Aristocrat Leisure Ltd

ALL: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$35.00	Gnrhvh	Jtrcxwjwf

Don't Overlook the Strength of Aristocrat's Land-Based Gaming Business

Angus Hewitt

Sep 26, 2022

Shares in Aristocrat screen as cheap compared with our unchanged AUD 41.00 fair value estimate. We think much of the focus has been on the firm's entry into online real-money gaming in the U.S., and the ill-fated PlayTech acquisition attempt. But we think the market has been distracted by this opportunity, overlooking the strength of the core land-based gaming business which underpins the firm's narrow economic moat.

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