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Tabcorp Holdings

DB:THL
Snowflake Description

Undervalued with proven track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
THL
DB
A$5B
Market Cap
  1. Home
  2. DE
  3. Consumer Services
Company description

Tabcorp Holdings Limited, together with its subsidiaries, provides gambling and entertainment services in Australia. The last earnings update was 47 days ago. More info.


Add to Portfolio Compare Print
  • Tabcorp Holdings has significant price volatility in the past 3 months.
THL Share Price and Events
7 Day Returns
5.3%
DB:THL
-6.8%
DE Hospitality
-0.6%
DE Market
1 Year Returns
-54.8%
DB:THL
-48.1%
DE Hospitality
-20.9%
DE Market
THL Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Tabcorp Holdings (THL) 5.3% -34.9% -50.7% -54.8% -59.4% -59.5%
DE Hospitality -6.8% -31.3% -57.6% -48.1% -63.2% -70.6%
DE Market -0.6% -18.6% -26.2% -20.9% -25.8% -31.8%
1 Year Return vs Industry and Market
  • THL underperformed the Hospitality industry which returned -48.1% over the past year.
  • THL underperformed the Market in Germany which returned -20.9% over the past year.
Price Volatility
THL
Industry
5yr Volatility vs Market

THL Value

 Is Tabcorp Holdings undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Tabcorp Holdings to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Tabcorp Holdings.

DB:THL Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 12 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6%
Perpetual Growth Rate 10-Year DE Government Bond Rate -0.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:THL
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 5.4%
Hospitality Unlevered Beta Simply Wall St/ S&P Global 0.78
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.782 (1 + (1- 30%) (85.06%))
1.166
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.17
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (1.166 * 5.44%)
5.95%

Discounted Cash Flow Calculation for DB:THL using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Tabcorp Holdings is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

DB:THL DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (AUD, Millions) Source Present Value
Discounted (@ 5.95%)
2020 391.25 Analyst x4 369.27
2021 544.25 Analyst x4 484.81
2022 624.67 Analyst x3 525.18
2023 763.00 Analyst x1 605.45
2024 787.00 Analyst x1 589.40
2025 801.74 Est @ 1.87% 566.71
2026 811.31 Est @ 1.19% 541.26
2027 817.15 Est @ 0.72% 514.52
2028 820.30 Est @ 0.39% 487.49
2029 821.56 Est @ 0.15% 460.80
Present value of next 10 years cash flows A$5,144.00
DB:THL DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= A$821.56 × (1 + -0.39%) ÷ (5.95% – -0.39%)
A$12,902.18
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= A$12,902.18 ÷ (1 + 5.95%)10
A$7,236.68
DB:THL Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= A$5,144.00 + A$7,236.68
A$12,380.68
Equity Value per Share
(AUD)
= Total value / Shares Outstanding
= A$12,380.68 / 2,027.57
A$6.11
DB:THL Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:THL represents 0.55645x of ASX:TAH
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.55645x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (AUD) x Listing Adjustment Factor
= A$ 6.11 x 0.55645
€3.40
Value per share (EUR) From above. €3.40
Current discount Discount to share price of €1.38
= -1 x (€1.38 - €3.40) / €3.40
59.4%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Tabcorp Holdings is available for.
Intrinsic value
>50%
Share price is €1.38 vs Future cash flow value of €3.4
Current Discount Checks
For Tabcorp Holdings to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Tabcorp Holdings's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Tabcorp Holdings's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Tabcorp Holdings's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Tabcorp Holdings's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:THL PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in AUD A$0.19
ASX:TAH Share Price ** ASX (2020-04-03) in AUD A$2.48
Germany Hospitality Industry PE Ratio Median Figure of 9 Publicly-Listed Hospitality Companies 21.1x
Germany Market PE Ratio Median Figure of 401 Publicly-Listed Companies 16.57x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Tabcorp Holdings.

