Financials The Lottery Corporation Limited

Equities

TLC

AU0000219529

Casinos & Gaming

Market Closed - Australian S.E. Other stock markets 02:10:50 2024-06-11 am EDT			5-day change	1st Jan Change
5.17 ^AUD	0.00%		+4.44%	+6.82%

Jun. 05	China's Lottery Sales Jump Over 20% in April	MT
May. 30	Morgans Financial Upgrades The Lottery Corporation to Add From Hold; Price Target is AU$5.60	MT

Valuation

Fiscal Period: Juni	2022	2023	2024	2025	2026
Capitalization ¹	10,033	11,418	11,507	-	-
Enterprise Value (EV) ¹	12,106	13,444	13,445	13,385	13,330
P/E ratio	29 x	43.1 x	29.6 x	28.2 x	25.9 x
Yield	-	2.73%	3.24%	3.43%	3.7%
Capitalization / Revenue	3.06 x	3.25 x	2.97 x	2.89 x	2.78 x
EV / Revenue	3.69 x	3.83 x	3.47 x	3.37 x	3.22 x
EV / EBITDA	17.4 x	18.8 x	16.8 x	16.2 x	15.3 x
EV / FCF	20.2 x	35.7 x	28 x	27.4 x	25.1 x
FCF Yield	4.96%	2.8%	3.58%	3.64%	3.99%
Price to Book	41.4 x	43.1 x	33 x	31.7 x	29.6 x
Nbr of stocks (in thousands)	2,219,752	2,225,772	2,225,772	-	-
Reference price ²	4.520	5.130	5.170	5.170	5.170
Announcement Date	8/23/22	8/22/23	-	-	-

¹AUD in Million²AUD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Giugno	2022	2023	2024	2025	2026
Net sales ¹	3,279	3,513	3,875	3,977	4,138
EBITDA ¹	694	713.2	800.2	826	871.6
EBIT ¹	547.8	615	691.2	713.1	757.6
Operating Margin	16.71%	17.51%	17.84%	17.93%	18.31%
Earnings before Tax (EBT) ¹	526.3	386.5	541	589.9	640
Net income ¹	346.6	264.8	398.2	408.5	441.6
Net margin	10.57%	7.54%	10.28%	10.27%	10.67%
EPS ²	0.1560	0.1190	0.1745	0.1832	0.1998
Free Cash Flow ¹	600	376.9	481	487.8	531.5
FCF margin	18.3%	10.73%	12.41%	12.26%	12.84%
FCF Conversion (EBITDA)	86.46%	52.85%	60.11%	59.06%	60.97%
FCF Conversion (Net income)	173.11%	142.33%	120.79%	119.4%	120.35%
Dividend per Share ²	-	0.1400	0.1673	0.1775	0.1912
Announcement Date	8/23/22	8/22/23	-	-	-

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	0.0800	0.0780
Announcement Date	3/31/22	8/23/22	2/22/23	8/22/23	2/20/24	-

¹AUD in Million²AUD

Estimates

Balance Sheet Analysis

Fiscal Period: June	2022	2023	2024	2025	2026
Net Debt ¹	2,073	2,025	1,938	1,877	1,823
Net Cash position ¹	-	-	-	-	-
Leverage (Debt/EBITDA)	2.987 x	2.84 x	2.422 x	2.273 x	2.092 x
Free Cash Flow ¹	600	377	481	488	531
ROE (net income / shareholders' equity)	135%	104%	129%	124%	125%
ROA (Net income/ Total Assets)	10%	6.17%	9.25%	10%	10.7%
Assets ¹	3,464	4,294	4,307	4,077	4,113
Book Value Per Share ²	0.1100	0.1200	0.1600	0.1600	0.1700
Cash Flow per Share ²	0.2800	0.2100	0.2500	0.2400	0.2600
Capex ¹	24.4	79.6	70.2	70.4	72.6
Capex / Sales	0.74%	2.27%	1.81%	1.77%	1.76%
Announcement Date	8/23/22	8/22/23	-	-	-

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

5.17 AUD

Average target price

5.421 AUD

Spread / Average Target

+4.86%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

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