Tabcorp's Director Refresh Provides 'Clarity' for Business Model, Jarden Research Says; Shares Rise 5%

MT Newswires Live

2024/09/20

Tabcorp Holdings' (ASX:TAH) recent director changes provided "clarity" in the betting and wagering firm's long-term business model, Jardin Research said in a Sept. 20 note.

The director refresh came around the renewal of the company's license in Victoria and the surprise exits of its CEO and CFO, which the investment firm thinks created "uncertainty."

Given the "underwhelming" fiscal year report and potentially not meeting its TAB25 goals, the new board, to be led by incoming Chair Brett Chenoweth, is expected to focus on business execution, right-sizing its cost base, and transforming the company into a more agile entity.

With improvements in racing turnover and an edge in the competition offset by softer consumer discretionary spending, Jarden Research maintained Tabcorp's AU$0.065 price target and overweight rating.

Company shares rose past 5% in recent Friday trade.

Price (AUD): $0.45, Change: $+0.022, Percent Change: +5.12%

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