Want to see AU:TAH full AI Analyst Report?
Top Page
Tabcorp Holdings Limited
(Sydney:TAH)
Select Model
Select Model
Rating:57Neutral
Price Target:
AU$0.87
â–¼(-5.54% Downside)
Action:Reiterated
Date:08/27/26
The score is driven primarily by mid-range financial performance marked by volatility but improving leverage and positive cash generation. Technicals add modest support with neutral-to-slightly positive momentum and price above key short-to-medium moving averages. Valuation is a key drag due to the very high P/E, while the latest earnings call is supportive but tempered by regulatory risk, low-growth guidance, and higher near-term capex/execution risk.
Positive Factors
Improving profitability and returns
FY26 showed stronger operating economics through EBITDA and EBIT growth, margin expansion, lower adjusted OpEx, and higher ROIC. If sustained, these gains should improve earnings resilience and show that operational initiatives are converting revenue into more durable returns.
Negative Factors
Volatile revenue and thin earnings base
Revenue and earnings have not followed a stable growth path: FY26 revenue declined materially after earlier volatility, while profitability remains modest relative to revenue. This leaves earnings sensitive to renewed revenue pressure and makes sustained returns less dependable over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving profitability and returns
FY26 showed stronger operating economics through EBITDA and EBIT growth, margin expansion, lower adjusted OpEx, and higher ROIC. If sustained, these gains should improve earnings resilience and show that operational initiatives are converting revenue into more durable returns.
Read all positive factors
Tabcorp Holdings Limited (TAH) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$2.04B
Dividend Yield3.37%
Average Volume (3M)5.45M
Price to Earnings (P/E)44.1
Beta (1Y)1.00
Revenue Growth0.13%
EPS Growth26.25%
CountryAU
Employees5,100
SectorConsumer Cyclical
Sector Strength84
IndustryGambling, Resorts & Casinos
Share Statistics
EPS (TTM)0.02
Shares Outstanding2,294,409,700
10 Day Avg. Volume6,704,004
30 Day Avg. Volume5,448,507
Financial Highlights & Ratios
PEG Ratio1.57
Price to Book (P/B)1.52
Price to Sales (P/S)0.89
P/FCF Ratio12.05
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$1.02Price Target Upside11.28% Upside
Rating ConsensusHold
Number of Analyst Covering8
EPS Forecast (FY)0.04
Revenue Forecast (FY)AU$2.71B
Tabcorp Holdings Limited Business Overview & Revenue Model
Company Description
Tabcorp Holdings Limited, together with its subsidiaries, provides gambling, and entertainment and integrity services in Australia. It operates through Wagering and Media, and Integrity Services segments. The Wagering and Media segment offers tota...
How the Company Makes Money
Tabcorp primarily makes money by earning revenue from wagering activity and from fees/services linked to the racing and betting ecosystem. Key revenue streams typically include: (1) Wagering net revenue (often referred to as net win or net wagerin...
Tabcorp Holdings Limited Earnings Call Summary
Earnings Call Date:Aug 25, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Feb 18, 2027
Earnings Call Sentiment Positive
The call presented meaningful operational and financial progress: double-digit EBITDA and EBIT growth, strong cash conversion, improved ROIC, reduced leverage, strategic wins (National Tote, Sky rights, BetMakers agreement) and tangible retail momentum (Phase 1 benefits, strong World Cup performance). These positives are balanced against regulatory overhang (AUSTRAC), modest top-line growth, continued decline in pari-mutuel turnover, near-term higher CapEx (EBTs) and integration/approval risk for the BetMakers acquisition. Management expects continued cost discipline and execution on strategic initiatives, but some benefits (National Tote, full terminal returns, BetMakers synergies) will take time to fully realize.Positive Updates
Group Revenue and Profit Growth
Group revenue grew 0.8% to $2.64 billion; variable contribution increased 4%. EBITDA increased 10.3% to $432 million and EBIT rose 15.9% to $219 million. NPAT before significant items grew 44% to $71.1 million.
Negative Updates
Regulatory Investigation (AUSTRAC)
Tabcorp remains subject to an ongoing AUSTRAC investigation; management reports no update since prior disclosure and continues a multi-year compliance uplift—this remains a material regulatory overhang.