DB:THL PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ASX:TAH Share Price ÷ EPS (both in AUD)

= 2.48 ÷ 0.19

13.13x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Tabcorp Holdings is good value based on earnings compared to the DE Hospitality industry average.
  • Tabcorp Holdings is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Tabcorp Holdings's expected growth come at a high price?
Raw Data
DB:THL PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 13.13x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 12 Analysts
6.6%per year
Europe Hospitality Industry PEG Ratio Median Figure of 63 Publicly-Listed Hospitality Companies 0.96x
Germany Market PEG Ratio Median Figure of 256 Publicly-Listed Companies 1.17x

*Line of best fit is calculated by linear regression .

DB:THL PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 13.13x ÷ 6.6%

1.98x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Tabcorp Holdings is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Tabcorp Holdings's assets?
Raw Data
DB:THL PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in AUD A$3.55
ASX:TAH Share Price * ASX (2020-04-03) in AUD A$2.48
Germany Hospitality Industry PB Ratio Median Figure of 12 Publicly-Listed Hospitality Companies 1.73x
Germany Market PB Ratio Median Figure of 572 Publicly-Listed Companies 1.44x
DB:THL PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ASX:TAH Share Price ÷ Book Value per Share (both in AUD)

= 2.48 ÷ 3.55

0.7x

* Primary Listing of Tabcorp Holdings.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Tabcorp Holdings is good value based on assets compared to the DE Hospitality industry average.
X
Value checks
We assess Tabcorp Holdings's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Hospitality industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Hospitality industry average (and greater than 0)? (1 check)
  5. Tabcorp Holdings has a total score of 5/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

THL Future Performance

 How is Tabcorp Holdings expected to perform in the next 1 to 3 years based on estimates from 12 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
6.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Tabcorp Holdings expected to grow at an attractive rate?
  • Tabcorp Holdings's earnings growth is expected to exceed the low risk savings rate of -0.4%.
Growth vs Market Checks
  • Tabcorp Holdings's earnings growth is positive but not above the Germany market average.
  • Tabcorp Holdings's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:THL Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:THL Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 12 Analysts 6.6%
DB:THL Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 12 Analysts 1.6%
Germany Hospitality Industry Earnings Growth Rate Market Cap Weighted Average 28.9%
Germany Hospitality Industry Revenue Growth Rate Market Cap Weighted Average 4%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.1%
Germany Market Revenue Growth Rate Market Cap Weighted Average 3.9%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:THL Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below
All numbers in AUD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:THL Future Estimates Data
Date (Data in AUD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-06-30 5,858 877 446 1
2023-06-30 5,702 837 410 1
2022-06-30 5,471 794 396 10
2021-06-30 5,338 754 377 12
2020-06-30 5,326 541 325 12
2020-04-05
DB:THL Past Financials Data
Date (Data in AUD Millions) Revenue Cash Flow Net Income *
2019-12-31 5,606 689 382
2019-09-30 5,544 702 377
2019-06-30 5,482 715 372
2018-12-31 5,209 471 244
2018-09-30 4,483 459 198
2018-06-30 3,757 448 152
2018-03-31 3,095 383 60
2017-12-31 2,400 318 18
2017-09-30 2,317 270 -2
2017-06-30 2,234 223 -21
2017-03-31 2,230 270 63

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Tabcorp Holdings's earnings are expected to grow by 6.6% yearly, however this is not considered high growth (20% yearly).
  • Tabcorp Holdings's revenue is expected to grow by 1.6% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:THL Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below

All data from Tabcorp Holdings Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:THL Future Estimates Data
Date (Data in AUD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-06-30 0.22 0.22 0.22 1.00
2023-06-30 0.20 0.20 0.20 1.00
2022-06-30 0.20 0.22 0.17 6.00
2021-06-30 0.18 0.24 0.14 6.00
2020-06-30 0.15 0.17 0.14 5.00
2020-04-05
DB:THL Past Financials Data
Date (Data in AUD Millions) EPS *
2019-12-31 0.19
2019-09-30 0.19
2019-06-30 0.18
2018-12-31 0.12
2018-09-30 0.11
2018-06-30 0.10
2018-03-31 0.05
2017-12-31 0.02
2017-09-30 0.00
2017-06-30 -0.02
2017-03-31 0.08

