Light & Wonder Inc Chess Depository Interest
LNW: XASX (AUS)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
A$981.00 | Psty | Wqcpbwq |
Light & Wonder Earnings: Shares Remain Attractive Following Solid Results Across All Segments
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.