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Undervalued
Morningstar Quantitative Rating as of 28 OCT 2026.
Quantitative Equity Rating Methodology – view here
Five-star price 63.69 Fair value 67.52 One-star price 71.59
Morningstar Quantitative Rating as of 28 OCT 2026.
Morningstar Quantitative Rating as of 28 OCT 2026. The slider runs from the five-star price (63.69) to the one-star price (71.59).
| Ratios |
|---|
| Currency (Price/reporting): AUD/AUD |
| Exchange Rate: 1.0000 |
| Price - closing or last bid | 63.23 |
| Price - 12 month high | 66.92 |
| Price - 12 month low | 44.18 |
| Pricing date | 28 OCT 2026 |
| Volume - avg. trading volume for the last ten days | 1.21 |
| Market capitalization | 37,454.20 |
| 12 Month High price date | 5 AUG 2026 |
| 12 Month Low price date | 19 MAR 2026 |
| Volume - avg. trading volume for the last 3 months | 1.25 |
| Price - 1 Day % Change | 0.94% |
| Price - 13 week price percent change | -0.88% |
| Price - 26 week price percent change | 36.86% |
| Price - 5 Day % Change | -0.66% |
| Price - 52 week price percent change | -4.60% |
| Price - YTD price percent change | 8.68% |
| Price % Change Month To Date | 8.29% |
| EPS excluding extraordinary items - most recent fiscal year | 1.888 |
| EPS excluding extraordinary items - trailing 12 month | 2.375 |
| EPS Normalized - most recent fiscal year | 2.472 |
| Revenue/share - most recent fiscal year | 10.039 |
| Revenue/share - trailing 12 month | 10.148 |
| Book value per share - most recent fiscal year | 10.630 |
| Book value per share - most recent half-year | 10.236 |
| Book value (tangible) per share - most recent fiscal year | 2.616 |
| Book value (tangible) per share - most recent half-year | 2.209 |
| Cash per share - most recent fiscal year | 2.078 |
| Cash per share - most recent half-year | 1.063 |
| Cash Flow per share - most recent fiscal year | 3.083 |
| Cash Flow per share - trailing 12 month | 3.196 |
| Dividend per share - most recent fiscal year | — |
| Dividends per share - trailing 12 month | 0.990 |
| EBITD per share - trailing 12 month | 4.507 |
| EPS Basic excluding extraordinary items - most recent fiscal year | 1.897 |
| EPS Basic excluding extraordinary items - trailing 12 month | 2.384 |
| EPS including extraordinary items - most recent fiscal year | 2.628 |
| EPS including extraordinary items - trailing 12 month | 2.394 |
| Free Cash Flow per share - trailing 12 month | 2.504 |
| P/E excluding extraordinary items, most recent fiscal year | 26.63 |
| P/E Normalized, most recent fiscal year | 24.33 |
| Price to sales - most recent fiscal year | 6.23 |
| Price to Tangible Book - most fiscal year | 28.63 |
| Price to Free Cash Flow per Share - most recent fiscal year | 25.25 |
| Price to Cash Flow per share - trailing 12 month | 19.78 |
| Price to Book - most recent fiscal year | 6.18 |
| P/E excluding extraordinary items high, trailing 12 months | 37.40 |
| P/E excluding extraordinary items low, trailing 12 months | 20.52 |
| Net Debt, LFI | 1,240.00 |
| Net Debt, LFY | 738.80 |
| Dividend Yield - 5 Year Average | 1.34% |
| Dividend Yield - indicated annual dividend divided by closing price | 1.55% |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 1.57% |
| Free Cash Flow - most recent fiscal year | 1,475.40 |
| LT debt/equity - most recent fiscal year | 28.54% |
| Payout ratio - most recent fiscal year | — |
| Total debt/total equity - most recent fiscal year | 30.96% |
| LT debt/equity - most recent half-year | 28.16% |
| Total debt/total equity - most recent half-year | 30.65% |
| Free Cash Flow - trailing 12 month | 1,552.30 |
| Payout ratio - trailing 12 month | — |
| Revenue - most recent fiscal year | 6,297.00 |
| Revenue - trailing 12 month | 6,290.70 |
| EBITD - most recent fiscal year | 2,454.70 |
| EBITD - trailing 12 month | 2,794.20 |
| Earnings before taxes - most recent fiscal year | 1,818.80 |
| Earnings before taxes - trailing 12 month | 2,163.20 |
| Net Income available to common - most recent fiscal year | 1,640.30 |
| Net Income available to common - trailing 12 months | 1,475.50 |
| Earnings before taxes Normalized - most recent fiscal year | 1,985.30 |
| Net Income Available to Common, Normalized - most recent fiscal year | 1,550.70 |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | 2.60 |
| Net Profit Margin % - 1st historical fiscal year | 18.80% |
| Net Profit Margin % - trailing 12 month | 23.39% |
| Operating margin - 1st historical fiscal year | 30.44% |
| Operating margin - trailing 12 month | 29.82% |
| Pretax margin - trailing 12 month | 34.39% |
| Pretax margin - 1st historical fiscal year | 28.88% |
| Operating Margin - 5 year average | 27.36% |
