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Aristocrat Leisure Ltd (ASX: ALL) and Light & Wonder (ASX: LNW)

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Question asked 04/07/2026

Aristocrat Leisure Ltd (ASX: ALL) and Light & Wonder (ASX: LNW)

Hi James and Team Can I have your current view on ALL & LNW. Over the last fortnight Aristocrat has improved by about 12% while Light & Wonder has dropped by around 18%. MMatters hold LNW in your portfolio. What outlook do you have on these 2 stocks? I hold both ALL & LNW -I'm actually breakeven in ALL at the moment and 16% down in LNW - Is this consumer discretionary sector one to be in at the moment? Would you continue to hold ALL or redirect these funds into another sector of the market? Do you still prefer LNW to ALL? regards Debbie

Answer

Hi Debbie,

This is one relationship we have been monitoring carefully over the last few weeks for obvious reasons, with news flow having caused some of the change in short-term relative performance:

Aristocrat Leisure Ltd (ALL):

ALL delivered a strong result in May including a $1bn increase to the buyback.
A number of analysts upgraded the stock following the result.

Light & Wonder (LNW):

On June 15, director Jamie Odell sold shares worth $2,702,400. Insider selling at this scale is often interpreted negatively.
Ten days later, Taylor Collison analyst cut LNW to Hold from Outperform, setting a price target of A$120.30, ~15% above where the stock was trading on Friday.

At this stage LNW screens significantly cheaper than ALL whose result flagged all is well in the space but with LNW not reporting its 2Q earnings until next month any meaningful reversion is unlikely in todays markets that’s more comfortable with a degree of certainty.

We have this position under consideration, awaiting their next set of results on the 4th August before making a call.

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Aristocrat Leisure Ltd (ALL) v Light & Wonder (LNW)

LAST UPDATED 03/07/2026 12:12

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