Lottery's Victorian License Extension Structurally De-Risks the Business, Says Jarden

MT Newswires Live

May 07

Lottery (ASX:TLC) has secured a 40-year extension of the Victorian Public Lottery License that structurally de-risks the business despite weighing on near-term earnings, Jarden said Wednesday in a note.

The exclusive monopoly license, achieved through an upfront payment of AU$1.145 billion, compares with Jarden's prior assumption of AU$400 million for a 20-year renewal. The extension underpins long-term earnings visibility with stable cash flows, it added.

The deal is expected to pressure near-term earnings, with a total NPAT headwind of roughly AU$47 million from higher financing costs, license amortization expenses, and the removal of online Keno revenue from 2027. However, the transition to an NPATA-based dividend policy should keep dividends broadly stable.

The investment firm lowered its fiscal 2027 and 2028 NPAT projections by 13% and 16%, respectively.

Jarden maintained its overweight rating and price target of AU$5.60.

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The extension underpins long-term earnings visibility with stable cash flows, it added.</p><p>The deal is expected to pressure near-term earnings, with a total NPAT headwind of roughly AU$47 million from higher financing costs, license amortization expenses, and the removal of online Keno revenue from 2027. However, the transition to an NPATA-based dividend policy should keep dividends broadly stable.</p><p>The investment firm lowered its fiscal 2027 and 2028 NPAT projections by 13% and 16%, respectively.</p><p>Jarden maintained its overweight rating and price target of AU$5.60.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"TLC.AU","symbol_name":"Lottery Corporation Limited","start_time":0,"source_url":"https://www.mtnewswires.com/","article_id":"2633692166","we_media_id":"1092851196","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2633692166","pubTimestamp":1778109383,"columns":[],"sourceInfo":{"source_id":"mtnewswires_news","name":"MT Newswires"},"weMediaInfo":{"media_name":"MT Newswires Live","introduction":"The most recognized names in North America, Europe and Asia rely on MT Newswires to power their applications. 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