Monday morning links 🔗
Tabcorp, Bukalapak, Bursa Malaysia
Yesterday’s report was on Australian wagering company Tabcorp, which just spun off its lotteries division into a separate entity. Tabcorp has been suffering from COVID-19 lockdowns and online competition. Several states and territories are now levelling the playing field between Tabcorp and its online competitors through point-of-consumption taxes. Tabcorp’s EV/Sales of 0.9x is below industry trading and transaction multiples. A key risk is the Victoria license expiry in 2024.