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Undervalued
Morningstar Quantitative Rating as of 28 OCT 2026.
Quantitative Equity Rating Methodology – view here
Five-star price 140.50 Fair value 162.70 One-star price 188.42
Morningstar Quantitative Rating as of 28 OCT 2026.
Morningstar Quantitative Rating as of 28 OCT 2026. The slider runs from the five-star price (140.50) to the one-star price (188.42).
| Ratios |
|---|
| Currency (Price/reporting): AUD/USD |
| Exchange Rate: 1.4234 |
| Price - closing or last bid | 125.13 |
| Price - 12 month high | 193.00 |
| Price - 12 month low | 96.79 |
| Pricing date | 28 OCT 2026 |
| Volume - avg. trading volume for the last ten days | 0.21 |
| Market capitalization | 9,356.62 |
| 12 Month High price date | 12 JAN 2026 |
| 12 Month Low price date | 7 MAY 2026 |
| Volume - avg. trading volume for the last 3 months | 0.25 |
| Price - 1 Day % Change | -2.36% |
| Price - 13 week price percent change | 7.08% |
| Price - 26 week price percent change | 7.57% |
| Price - 5 Day % Change | 1.58% |
| Price - 52 week price percent change | 8.67% |
| Price - YTD price percent change | -20.59% |
| Price % Change Month To Date | 12.58% |
| EPS excluding extraordinary items - most recent fiscal year | 3.260 |
| EPS excluding extraordinary items - trailing 12 month | 3.400 |
| EPS Normalized - most recent fiscal year | 6.690 |
| Revenue/share - most recent fiscal year | 38.988 |
| Revenue/share - trailing 12 month | 41.206 |
| Book value per share - most recent fiscal year | 3.182 |
| Book value per share - most recent half-year | 3.922 |
| Book value (tangible) per share - most recent fiscal year | -53.571 |
| Book value (tangible) per share - most recent half-year | -51.909 |
| Cash per share - most recent fiscal year | 2.169 |
| Cash per share - most recent half-year | 1.922 |
| Cash Flow per share - most recent fiscal year | 10.071 |
| Cash Flow per share - trailing 12 month | 10.732 |
| Dividend per share - most recent fiscal year | — |
| Dividends per share - trailing 12 month | 0.000 |
| EBITD per share - trailing 12 month | 13.785 |
| EPS Basic excluding extraordinary items - most recent fiscal year | 3.320 |
| EPS Basic excluding extraordinary items - trailing 12 month | 3.470 |
| EPS including extraordinary items - most recent fiscal year | 3.320 |
| EPS including extraordinary items - trailing 12 month | 3.410 |
| Free Cash Flow per share - trailing 12 month | 6.695 |
| P/E excluding extraordinary items, most recent fiscal year | 24.93 |
| P/E Normalized, most recent fiscal year | 11.74 |
| Price to sales - most recent fiscal year | 2.06 |
| Price to Tangible Book - most fiscal year | — |
| Price to Free Cash Flow per Share - most recent fiscal year | 12.66 |
| Price to Cash Flow per share - trailing 12 month | 7.90 |
| Price to Book - most recent fiscal year | 21.96 |
| P/E excluding extraordinary items high, trailing 12 months | 29.04 |
| P/E excluding extraordinary items low, trailing 12 months | 16.21 |
| Net Debt, LFI | 5,009.00 |
| Net Debt, LFY | 5,043.00 |
| Dividend Yield - 5 Year Average | — |
| Dividend Yield - indicated annual dividend divided by closing price | — |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 0.00% |
| Free Cash Flow - most recent fiscal year | 546.00 |
| LT debt/equity - most recent fiscal year | 2,097.55% |
| Payout ratio - most recent fiscal year | — |
| Total debt/total equity - most recent fiscal year | 2,126.53% |
| LT debt/equity - most recent half-year | 1,686.76% |
| Total debt/total equity - most recent half-year | 1,707.62% |
| Free Cash Flow - trailing 12 month | 544.00 |
| Payout ratio - trailing 12 month | — |
| Revenue - most recent fiscal year | 3,314.00 |
| Revenue - trailing 12 month | 3,348.00 |
| EBITD - most recent fiscal year | 1,085.00 |
| EBITD - trailing 12 month | 1,120.00 |
| Earnings before taxes - most recent fiscal year | 365.00 |
| Earnings before taxes - trailing 12 month | 348.00 |
| Net Income available to common - most recent fiscal year | 276.00 |
| Net Income available to common - trailing 12 months | 271.00 |
| Earnings before taxes Normalized - most recent fiscal year | 740.00 |
| Net Income Available to Common, Normalized - most recent fiscal year | 567.00 |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | 7.22 |
| Net Profit Margin % - 1st historical fiscal year | 8.33% |
| Net Profit Margin % - trailing 12 month | 8.09% |
| Operating margin - 1st historical fiscal year | 27.22% |
| Operating margin - trailing 12 month | 27.06% |
| Pretax margin - trailing 12 month | 10.39% |
| Pretax margin - 1st historical fiscal year | 11.01% |
| Operating Margin - 5 year average | 20.34% |
| Pretax Margin - 5 year average | 2.23% |
| Free Operating Cash Flow/Revenue, 5 Year Average | 10.99% |
| Free Operating Cash Flow/Revenue, TTM | 16.25% |
| Net Profit Margin - 5 year average | 3.84% |
