Loading…
Australian wagering and media company operating the TAB betting brand across totalisator, fixed-odds and racing media.
Australian wagering and media company operating the TAB betting brand across totalisator, fixed-odds and racing media.
Earns by taking bets in pools (totalisator, where payouts come from the pool less a cut) and at fixed odds, plus fees for supplying race coverage to other operators through Sky Racing. Product fees paid to the racing industry are a major cost. The 2022 demerger of its lottery and Keno business left a pure wagering and media company.
In one line: A state-linked OTB combined with a fixed-odds bookmaker.
Moat: narrow (regulatory licence, brand, distribution). State wagering licences and TAB's retail network/brand are protected but face online bookmaker competition.
Headquarters: Melbourne, Australia · Founded: 1954
Size Tabcorp (TAH.AX) is an Australia Communication Services company (Movies/Entertainment) with a market value of $1.45B, the 147th largest of 316 Australia companies the cockpit tracks. Shares closed at A$0.92 on 6 Nov 2026.
Performance Over six months the shares gained 28.0%, against -4.5% for the median peer and +4.1% for the Australia market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue grew 0.1% over the last twelve months (peer median +1.0%); the operating margin is 8.7% (peer median 10.0%).
Valuation It trades at 28.6× forward earnings against a peer median of 15.6× (6th most expensive of 14).
Price implies For today's price to make sense, revenue must grow about 6% a year for seven years (Req g). Recent delivered growth is 0%, so the hurdle is +5 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 0.2 points below its cost of capital (7.5% WACC).
Next results Next results expected around 18 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | A$2.15B | A$2.15B | A$2.15B | A$1.98B | A$2.10B |
| Revenue growth | — | 0% | +9% | -6% | — |
| Gross profit | A$445M | A$445M | A$424M | A$204M | A$343M |
| EBITDA | A$400M | A$400M | A$356M | A$172M | A$363M |
| Net income | A$46.3M | A$46.3M | A$36.6M | -A$1.36B | A$66.5M |
| Free cash flow | A$159M | A$159M | A$289M | A$84.8M | -A$77.6M |
| Capital expenditure | A$151M | A$151M | A$118M | A$160M | A$197M |
| Total debt | n/a | A$832M | A$863M | A$1.14B | A$572M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Tabcorp TAH.AX | $1.45B | +28% | 0% | 9% | 28.6× | 5.5% |
| Entain ENT.L | $4.05B | -11% | 0% | 11% | 8.9× | 3.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | TAH.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.8% | +8.5% | 8th lowest of 21 |
| 6-month return | +28.0% | -4.5% | 5th highest of 21 |
| Distance from 52-week high | -23.1% | -33.5% | 10th highest of 21 |
| Revenue growth (TTM) | +0.1% | +1.0% | 11th highest of 21 |
| Operating margin | 8.7% | 10.0% | 10th lowest of 21 |
| Forward P/E | 28.6× | 15.6× | 6th most expensive of 14 |
| Growth the price implies (Req g, 7 yrs) | 5.5% | 4.8% | 8th most demanding of 17 |
| Growth delivered (Del g) | +0.1% | +19.6% | 3rd lowest of 17 |
| Hurdle (Req g minus delivered) | +5.4 pp | -15.1 pp | 4th most demanding of 17 |
| ROIC minus cost of capital | -0.2 pp | -1.3 pp | 8th highest of 20 |
| EV / EBITDA | 6.6× | 8.9× | 3rd cheapest of 14 |
| Net debt / EBITDA | 1.3× | 3.7× | 5th least indebted of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tabcorp TAH.AX | Australia | $1.45B | +28% | 0% | 9% | 28.6× | 5.5% | +0.1% |
| Cultural Investment 600715.SS | China | $1.43B | +15% | -27% | -44% | n/a | n/a | n/a |
| Heiwa 6412.T | Japan | $1.32B | +16% | +47% | 16% | 10.2× | 4.1% | +19.1% |
| SM ENTERTAINMENT 041510.KS | South Korea | $1.31B | -19% | +10% | 14% | 15.5× | -9.1% | +15.2% |
| Hengdian Entertainment 603103.SS | China | $1.62B | -18% | -27% | -10% | n/a | 36.1% | +18.3% |
| PVR Inox PVRINOX.NS | India | $1.63B | +47% | +14% | 16% | 28.7× | 15.7% | +88.3% |
| Saregama India SAREGAMA.NS | India | $1.26B | +77% | -3% | 28% | 46.6× | n/a | n/a |
| Damai Entertainment 1060.HK | Hong Kong | $1.74B | -25% | +22% | 6% | 13.9× | -9.1% | +22.0% |
| EVT EVT.AX | Australia | $1.78B | +39% | +7% | 9% | 35.0× | 21.0% | +18.0% |
| Bona Film 001330.SZ | China | $1.17B | -25% | -29% | -34% | n/a | 24.0% | -4.9% |
| United Parks & Resorts PRKS | United States | $1.81B | +2% | -4% | 21% | 11.4× | 0.2% | +30.9% |
| Compagnie des Alpes CDA.PA | France | $1.11B | -11% | +8% | 13% | 8.1× | 2.6% | +17.8% |
| Accel Entertainment ACEL | United States | $1.10B | +18% | +9% | 8% | 15.6× | 0.8% | +33.3% |
| Shenzhen Overseas Chinese Town 000069.SZ | China | $2.00B | -25% | -22% | -32% | n/a | 1.1% | -17.4% |
| Tips Music TIPSMUSIC.NS | India | $1.04B | +20% | +27% | 67% | 39.6× | 36.6% | +32.9% |
| CA Cultural Technology 1566.HK | Hong Kong | $1.03B | +9,743% | -2% | 7% | n/a | n/a | n/a |
| Shochiku 9601.T | Japan | $1.03B | +14% | +4% | 5% | 44.1× | 13.5% | +13.4% |
| Six Flags Entertainment FUN | United States | $1.02B | -55% | -3% | 11% | n/a | 5.4% | +76.4% |
| JYP Entertainment 035900.KS | South Korea | $1.01B | -34% | +15% | 18% | 13.6× | -17.4% | +41.6% |
| Songcheng Performance Development 300144.SZ | China | $2.17B | -29% | -15% | 37% | 20.8× | 5.6% | +20.1% |
| SJM 0880.HK | Hong Kong | $974M | -49% | -16% | 6% | n/a | n/a | n/a |