Aristocrat Leisure Ltd

ALL: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$69.00	Gdzkr	Rzpkswgqq

Aristocrat Leisure: Shares Are Close to Fair Value

Angus Hewitt

Sep 25, 2023

Aristocrat shares are trading at a slight discount to our unchanged AUD 43 fair value estimate, after recovering strongly from lows of near AUD 30 at the beginning of 2023. We think the market is now appropriately balancing the firm's dominance in land-based gaming against slowing tailwinds in Aristocrat's digital businesses. We estimate Aristocrat's highly popular and profitable gaming machine titles, which underpin its narrow economic moat, will allow the firm to continue to capture share in both outright sales and leased machines in the key North American market.

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