ALL develops and manufactures slot machines globally which are now sold and operated in more than 90 countries. The business has a strong presence in the key North American market while It also provides systems to around 300 casinos. Aristocrat also operates online social casinos leveraging its developed game catalogue to offer its content via Facebook, Apple iOS, and Android. Not a stock for many ethical investors and the headlines in Australia would easily steer people away but this is an international story and on a valuation of 19.6x for 2023 the stock reasonable value in our opinion.
- We are looking for ~8% upside from ALL, interestingly a similar move to our target for the NASDAQ
MM is bullish ALL targeting the $40 area
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