Read all updates
Q4-2026 Updates
Positive
Negative
Group Revenue and Profit Growth
Group revenue grew 0.8% to $2.64 billion; variable contribution increased 4%. EBITDA increased 10.3% to $432 million and EBIT rose 15.9% to $219 million. NPAT before significant items grew 44% to $71.1 million.
Read all positive updates
Company Guidance
Management guided FY'27 wagering turnover to be similar to FY'26 (noting the FIFA World Cup drove roughly 30–50 basis points of FY'26 turnover with about half the tournament falling in FY'27), flagged a step‑up in capital expenditure to up to $160m in FY'27 (including about $65m on new EBTs as part of a ~$140m terminals program expected to deliver at least a 25% return and ~ $13m of D&A), reiterated OpEx growth of 3.0–3.5% (about half driven by regulatory/risk uplift and loyalty investment) while remaining vigilant on costs, and said they expect to build on Phase 1 retail benefits (A$22m EBITDA realized in FY'26) and Victorian license gains (A$22m variable contribution / A$12m EBITDA); FY'26 anchors include group revenue $2.64bn, EBITDA $432m, ROIC 12% (up 240bps), leverage 1.2x (pro‑forma 1.6x including BetMakers), liquidity ~$1.2bn and underlying cash conversion guidance of 90–100% (98% achieved).Tabcorp Holdings Limited Financial Statement Overview
Summary
Income Statement
52
Neutral
Balance Sheet
58
Neutral
Cash Flow
55
Neutral
| Breakdown | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.15B | 2.61B | 2.34B | 2.10B | 2.01B |
| Gross Profit | 444.90M | 2.61B | 2.34B | 342.60M | 236.50M |
| EBITDA | 400.10M | 368.80M | -1.35B | 362.80M | 276.00M |
| Net Income | 46.30M | 36.60M | -1.36B | 66.50M | 6.78B |
Balance Sheet | |||||
| Total Assets | 3.20B | 3.14B | 3.39B | 4.05B | 4.05B |
| Cash, Cash Equivalents and Short-Term Investments | 305.80M | 236.50M | 313.70M | 290.70M | 199.40M |
| Total Debt | 832.00M | 862.60M | 1.14B | 572.40M | 317.00M |
| Total Liabilities | 1.94B | 1.89B | 2.14B | 1.39B | 1.34B |
| Stockholders Equity | 1.26B | 1.25B | 1.25B | 2.66B | 2.71B |
Cash Flow | |||||
| Free Cash Flow | 158.60M | 288.70M | 84.80M | -77.60M | 534.50M |
| Operating Cash Flow | 309.30M | 406.50M | 245.20M | 119.30M | 737.00M |
| Investing Cash Flow | -150.70M | -117.00M | -739.70M | -130.00M | -455.70M |
| Financing Cash Flow | -89.30M | -366.70M | 517.50M | 102.00M | -506.30M |
Tabcorp Holdings Limited Technical Analysis
Positive
0.92
Price Trends
0.89
Negative
0.87
Positive
0.88
Negative
Market Momentum
>-0.01
Negative
52.99
Neutral
43.43
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:TAH, the sentiment is Positive. The current price of 0.92 is above the 20-day moving average (MA) of 0.86, above the 50-day MA of 0.89, and above the 200-day MA of 0.88, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 52.99 is Neutral, neither overbought nor oversold. The STOCH value of 43.43 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:TAH.
Tabcorp Holdings Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | AU$38.02B | 26.94 | 23.15% | 1.54% | -1.22% | 10.79% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | AU$12.06B | 42.38 | 94.29% | 3.04% | -4.64% | -22.15% | |
57 Neutral | AU$2.04B | 44.06 | 3.66% | 3.37% | 0.13% | 26.25% | |
47 Neutral | AU$1.04B | -2.55 | -64.40% | 5.00% | -9.32% | 59.25% | |
41 Neutral | AU$281.55M | -8.10 | 117.05% | 272.55% | -1.00% | 28.34% | |
41 Neutral | AU$136.45M | -3.40 | -29.69% | ― | 8.87% | -260.38% |
* Consumer Cyclical Sector Average
AU:TAH
Tabcorp Holdings Limited
0.89
-0.14
-13.76%
AU:ALL
Aristocrat Leisure
64.39
2.19
3.53%
AU:SGR
Star Entertainment Group Limited
0.16
0.07
74.16%
AU:PBH
PointsBet Holdings
0.81
-0.15
-16.06%
AU:BBT
BlueBet Holdings Ltd.
