Ainsworth Game Technology Ltd

AGI: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$6.94	Jkbyv	Nkxfpkwr

Transferring Ainsworth to a New Analyst; FVE Cut by 65%

Angus Hewitt

Oct 1, 2020

We lower our fair value estimate for shares in Ainsworth Game Technology to AUD 0.38, from AUD 1.10 previously, following the release of fiscal 2020 earnings and transition to a new analyst. We no longer believe Ainsworth enjoys competitive advantages in the electronic gaming machine, or EGM, market. While stringent regulatory licensing requirements in major markets create barriers to entry for new players, the market is already highly competitive and we no longer believe Ainsworth has the appropriate intellectual property to enjoy economic returns in this environment.

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