Aristocrat Leisure Limited (ALL)



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General Information
Company Name: Aristocrat Leisure Limited
Stock Code: ALL
Website: www.aristocratgaming.com
GICS Sub-Industry: Casinos & Gaming
Market Cap ($M): 4,152
Equiv. Shares (M): 630

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 6.590 $ 6.520 $ 6.640 $ 6.500 $ 6.440 2,036,352 $ 0.150  2.329 %

Current Broker Consensus Recommendation more
Recommendation: Buy (1.6667)
Recommendation Date: 23rd Oct 2014
Brokers Surveyed: 3

Company Overview

Business Description:
Aristocrat Leisure Limited (ALL) operates as a developer, manufacturer and distributor of gaming content, platforms and systems in Australia, New Zealand, Americas, Japan and Rest of World. ALL also operates within the on-line social gaming and real money wager markets.

Strategy Analysis:
Aristocrat aims to be a leading global provider of gaming solutions by maintaining market leadership in Australia and New Zealand, expanding its business into key international markets, increasing sales of gaming and progressive linked jackpots and developing the most entertaining games software. Aristocrat is expanding into video lotteries, table games and electronic poker. Aristocrat is focused on North America, Australia and Japan. Aristocrat Leisure reported NPAT up 39.6% to $34.7m for the half-year ended 30 June 2012. This was predominantly delivered through improved operational performance with EBIT growth of 29.3% (21.9% in constant currency). Revenues from ordinary activities were $396.39m, up 27.6% from the same period last year with all key regions delivering growth. Diluted EPS was 6.3 cents compared to 4.6 cents last year. Net operating cash flow was $29.21m compared to $15.01m last year. The interim dividend declared was 4 cents compared with 2.5 cents last year.


Financial Summary
Year to Sep NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2015  F 165.1 25.9 15.7 24.9 21.0 3.3 0.0
2014  F 123.6 22.4 15.3 28.8 17.0 2.6 0.0
2013  A 107.2 19.4 128.2 19.2 14.5 3.9 0.0
Source: Morningstar analyst estimates.

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2013 A 2014 F 2015 F 2013 A 2014 F 2015 F 2013 A 2014 F 2015 F
Aristocrat Leisure (ALL) $4,057 M 1.3289 0.0907 0.3407 33.1959 30.4348 22.7000 2.25 2.48 2.40
Crown Resorts (CWN) $10,168 M 0.3037 0.0164 0.1788 15.8871 15.6309 13.2599 2.65 2.87 3.09
Echo Entertainment Group (EGP) $2,906 M 0.1399 0.3432 0.0679 22.6221 16.8421 15.7706 2.27 2.36 2.70
Tabcorp (TAH) $3,001 M 0.0423 0.0864 0.0351 19.9288 18.3435 17.7215 4.08 4.85 5.10
Tatts Group (TTS) $4,653 M -0.0784 0.1106 -0.0011 20.0124 18.0190 18.0392 4.19 4.68 4.89

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
ALL 1.93 31.1 9.58 1.49 4.50
Market 0.91 15.3 1.22 1.74 1.54
Sector 1.23 18.3 2.53 1.49 2.66

Directors
Name Position Start Date
Mr Jamie Odell Chief Executive Officer,Managing Director 13 May 2009
Dr Ian David Blackburne Non-Executive Chairman 17 September 2010
Mr Roger Andrew Davis Non-Executive Director 07 June 2005
Ms Kathleen Marie Conlon Non-Executive Director 19 February 2014
Dr Rosalind Vivienne Dubs Non-Executive Director 15 June 2009
Mr Stephen Morro Non-Executive Director 15 December 2010
Mr David Banks Non-Executive Director 12 July 2011

Management
Name Position
Toni Korsanos Chief Financial Officer,Company Secretary
TJ Croker Managing Director, Australia and New Zealand (ANZ) and Asia Pacific
A Bali President, Americas

Substantial Shareholders
Holding Name
56,683,939 (10.28%) Commonwealth Bank of Australia
28,318,491 (5.14%) AMP Limited
44,998,052 (8.16%) Ellerston Capital Limited and its associates

Calendar of Events
Date Event
27 May 2015 Report (Interim)
18 December 2014 Report (Annual)
25 November 2014 Report (Prelim)
© 2011 Morningstar, Inc. All rights reserved. The data and content contained herein are not guaranteed to be accurate, complete or timely. Neither Morningstar, nor its affiliates nor their content providers will have any liability for use or distribution of any of this information. To the extent that any of the content above constitutes advice, it is general advice that has been prepared by Morningstar Australasia Pty Ltd ABN: 95 090 665 544, AFSL: 240892 (a subsidiary of Morningstar, Inc.), without reference to your objectives, financial situation or needs. Before acting on any advice, you should consider the appropriateness of the advice and we recommend you obtain financial, legal and taxation advice before making any financial investment decision. If applicable investors should obtain the relevant product disclosure statement and consider it before making any decision to invest. Some material is copyright and published under licence from ASX Operations Pty Limited ACN 004 523 782 ("ASXO"). DISCLOSURE: Employees may have an interest in the securities discussed in this report. Please refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/fsg.asp.

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