Tabcorp Holdings Limited

TAH.AX · Consumer Cyclical · Gambling · Valued as of 2026-11-03 · Statements 2026-06-30

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

406.83M USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

868.88M USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

868.88M USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

714.86M USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

1.38B USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

0.52×

the ratio the screener ranks by

Margin of Safety

-93.3%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 406.83M USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).
①EPV (earnings power value)576.35M USD
−②Net Debt Today362.51M USD
+③Growth Value193.00M USD
=Value406.83M USD

EPV of the Operations (NOPAT over WACC)

576.35M USD

Net debt today

-362.51M USD

Growth Value

+193.00M USD

Value

406.83M USD

①EPV (Earnings Power Value)

576.35M USD

②Net Debt Today

362.51M USD

③Growth Value

193.00M USD

Market value

Market Cap1.38B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-239.7%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 868.88M USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.

The projection was not made (a profit at or below zero in the latest three years), so the value is the book value today, 868.88M USD, as the screener leaves it.

①Present Value of the 15 Years of FCFE

Not in the value

②Equity at Year 15, Today

Not in the value

Market value

Market Cap1.38B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-59.1%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 868.88M USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).

The projection was not made (a change in working capital above half the operating profit in the latest three years), so the value is the book value today, 868.88M USD, as the screener leaves it.

①Present Value of the 15 Years of FCFF

Not in the value

②Invested Capital at Year 15, Today

Not in the value

③Net Debt Today

Not in the value

Market value

Market Cap1.38B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-59.1%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 6.16%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.36×Market Risk Premium 6.00%= 6.69%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC =Tax Provision 36.17M USDPretax Income 68.07M USD= 53.14%

The tax the interest saves.

Interest Expense =EBIT 127.93M USD−Pretax Income 68.07M USD= 59.87M USD

The interest the company paid: EBIT is the profit before tax plus the interest.

Cost of Debt =Interest Expense 59.87M USDTotal Debt 573.19M USD×(1 − Tax Rate for WACC 53.14%)= 4.89%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 573.19M USDMarket Cap + Total Debt 1.38B USD + 573.19M USD= 29.32%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 70.68%×Cost of Equity 6.69%+Debt Weight 29.32%×Cost of Debt 4.89%= 6.16%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2026-06-30.

Total Assets 2.20B USD − Total Liabilities 1.33B USD = Book Value Today 868.88M USD

Total Debt 573.19M USD − Cash and Short-Term Investments 210.67M USD = Net Debt Today 362.51M USD

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 10.4%at most 5%passes2,292,600,000 / 2,283,648,566
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets—at least -10.0%not measured(— − 31.90M USD) ÷ 2.20B USD
Price to bookMarket Cap ÷ Book Value Today1.59×at most 3×passes1.38B USD ÷ 868.88M USD
Operating marginOperating Income ÷ Revenue7.1%above 10.0%does not pass128.90M USD ÷ 1.82B USD
Revenue growthRevenue ÷ Revenue a Year Before − 16.2%above 10.0%does not pass1.82B USD / 1.71B USD
Net cash(Cash − Total Debt) ÷ Market Cap-26.2%above -30%passes(210.67M USD − 573.19M USD) ÷ 1.38B USD
Operating efficiencyOperating Income ÷ Gross Profit7.1%above 25.0%does not pass128.90M USD ÷ 1.82B USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

0.85 AUD

Enterprise value

2.40B AUD

the provider's own figure

EV / EBITDA

7.99×

Price / book

1.47×

the provider's book

Price / earnings

42.75×

Return on equity

3.7%

the provider's figure, not this page's

Profit margin

1.8%

Revenue growth

0.5%

Analyst target, mean

1.01 AUD

Analysts

11

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

Income statement (USD)2023202420252026

Revenue

1.61B1.56B1.71B1.82B

Gross profit

1.61B1.56B1.71B1.82B

Operating income

50.29M-45.87M100.32M128.90M

EBITDA

operating income before depreciation and amortisation

235.17M-900.39M241.19M274.68M

Pretax income

54.80M-1.08B46.56M68.07M

Net income

44.07M-905.19M23.94M31.90M

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

70.17M-49.29M23.94M31.90M

R&D

————
Balance sheet, year end (USD)2023202420252026

Total assets

2.69B2.27B2.05B2.20B

Total liabilities

923.25M1.82B1.23B1.33B

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

1.76B830.09M820.08M868.88M

Total debt

379.29M1.16B564.12M573.19M

Cash and equivalents

192.63M225.15M154.67M210.67M

Net PP&E

fixed assets after depreciation

180.04M122.49M133.87M148.19M

Working capital

current assets less current liabilities

-76.53M-47.27M-224.64M-205.16M
Cash flow (USD)2023202420252026

Operating cash flow

————

Capital expenditure

paid out, so below zero

-130.47M-506.22M-77.04M-103.82M

Depreciation and amortisation

159.36M146.66M132.63M146.74M

Free cash flow

operating cash flow plus capital expenditure

-51.42M-342.98M188.80M109.26M