Gabriel Radzyminski
February 15, 2016
Gabriel Radzyminski @ Sandon Capital
Sandon Capital is an Australian-based activist investment firm.

Why Tatts Group (ASX:TTS) should demerge Wagering to focus on Lotteries

Sandon Capital believes Australian wagering and lotteries operator Tatts Group Ltd (ASX:TTS) should demerge its structurally challenged wagering business to become focused on its lottery concessions.

Tatts Group lottery concessions are state-based monopolies with weighted average concession durations of 35-40 years.  We believe these are infrastructure-like in their characteristics and that the share market is underpricing the true worth of the lotteries business.

Our presentation details the thinking behind this thesis.  Read it here:  http://hvst.co/1PWort6 

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