0.13
-0.09
-40.91%
AU:TLC
Lottery Corporation Limited
5.42
0.09
1.71%
Tabcorp Holdings Limited Corporate Events
Tabcorp Options Lapse, Trimming Potential Future Dilution
Sep 30, 2026
Tabcorp Holdings Limited has disclosed the cessation of a series of listed options under ASX code TAHAA, with a combined total of more than 29.7 million options expiring unexercised. The options, each with an exercise price of $0.8923 and expiring...
Macquarie Takes 5.24% Stake in Tabcorp Under Strict Ownership Caps
Sep 23, 2026
Tabcorp Holdings Limited has disclosed that Macquarie Group Limited and its controlled entities have acquired a relevant interest in 120,171,315 Tabcorp ordinary shares, giving Macquarie 5.24% of the company’s voting power. The company highl...
Macquarie Exits Substantial Shareholder Position in Tabcorp Amid Strict Ownership Limits
Sep 22, 2026
Tabcorp has disclosed that Macquarie Group Limited and its controlled entities have notified the market that they ceased to be a substantial shareholder in the company as of 17 September 2026. The change in Macquarie’s position occurs agains...
Macquarie Group Ceases to Be Substantial Shareholder in Tabcorp
Sep 22, 2026
Macquarie Group Limited has lodged a statutory notice that it and a wide range of its controlled entities have ceased to be substantial shareholders in Tabcorp Holdings. The filing, signed by an assistant company secretary on 22 September 2026, ou...
Macquarie Takes 5.25% Voting Stake in Tabcorp Under Strict Ownership Limits
Sep 21, 2026
Tabcorp has disclosed that Macquarie Group Limited and its controlled entities have acquired a relevant interest in 120,418,846 ordinary shares, equating to 5.25% of the company’s voting power. The stake makes Macquarie a significant institu...
Tabcorp Seeks ASX Quotation for 1.77 Million New Shares
Sep 20, 2026
Tabcorp Holdings Limited has applied to the ASX for quotation of 1,765,332 new fully paid ordinary shares. The securities are being issued under a dividend or distribution plan and are scheduled to be quoted with an issue date of 22 September 2026...
Macquarie exits substantial shareholder position in Tabcorp
Sep 18, 2026
Macquarie Group Limited and its controlled entities have lodged a notice that they have ceased to be a substantial shareholder in Tabcorp Holdings Limited. The filing indicates that Macquarie and its associated investment and asset management enti...
Tabcorp sets hybrid 2026 AGM, backs board and CEO remuneration resolutions
Sep 17, 2026
Tabcorp Holdings Limited has invited its shareholders to attend the 2026 Annual General Meeting, scheduled for 10.00am Melbourne time on 30 October 2026 at the Melbourne Convention and Exhibition Centre and via an online platform. The hybrid forma...
Macquarie Takes 5.19% Stake in Regulated Wagering Group Tabcorp
Sep 16, 2026
Tabcorp Holdings Limited, headquartered in Melbourne, is a major player in Australia’s regulated gambling and wagering sector. Its business is governed by strict legislative and constitutional rules that cap individual voting power and const...
Tabcorp Sets DRP Price for June 2026 Half-Year Dividend
Sep 10, 2026
Tabcorp Holdings Limited has updated its dividend notification for holders of its ordinary fully paid shares, confirming details for the distribution relating to the six-month period ended June 30, 2026. The update specifies that the Dividend Rein...
Tabcorp Announces Exit of Macquarie as Substantial Shareholder
Sep 9, 2026
Tabcorp Holdings Limited has disclosed that Macquarie Group Limited and its controlled entities have ceased to be a substantial shareholder in the company as of 4 September 2026. The change reflects a reduction in Macquarie’s voting power be...