| Return on average assets - most recent fiscal year | 4.55% |
| Return on average assets - trailing 12 month | 4.21% |
| Return on average equity - most recent fiscal year | 47.16% |
| Return on average equity - trailing 12 month | 59.35% |
| Return on average assets - 5 year average | 2.56% |
| Return on average equity - 5 year average | 42.17% |
| Net Income/employee - most recent fiscal year | 40,588.24 |
| Revenue/employee - most recent fiscal year | 487,352.94 |
| Revenue growth rate, 5 year | 14.30% |
| EPS growth rate, 5 year | — |
| Growth rate% - dividend, 3 year | — |
| Revenue/share (5 yr growth) | 16.87% |
| Growth rate% - Revenue, 3 year | 9.68% |
| Growth rate% - EPS, 3 year | -56.19% |
| Book value per share growth rate, 5 year | — |
| Capital Spending growth rate, 5 year | 17.74% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | 48.95% |
Financial forecast (USD, millions except per share)
| Actuals | Estimates | |||||||
| 2025 | 2026 | 2027 | 2028 | |||||
| Estimate breakdown | ||||||||
Financials (USD, millions)
| Period end: | DEC 21 | DEC 22 | DEC 23 | DEC 24 | DEC 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 |
LNW: +3.96%: delivered a mixed but ultimately encouraging second-quarter result, with revenue missing expectations but earnings, margins and adjusted EPS all coming in ahead. Shares were higher, though they lost some of their early gains. Important to note LNW is also coming off a low base, confirmation that the group remains on track for its 2028 targets should help to support the shares moving forward.
Yesterday saw Light & Wonder surge as much as 10%, its biggest intraday gain since early May, after reassuring investors on both earnings and growth - these gains were maintained in US trade overnight. The catalyst for the gains was management reaffirming FY26 guidance for mid-to-high single-digit earnings (AEBITDA) growth, while reiterating plans to reduce leverage below 3x net debt/EBITDA in the first half of FY27 and confirming US$180m remains under its share buyback program.
Light & Wonder (LNW) director Jamie Odell sold approximately $2.7 million worth of shares last month, just two days after the company’s AGM. Odell has now sold on at least two occasions over the past 12 months, having also disclosed a sale in August 2025 during the stock’s previous drawdown.
LNW -8.34% was hit today, down as much as 12.5% at the lows after delivering a mixed March-quarter update, with revenue and earnings missing expectations, though margins held up better than feared and management reiterated confidence in the FY26 growth profile.
Light & Wonder (LNW) generates revenue by developing casino-style games and monetising them across physical casinos, online platforms and mobile apps. In land-based venues, it sells or leases slot machines to operators, often earning a share of the revenue those machines generate. It also licenses its content to online casinos and operates social gaming apps that monetise through in-app purchases. In essence, it is a global gaming content and technology provider that earns revenue wherever its games are played.
We are making five changes to the Emerging Companies Portfolio
The Market Matters Emerging Companies Portfolio targets small & mid capitalisation emerging stocks (ex-100) that show strong underlying growth characteristics –Click here to view
LNW shares have rallied strongly this week, up 11% to a two-month high, though they remain over 20% below the year's peak. Underpinning the move was a better-than-expected 3Q25 result, the extension of its ASX share buyback, and news that US investment firm Fine Capital Partners had taken a 10.1% stake in the company.
MM remains bullish LNW ~$118
MM is now bullish towards LNW around $112
MM is now more cautious towards LNW
MM is cautiously bullish towards Light & Wonder around $115
MM is cautiously bullish LNW
MM is adding to LNW in the Active Growth Portfolio ~$110, reinforcing our 4% target weight
MM is long and bullish LNW ~$137
MM is buying LNW in the Active Growth Portfolio, targeting a 4% weighting around $155
MM are buying LNW in the Emerging Companies Portfolio, targeting a 4% weighting around $145
MM is bullish LNW ~$138
Light & Wonder is principally an electronic gaming machine manufacturer, selling machines to pubs, clubs, and casinos. The firm is licensed in most jurisdictions, allowing gambling globally. Light & Wonder is one of the three largest players in the space, along with International Game Technology and Aristocrat Leisure. SciPlay, about one-fourth of revenue, develops and distributes casual mobile games, principally in the social casino niche. The more nascent i-gaming businesssits between these two businesses, providing digital content and capabilities to real-money gaming providers.
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