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Tabcorp Holdings is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Tabcorp Holdings's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Tabcorp Holdings has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

THL Past Performance

  How has Tabcorp Holdings performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Tabcorp Holdings's growth in the last year to its industry (Hospitality).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Tabcorp Holdings's year on year earnings growth rate has been positive over the past 5 years.
  • Tabcorp Holdings's 1-year earnings growth exceeds its 5-year average (56.6% vs 5.7%)
  • Tabcorp Holdings's earnings growth has exceeded the DE Hospitality industry average in the past year (56.6% vs -36.8%).
Earnings and Revenue History
Tabcorp Holdings's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Tabcorp Holdings Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:THL Past Revenue, Cash Flow and Net Income Data
Date (Data in AUD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 5,605.90 381.90 2,214.60
2019-09-30 5,544.05 377.10 2,211.40
2019-06-30 5,482.20 372.30 2,208.20
2018-12-31 5,209.40 243.80 2,175.50
2018-09-30 4,483.35 197.95 1,961.05
2018-06-30 3,757.30 152.10 1,746.60
2018-03-31 3,095.30 59.70 1,568.85
2017-12-31 2,400.00 17.80 1,347.30
2017-09-30 2,317.05 -1.50 1,326.15
2017-06-30 2,234.10 -20.80 1,305.00
2017-03-31 2,229.70 62.95 1,276.70
2016-12-31 2,225.30 146.70 1,248.40
2016-09-30 2,207.00 158.20 1,223.55
2016-06-30 2,188.70 169.70 1,198.70
2016-03-31 2,184.55 231.85 1,180.75
2015-12-31 2,180.40 294.00 1,162.80
2015-09-30 2,169.10 314.25 1,141.40
2015-06-30 2,157.80 334.50 1,120.00
2014-12-31 2,108.40 197.20 1,084.70
2014-09-30 2,074.45 173.30 1,067.30
2014-06-30 2,040.50 149.40 1,049.90
2013-12-31 2,013.70 127.70 1,042.90
2013-09-30 2,008.60 137.65 1,041.10
2013-06-30 2,003.50 147.60 1,039.30

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Tabcorp Holdings has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Tabcorp Holdings used its assets more efficiently than the DE Hospitality industry average last year based on Return on Assets.
  • Tabcorp Holdings's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Tabcorp Holdings's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Hospitality industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Tabcorp Holdings has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

THL Health

 How is Tabcorp Holdings's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Tabcorp Holdings's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Tabcorp Holdings's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Tabcorp Holdings's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Tabcorp Holdings's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Tabcorp Holdings Company Filings, last reported 3 months ago.

DB:THL Past Debt and Equity Data
Date (Data in AUD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 7,197.30 3,889.00 355.00
2019-09-30 7,197.30 3,889.00 355.00
2019-06-30 7,206.50 3,835.80 475.80
2018-12-31 7,254.00 3,812.20 413.90
2018-09-30 7,254.00 3,812.20 413.90
2018-06-30 7,238.60 3,558.40 368.20
2018-03-31 7,238.60 3,558.40 368.20
2017-12-31 7,475.30 3,980.70 484.80
2017-09-30 7,475.30 3,980.70 484.80
2017-06-30 1,483.40 1,710.80 114.30
2017-03-31 1,483.40 1,710.80 114.30
2016-12-31 1,663.30 1,596.20 109.00
2016-09-30 1,663.30 1,596.20 109.00
2016-06-30 1,688.10 1,156.00 126.00
2016-03-31 1,688.10 1,156.00 126.00
2015-12-31 1,697.50 1,121.70 117.80
2015-09-30 1,697.50 1,121.70 117.80
2015-06-30 1,690.10 1,224.70 160.00
2014-12-31 1,544.00 1,274.20 117.10
2014-09-30 1,544.00 1,274.20 117.10
2014-06-30 1,481.40 1,163.70 126.80
2013-12-31 1,462.00 1,286.30 125.20
2013-09-30 1,462.00 1,286.30 125.20
2013-06-30 1,413.20 1,317.80 109.70
  • Tabcorp Holdings's level of debt (54%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (82.5% vs 54% today).
  • Debt is not well covered by operating cash flow (17.7%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 4.3x coverage).
X
Financial health checks
We assess Tabcorp Holdings's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Tabcorp Holdings has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