Macquarie Group Ceases to Be Substantial Holder in Tabcorp
Sep 9, 2026
Macquarie Group Limited has lodged a formal notice stating it has ceased to be a substantial holder in Tabcorp Holdings Limited, signalling a reduction in its voting interest in the gambling group. The filing outlines changes in relevant interests...
Macquarie Takes 5.18% Stake in Tabcorp Under Strict Ownership Caps
Sep 8, 2026
Tabcorp has disclosed that Macquarie Group Limited and its controlled entities have acquired a relevant interest in 118,853,427 ordinary shares, representing 5.18% of Tabcorp’s voting power. The company notes that its constitution and wageri...
Macquarie exits substantial shareholder role in highly regulated Tabcorp
Sep 7, 2026
Tabcorp Holdings Limited, headquartered in Melbourne, is a major player in Australia’s gambling and wagering sector. Its operations are governed by stringent legislative and constitutional rules that restrict any one investor from holding mo...
Macquarie exits substantial holder position in Tabcorp
Sep 7, 2026
Macquarie Group Limited has lodged a notice stating it has ceased to be a substantial holder in Tabcorp Holdings Limited, signalling a reduction in its voting interest in the wagering and gaming operator. The change reflects adjustments in Macquar...
Tabcorp Director Brett Chenoweth Increases Indirect Shareholding
Sep 7, 2026
Tabcorp has disclosed a change in the shareholdings of director Brett Chenoweth, in line with ASX requirements for director interest notices. The filing details an increase in his indirect stake in Tabcorp, reflecting additional investment via a s...
Macquarie Takes 5.14% Stake in Tabcorp Under Strict Ownership Limits
Sep 3, 2026
Tabcorp has disclosed that Macquarie Group Limited and its controlled entities have acquired a relevant interest in 117,749,236 Tabcorp ordinary shares, equating to 5.14% of the company’s voting power. The company noted that its constitution...
Macquarie exits substantial shareholder status in Tabcorp
Sep 1, 2026
Macquarie Group Limited and its controlled entities have lodged a notice that they have ceased to be a substantial holder in Tabcorp Holdings Limited, indicating their voting interest has fallen below the substantial shareholding threshold. The ch...
Tabcorp Files 2026 Corporate Governance Statement and ASX Appendix 4G
Aug 25, 2026
Tabcorp Holdings Limited has lodged its corporate governance statement for the financial year ended 30 June 2026, confirming compliance with ASX Listing Rules on governance disclosure. The statement, approved by the board as at 26 August 2026, is ...
Tabcorp Publishes FY26 Results Presentation and Investor Webcast
Aug 25, 2026
Tabcorp Holdings Limited has released a full-year results presentation for the financial year ended 30 June 2026, with detailed materials made available to investors and analysts. The company is hosting a live webcast briefing to discuss the FY26 ...
Tabcorp Declares Interim Dividend for June 2026 Half-Year
Aug 25, 2026
Tabcorp Holdings Limited has declared a six‑month dividend of AUD 0.015 per ordinary fully paid share for the period ended 30 June 2026, reinforcing its ongoing shareholder return policy. The dividend will trade ex‑dividend on 31 Augus...
Tabcorp posts higher profit on flat revenue and maintains modest dividend
Aug 25, 2026
Tabcorp has reported full-year results for the 12 months to 30 June 2026, releasing its preliminary final report and annual accounts to the ASX in line with listing requirements. The gambling and wagering group recorded revenue from ordinary activ...
Macquarie Takes 5.19% Stake in Tabcorp Under Strict Ownership Caps
Aug 17, 2026
Tabcorp Holdings Limited has disclosed that Macquarie Group Limited and its controlled entities have acquired a relevant interest in 118,898,841 ordinary shares, giving Macquarie 5.19% of the company’s voting power. The announcement highligh...
Tabcorp Discloses Exit of Macquarie as Substantial Shareholder Under Strict Ownership Limits
Aug 17, 2026
Tabcorp Holdings Limited has notified the market that Macquarie Group Limited and its controlled entities ceased to be a substantial shareholder in the company as of 11 August 2026. The change comes against a backdrop of strict ownership and votin...
