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Why Tatts Group should demerge wagering to become a focused lottery operator

Sandon Capital believes Australian wagering and lotteries operator Tatts Group Ltd (ASX:TTS) should demerge its structurally challenged wagering business to become focused on its lottery concessions. Tatts Group lottery concessions are state-based monopolies with weighted average concession durations of 35-40 years. We believe these are infrastructure-like in their characteristics and that the share market is underpricing the true worth of the lotteries business. Our presentation details the thinking behind this thesis. Read it here: (VIEW LINK)


Gabriel is the founder and Managing Director of Sandon Capital Pty Ltd, a boutique investment management and advisory firm. He is the portfolio manager of the Sandon Capital Activist Fund and Sandon Capital Investments Limited. Sandon Capital also...

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