Tabcorp Holdings (TAH): Well positioned to deliver against it's targets

Bell Potter


Tabcorp Holdings (TAH): Well positioned to deliver against it's targets. Today TAH revealed it's interim profit was up 22%, as well as announcing a special dividend and capital raising. Divisional EBIT: Wagering up 11% to $130.7m, Gaming up 1% to $20.3m, Keno up 4.7% to $27.0 m. Net operating cash flow down 11% to $165.8m. In addition to the interim dividend of 10 cents per share, TAH also announced a fully franked special dividend of 30.0 cents. This special dividend will be funded via a 1-for-12 renounceable entitlement offer @ $3.70 per share to raise $236m. Our Neutral rating is likely to be retained. Read more here (VIEW LINK)

Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to a diversified client base that includes individuals, institutions and corporations.

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