Light & Wonder Inc Chess Depository Interest

LNW: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$579.00	Dpnrm	Jcflbqm

Light & Wonder Earnings: Shares Remain Attractive Following Solid Results Across All Segments

Angus Hewitt

Nov 10, 2023

We lift our fair value estimate for shares in no-moat Light & Wonder by 3% to USD 90 (AUD 140) following the release of third-quarter 2023 results. Revenue and profitability are tracking ahead of our previous forecasts for the first 9 months of fiscal 2023, with underlying EBITDA up 26% on the previous corresponding period to USD 815 million. We raise our 2023 underlying EBITDA forecast by 6% to USD 1.1 billion—a 19% increase on 2022. The increase in our estimates, together with the time value of money, lifts our valuation.

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We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

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