| Pretax Margin - 5 year average | 24.67% |
| Free Operating Cash Flow/Revenue, 5 Year Average | 21.27% |
| Free Operating Cash Flow/Revenue, TTM | 24.68% |
| Net Profit Margin - 5 year average | 19.19% |
| Return on average assets - most recent fiscal year | 11.18% |
| Return on average assets - trailing 12 month | 14.19% |
| Return on average equity - most recent fiscal year | 17.74% |
| Return on average equity - trailing 12 month | 22.16% |
| Return on average assets - 5 year average | 11.96% |
| Return on average equity - 5 year average | 20.76% |
| Net Income/employee - most recent fiscal year | — |
| Revenue/employee - most recent fiscal year | — |
| Revenue growth rate, 5 year | 8.75% |
| EPS growth rate, 5 year | 3.98% |
| Growth rate% - dividend, 3 year | 18.26% |
| Revenue/share (5 yr growth) | 9.20% |
| Growth rate% - Revenue, 3 year | 4.15% |
| Growth rate% - EPS, 3 year | 22.49% |
| Book value per share growth rate, 5 year | 16.47% |
| Capital Spending growth rate, 5 year | 13.09% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | 20.86% |
Financial forecast (AUD, millions except per share)
| Actuals | Estimates | |||||||
| 2025 | 2026 | 2027 | 2028 | |||||
| Estimate breakdown | ||||||||
Financials (AUD, millions)
| Period end: | SEP 21 | SEP 22 | SEP 23 | SEP 24 | SEP 25 |
| Fiscal year: | 2021 | 2022 | 2023 | 2024 | 2025 |
| Period length: | 12 months | 12 months | 12 months | 12 months | 12 months |
Announcements
| DATE | TIME | HEADING | PAGES |
| Price sensitive |
We covered ALL excellent 1H result here, which saw with earnings and margins ahead of expectations plus an expansion of the buyback by another $1bn, there was nothing not to like. We’ve included ALL today as it's followed the movement in bond yields closely in 2026, but over a longer timeframe the correlation is far less pronounced, illustrating the classic phrase: "There are three kinds of lies: lies, damned lies, and statistics."
ALL +13.28%: delivered a good 1H result, with earnings and margins ahead of expectations despite revenue coming in slightly light. The key positive was continued market share gains in Gaming alongside another major increase to the buyback program.
Aristocrat does not report in this cycle (March yearend) however they provided a trading update at their AGM which was void of an upgrade, which many in the market were expecting, triggering a sharp pullback in the share price. Guidance was more heavily weighted to the second half, a similar story to ING, while ongoing investment in Interactive weighed on near-term earnings expectations.
We are making several changes to the Growth Portfolio this morning.
ALL -8.85%: Reported 1H25 results today that underwhelmed, driven by weakness in its gaming operations which saw revenue increase by a very lacklustre 2.4% for the year. Shares were down over 13% at their worst, which was an overreaction to a 9% miss at the earnings line, though clearly ALL is a very ‘owned’ stock.
ALL has now corrected over 30%, more than we anticipated when we switched into the stock last week when it was already down significantly. The company has delivered exceptionally well over recent years, and it currently generates almost 50% of its revenue from the US.
We are making 2 changes to the growth portfolio today.
It should come as no surprise that ALL again features in today's report and it has been added to our Active Growth Portfolio Hitlist.
Gaming company ALL was the proverbial one that got away for MM in 2024, as we were too slow to press the “Buy” button before the stock surged higher following a strong result in May.
MM is bullish towards ALL around $65
MM is cautiously bullish towards Aristocrat ~$52
MM is bullish toward ALL
MM is bullish towards ALL around $47
MM is considering switching ALL into WTC
MM are selling ALL in the Active Growth Portfolio, taking a small loss around $63.00
MM remains positive on ALL ~$60
MM remains bullish ALL
MM remains bullish ALL
MM are buying ALL in the Active Growth Portfolio, allocating 5% around $64.15
Aristocrat Leisure is an electronic gaming machine manufacturer that sells machines to pubs, clubs, and casinos. The firm is licensed in all Australian states and territories, North American jurisdictions, and essentially every major country. Aristocrat is one of the top three largest players in the space along with International Game Technology and Light & Wonder. The company also develops and distributes mobile games, principally in the social casino niche. The more nascent iGaming business sits between these two businesses, providing digital content and capabilities to real-money gaming providers.
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