THL Dividends

 What is Tabcorp Holdings's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
8.87%
Current annual income from Tabcorp Holdings dividends. Estimated to be 7.72% next year.
If you bought €2,000 of Tabcorp Holdings shares you are expected to receive €177 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Tabcorp Holdings's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.7%).
  • Tabcorp Holdings's dividend is above the markets top 25% of dividend payers in Germany (4.86%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:THL Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below
Germany Hospitality Industry Average Dividend Yield Market Cap Weighted Average of 8 Stocks 11.3%
Germany Market Average Dividend Yield Market Cap Weighted Average of 316 Stocks 3.9%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.9%
Germany Bottom 25% Dividend Yield 25th Percentile 1.7%
Germany Top 25% Dividend Yield 75th Percentile 4.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:THL Future Dividends Estimate Data
Date (Data in A$) Dividend per Share (annual) Avg. No. Analysts
2024-06-30 0.24 1.00
2023-06-30 0.22 1.00
2022-06-30 0.20 10.00
2021-06-30 0.19 12.00
2020-06-30 0.18 12.00
2020-04-05
DB:THL Past Annualized Dividends Data
Date (Data in A$) Dividend per share (annual) Avg. Yield (%)
2020-02-18 0.220 7.143
2019-08-13 0.220 4.665
2019-02-12 0.210 4.540
2018-09-03 0.200 4.353
2018-02-07 0.235 5.157
2017-08-03 0.250 5.415
2017-02-01 0.250 5.557
2016-08-03 0.240 4.955
2016-02-03 0.240 5.512
2015-08-12 0.200 4.328
2015-02-04 0.200 4.179
2014-08-06 0.160 4.094
2014-02-05 0.160 4.565
2013-08-08 0.160 4.717
2013-02-06 0.220 6.719
2012-08-08 0.220 7.577
2012-02-09 0.260 9.012
2011-08-16 0.380 13.695
2011-02-03 0.480 9.667
2010-08-04 0.550 7.906
2010-02-09 0.600 8.936
2009-08-06 0.600 8.537

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Tabcorp Holdings's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.9x coverage).
Future Payout to shareholders
  • Dividends after 3 years are not well covered by earnings (0.9x coverage).
X
Income/ dividend checks
We assess Tabcorp Holdings's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.9%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Tabcorp Holdings afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Tabcorp Holdings has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

THL Management

 What is the CEO of Tabcorp Holdings's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
David Robert Attenborough
COMPENSATION A$4,526,589
AGE 56
TENURE AS CEO 8.8 years
CEO Bio

