Aristocrat Leisure Ltd

ALL: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$97.00	Jcmxj	Lzxrztqmj

Aristocrat Leisure Earnings: Gaming Machines Prove Their Resilience

Angus Hewitt

Nov 15, 2023

We lift our fair value estimate for shares in Aristocrat to AUD 45, from AUD 43 previously, following the release of fiscal 2023 results. The increase to our fair value estimate is principally due to the time value of money. Underlying net profit after tax lifted 21% to AUD 1.3 billion, about 9% above our forecast. But underlying EBIT was only about 3% above our prior forecast as we underappreciated the interest income on Aristocrat's net cash position.

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