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
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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