TLC is a $9bn Lotteries & Keno business that was spun out of Tabcorp earlier in the year, delivering its first set of FY22 results last month which included revenue up over 11% to $3.27bn and a NPAT of $373mn. The stocks not overly cheap trading on 27.8x Est 2023 earnings and it’s hard to see a significant catalyst that will propel the stock higher into 2023 – although gambling businesses love a recession!
- We cannot get excited about TLC above $4 for the foreseeable future.
MM is neutral TLC
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