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Aristocrat Leisure Ltd (ALL) $39.47

Gaming giant Aristocrat continued to gain market share during the last quarter, but overall industry sales volumes have fallen, the market’s first negative quarter since COVID-19. Rival IGT’s management expects 2024 to “slow down”, which has not helped sector sentiment or its share price, which has tumbled ~40% in less than 12-months.  While we believe ALL will continue to perform strongly compared to its peers, a tough market backdrop is likely to weigh on its share price; it has already slipped over 15% from its 2024 high. We believe ALL is an excellent company to accumulate into weakness, but the next 5-10% is a coin toss with the company reporting on Thursday.

  • We sold out of ALL in November 2022 at around $35.30; the stock and the ASX200 have both subsequently risen around 12%.
MM is neutral/cautiously bullish towards ALL around $40
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Aristocrat Leisure Ltd (ALL)
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