Transferring Analyst Coverage of Narrow-Moat-Rated Ainsworth, Fair Value Estimate Unchanged

We transfer coverage of narrow-moat-rated Ainsworth Game Technology and reaffirm our AUD 1.20 per share fair value estimate. Our very high fair value uncertainty and Standard stewardship ratings are also unchanged. The firm endured a couple of challenging years, particularly in the highly competitive domestic market, ceding considerable market share to larger rival Aristocrat. Delayed product approvals and launches contributed to recent underperformance. Notwithstanding, we see value at current levels. At the most recent trading update, management was confident new game approvals are progressing, which should translate into improved product performance and domestic market share gains during fiscal 2020.