Macquarie Group exits substantial holder position in Tabcorp
Aug 14, 2026
Macquarie Group Limited and its controlled entities have lodged a Notice of Ceasing to be a Substantial Holder in Tabcorp Holdings Limited, indicating their interest in Tabcorp shares has fallen below the substantial holding threshold required for...
Macquarie Takes 5.14% Stake in Tabcorp Under Strict Ownership Cap
Aug 10, 2026
Tabcorp has disclosed that Macquarie Group Limited and its controlled entities have acquired a relevant interest in 117,797,433 ordinary shares, equal to 5.14% of the company’s voting power. The purchase lifts Macquarie to a significant mino...
Tabcorp Moves to Acquire BetMakers to Boost Wagering Technology
Aug 9, 2026
Tabcorp Holdings Limited has entered into a binding Scheme Implementation Deed to acquire 100% of the issued shares in BetMakers Technology Group, a wagering technology provider listed on the ASX, via a scheme of arrangement. The company is presen...
Tabcorp to Acquire BetMakers in $283m Premium-Backed Scheme
Aug 9, 2026
Tabcorp has agreed to acquire 100% of BetMakers through a scheme of arrangement, offering shareholders $0.24 per share in cash by default, with an option to receive part of the consideration in new Tabcorp shares subject to a 25% scrip cap and pro...
Tabcorp Discloses New Director Vivian Stewart’s Initial Shareholding
Aug 7, 2026
Tabcorp Holdings Limited has appointed Vivian Stewart as a director effective 7 August 2026, and disclosed his initial interests in the company’s securities in accordance with ASX requirements. Stewart holds 25,000 ordinary shares directly a...
Tabcorp Finalises Appointment of Vivian Stewart to Board
Aug 7, 2026
Tabcorp Holdings Limited has formally appointed Vivian Stewart as a Non-Executive Director, effective 7 August 2026, after securing all required regulatory approvals. Stewart had previously been announced as a director in October 2025 and joined t...
Tabcorp Confirms Macquarie Exit as Substantial Shareholder Under Strict Ownership Rules
Aug 4, 2026
Tabcorp has disclosed that Macquarie Group Limited and its controlled entities have ceased to be a substantial shareholder in the company as of 30 July 2026, in line with ASX Listing Rule 3.19 disclosure requirements. The change removes a major in...
Macquarie Exits Substantial Holder Position in Tabcorp
Aug 4, 2026
Macquarie Group Limited has lodged a formal notice that it has ceased to be a substantial holder in Tabcorp Holdings Limited, signalling that its voting interest in the Australian wagering group has fallen below the disclosure threshold. The filin...
Macquarie takes 5.16% stake in Tabcorp under strict ownership limits
Aug 3, 2026
Tabcorp has disclosed that Macquarie Group Limited and its controlled entities have acquired a relevant interest in 118,214,086 Tabcorp ordinary shares, giving Macquarie 5.16% of the company’s voting power. The company highlighted that its c...
Macquarie Group Ceases to Be Substantial Holder in Tabcorp
Jul 31, 2026
Macquarie Group Limited has lodged a notice with Tabcorp Holdings Limited stating that it has ceased to be a substantial holder in the ASX-listed wagering and gaming group. The filing, signed by company secretary Simone Kovacic and dated 31 July 2...
Yarra Entities Take 5.21% Stake in Tabcorp Under Strict Ownership Caps
Jul 30, 2026
Tabcorp Holdings Limited, headquartered in Melbourne, operates in the gambling and wagering sector, offering betting and gaming services under stringent regulatory oversight. Its constitution and applicable wagering legislation impose strict limit...
Yarra Capital Group Takes 5.21% Substantial Stake in Tabcorp
Jul 30, 2026
A consortium of Yarra Capital Management entities and affiliated vehicles has emerged as a substantial shareholder in Tabcorp Holdings Limited, disclosing a combined relevant interest in 119,552,025 ordinary shares. This stake, accumulated through...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.