Mr. David Robert Henry Attenborough, BSc, MBA has been the Managing Director and Chief Executive Officer of TabCorp Holdings Ltd. since June 2011. Mr. Attenborough served as the Managing Director of Wagering Division of Tabcorp Holdings Ltd. since April 2010. Mr. Attenborough joined Tabcorp in April 2010. Mr. Attenborough served as the Chief Executive Officer of South African Operations at Phumelela Gaming & Leisure Ltd. since August 1, 2008. He has an extensive background in totalisator and fixed odds betting, racing and broadcasting. He was appointed as the Managing Director and Chief Executive Officer following the Tabcorp-Tatts combination. Mr. Attenborough served as the Chief Operating Officer at Phumelela Gaming & Leisure Ltd. since May 2004. His previous experience includes the development of casino and gaming opportunities for the Hilton Group Plc. Mr. Attenborough managed the licensing and development division of British bookmaking chain, Ladbrokes, for five years before transferring to Africa where he was responsible for the development of casino and other gaming opportunities for a further five years. Mr. Attenborough served as Vice-President of Development at African Lakes Corporation since 2001. He joined Phumelela in September 2003. He has a deep understanding of the racing industry, with Phumelela operating five race courses in South Africa. Mr. Attenborough serves as Executive Director at TabCorp Holdings Ltd. and has been Director of Tatts Group Ltd. since December 2017 and also serves as its Managing Director and Chief Executive Officer since June 2011. Mr. Attenborough served as a Non Executive Director of Automatic Systems Ltd. from February 20, 2008 to March 1, 2010. He is also a Director of the Australasian Gaming Council. Mr. Attenborough served as Executive Director at Phumelela Gaming & Leisure Ltd. from June 30, 2005 to March 31, 2010. He holds a Bachelor of Science (Honours) and a Masters of Business Administration. He is a Member of AICD.

CEO Compensation
  • David Robert's compensation has been consistent with company performance over the past year, both up more than 20%.
  • David Robert's remuneration is about average for companies of similar size in Germany.
Management Team Tenure

Average tenure of the Tabcorp Holdings management team in years:

2.3
Average Tenure
  • The tenure for the Tabcorp Holdings management team is about average.
Management Team

David Robert Attenborough

TITLE
MD, CEO & Executive Director
COMPENSATION
A$5M
AGE
56
TENURE
8.8 yrs

Adam Rytenskild

TITLE
Managing Director of Wagering & Media
COMPENSATION
A$2M
TENURE
2.7 yrs

Sue van der Merwe

TITLE
Managing Director of Lotteries & Keno
COMPENSATION
A$1M
TENURE
2.3 yrs

Adam Newman

TITLE
Chief Financial Officer
TENURE
0.5 yrs

Mandy Ross

TITLE
Chief Information Officer
TENURE
2.3 yrs

Chris Richardson

TITLE
General Manager of Investor Relations

Patrick McGlinchey

TITLE
Group General Counsel
TENURE
1.1 yrs

Nicholas Tzaferis

TITLE
General Manager of Corporate Communications

Michelle Williams

TITLE
Chief People Officer
TENURE
0.2 yrs

Clinton Lollback

TITLE
Chief Risk Officer
TENURE
4.3 yrs
Board of Directors Tenure

Average tenure and age of the Tabcorp Holdings board of directors in years:

2.8
Average Tenure
59
Average Age
  • The average tenure for the Tabcorp Holdings board of directors is less than 3 years, this suggests a new board.
Board of Directors

Paula Dwyer

TITLE
Independent Chairman of the Board
COMPENSATION
A$646K
AGE
58
TENURE
8.8 yrs

David Robert Attenborough

TITLE
MD, CEO & Executive Director
COMPENSATION
A$5M
AGE
56

Steve Gregg

TITLE
Non Executive Director
COMPENSATION
A$273K
AGE
58
TENURE
7.8 yrs

Bruce Akhurst

TITLE
Non-Executive Director
COMPENSATION
A$291K
AGE
59
TENURE
2.8 yrs

Vickki McFadden

TITLE
Independent Non-Executive Director
COMPENSATION
A$285K
AGE
60
TENURE
2.8 yrs

Justin Milne

TITLE
Independent Non-Executive Director
COMPENSATION
A$240K
AGE
66
TENURE
8.7 yrs

