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Aristocrat Leisure (ALL) $39.48

ALL -0.95%: FY23 results on first look were in line or better than expected, however, Aristocrat’s shares gave up early gains today as the market got into the nitty gritty of results for the gaming company. Revenue was up 13% to $6.3b and Segment EBITA up 4% to $2,750m were both slightly ahead of consensus. The beat was driven by the Americas gaming segment with both volume and price growth supporting earnings. Still, Group EBITA at $1,808m was in line largely due to higher than expected Design & Development (D&D) spend which was one of the concerns analysts had with the numbers.

Mobile gaming segment Pixel also fell short of expectations largely on higher user acquisition and marketing costs. Both D&D and marketing spend appear stickier than hoped and longer-term margin expectations will likely have to come down as a result. Guidance of earnings growth was provided, but not further specifics, the standard for Aristocrat at full-year results and in line with expectations.

MM is now neutral ALL
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Aristocrat Leisure (ALL)
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