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
37.09x0.91x5.76x3.25% 1.3B
14.51x3.03x7.76x2.46% 30.94B
22.53x0.88x3.39x-.--% 11.99B
21.94x2.64x8.65x1.01% 10.2B
19.09x1.89x5.72x6.45% 5.8B
18.74x3.54x9.59x0.97% 2.2B
9.58x1.45x5.97x1.54% 2.13B
10.41x1.45x6.55x5.89% 1.93B
12.14x1.32x6.52x1.2% 740M
Average 18.45x 1.90x 6.66x 2.53% 7.47B
Weighted average by Cap. 17.74x 2.35x 6.86x 2.17%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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