Harry Boon

TITLE
Non Executive Director
COMPENSATION
A$276K
AGE
71
TENURE
2.3 yrs

Dave Gallop

TITLE
Observer
TENURE
0.5 yrs

Anne Brennan

TITLE
Board Observer
AGE
59
TENURE
0.2 yrs
Who owns this company?
Recent Insider Trading
  • Tabcorp Holdings individual insiders have sold more shares than they have bought in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
20. Mar 20 Sell Paula Dwyer Individual 18. Mar 20 18. Mar 20 -120,834 €1.36 €-164,647
20. Mar 20 Buy Paula Dwyer Individual 18. Mar 20 18. Mar 20 45,834 €1.35 €61,959
19. Mar 20 Sell AustralianSuper Pty. Ltd. Company 13. Mar 20 16. Mar 20 -3,031,935 €2.47 €-7,500,587
19. Mar 20 Buy AustralianSuper Pty. Ltd. Company 12. Mar 20 16. Mar 20 24,081,517 €1.85 €44,581,239
23. Jan 20 Sell BlackRock Investment Management (UK) Limited Company 22. May 19 13. Jan 20 -2,888,773 €2.99 €0
23. Jan 20 Buy BlackRock Investment Management (UK) Limited Company 22. May 19 22. Jan 20 5,855,218 €3.05 €0
23. Jan 20 Sell BlackRock Advisors (UK) Limited Company 29. May 19 21. Jan 20 -791,427 €3.00 €0
23. Jan 20 Buy BlackRock Advisors (UK) Limited Company 22. May 19 22. Jan 20 2,187,083 €3.05 €0
13. May 19 Buy BlackRock Investment Management (UK) Limited Company 01. Apr 19 24. Apr 19 184,984 €3.08 €0
21. May 19 Sell BlackRock Advisors (UK) Limited Company 14. May 19 14. May 19 -15,134 €2.83 €-42,858
21. May 19 Buy BlackRock Advisors (UK) Limited Company 16. May 19 20. May 19 9,346 €2.88 €0
23. Jan 20 Sell BlackRock (Netherlands) B.V. Company 30. Sep 19 26. Nov 19 -103,865 €3.01 €0
23. Jan 20 Buy BlackRock (Netherlands) B.V. Company 28. May 19 27. Sep 19 130,955 €3.04 €0
23. Jan 20 Sell BlackRock International Limited Company 05. Sep 19 06. Sep 19 -26,168 €2.95 €0
23. Jan 20 Buy BlackRock International Limited Company 28. May 19 17. Jan 20 377,066 €3.00 €0
22. May 19 Buy BlackRock Advisors (UK) Limited Company 21. May 19 21. May 19 4,305 €2.86 €12,307
13. May 19 Buy BlackRock Advisors (UK) Limited Company 19. Mar 19 10. May 19 237,151 €3.06 €0
23. Jan 20 Sell BlackRock, Inc. Company 22. May 19 20. Jan 20 -5,242,455 €3.03 €-24,756
23. Jan 20 Buy BlackRock, Inc. Company 23. May 19 22. Jan 20 21,102,717 €3.05 €0
18. Nov 19 Sell Perpetual Limited Company 30. Jul 19 14. Nov 19 -36,592,773 €2.92 €-106,957,535
18. Nov 19 Buy Perpetual Limited Company 01. Aug 19 11. Nov 19 14,459,318 €2.75 €39,741,325
19. Sep 19 Buy Paula Dwyer Individual 19. Sep 19 19. Sep 19 25,000 €2.98 €74,451
26. Aug 19 Buy Bruce Akhurst Individual 21. Aug 19 21. Aug 19 20,000 €2.67 €53,349
20. Aug 19 Buy Paula Dwyer Individual 15. Aug 19 15. Aug 19 25,000 €2.67 €66,687
20. Aug 19 Buy Justin Milne Individual 15. Aug 19 15. Aug 19 4,800 €2.62 €12,599
31. Jul 19 Sell Perpetual Limited Company 23. Jul 19 29. Jul 19 -23,363,786 €2.81 €-65,624,236
31. Jul 19 Buy Perpetual Limited Company 22. Jul 19 23. Jul 19 504,214 €2.85 €1,436,575
22. Jul 19 Sell Perpetual Limited Company 09. Apr 19 19. Jul 19 -31,559,143 €2.82 €-89,121,326
22. Jul 19 Buy Perpetual Limited Company 26. Apr 19 18. Jul 19 8,964,732 €2.86 €25,645,760
22. May 19 Buy BlackRock, Inc. Company 21. May 19 21. May 19 177,964 €2.86 €508,754
21. May 19 Sell BlackRock, Inc. Company 16. May 19 16. May 19 -162,730 €2.87 €-466,501
21. May 19 Buy BlackRock, Inc. Company 13. May 19 20. May 19 256,918 €2.87 €0
13. May 19 Buy BlackRock, Inc. Company 18. Mar 19 10. May 19 1,355,262 €3.09 €22,040
10. Apr 19 Sell Perpetual Limited Company 05. Jun 17 08. Apr 19 -73,349,504 €2.98 €-218,536,119
X
Management checks
We assess Tabcorp Holdings's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Tabcorp Holdings has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

THL News

Simply Wall St News

THL Company Info

Description

Tabcorp Holdings Limited, together with its subsidiaries, provides gambling and entertainment services in Australia. It operates in three segments: Lotteries and Keno, Wagering and Media, and Gaming Services. The Lotteries and Keno segment operates lotteries and Kenos primarily under the Set for Life, Powerball, Oz Lotto, TattsLotto, Saturday Lotto, Gold Lotto, X Lotto, Monday and Wednesday Lotto, Lucky Lotteries, Lotto Strike, Super 66, and Keno brands. The Wagering and Media segment offers totalizator and fixed odds betting on racing, sports, and other events; and operates through a network of TAB agencies, hotels and clubs, and on-course operations, as well as through retail, Internet, mobile devices, and phone. It also provides Trackside, a computer simulate racing product; and international wagering and pooling services. In addition, this segment engages in the Three Sky Racing television channels broadcasting thoroughbred, harness and greyhound racing, and other sports to audiences in TAB outlets, hotels, clubs, and other licensed venues, as well as in-home to pay TV subscribers; operating Sky Sports Radio network; and advertising and sponsorship arrangement, and broadcasting racing activities. The Gaming Services segment offers electronic gaming machine (EGMs) monitoring and related services under the MAX Regulatory Services brand. It also provides gaming machine and systems supply and expertise; specialized services and strategic advice to licensed gaming venues; value-add services to venues, such as gaming and loyalty systems, business intelligence tools, linked jackpots, and cashless and ticket in ticket out services; and logistics, installation, and relocation services, as well as EGMs, lottery and wagering terminals, and other transaction device repair and maintenance services under the MAX Venue Services brand. The company was founded in 1994 and is based in Melbourne, Australia.

Details
Name: Tabcorp Holdings Limited
THL
Exchange: DB
Founded: 1994
A$2,800,786,080
2,027,565,052
Website: http://www.tabcorp.com.au
Address: Tabcorp Holdings Limited
Tower 2,
Level 21,
Melbourne,
Victoria, 3008,
Australia
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ASX TAH Ordinary Shares Australian Securities Exchange AU AUD 31. Aug 1994
OTCPK TABC.F Ordinary Shares Pink Sheets LLC US USD 31. Aug 1994
DB THL Ordinary Shares Deutsche Boerse AG DE EUR 31. Aug 1994
CHIA TAH Ordinary Shares Chi-X Australia AU AUD 31. Aug 1994
OTCPK TACB.Y UNSPONSORD ADR Pink Sheets LLC US USD 20. May 2010
Number of employees
Current staff
Staff numbers
5,000
Tabcorp Holdings employees.
Industry
Casinos and Gaming
Consumer Services
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/05 21:06
End of day share price update: 2020/04/03 00:00
Last estimates confirmation: 2020/04/03
Last earnings filing: 2020/02/18
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/06/30


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.