at what price do you buy in?, page-5

Full year report next Thursday, should be interesting as a lot of growth is expected plus updates on digital strategies.

Consensus EPS predictions of around $1.44 in FY19 would suggest those numbers hoped for, circa $22 or $20 p/s, would imply forward PERs of 15.3 and 13.9 respectively. Realistic? I doubt it given the growth profile and historical trading range of stock which is around 21 times earnings last 5 years.

If the acquisitions perform, current management on earn outs and retentions for another year or so, then this stock is much cheap relative to growth and returns offered by our other high flyers, for example CSL and A2M.

However, big question mark over ALL being able to crack casual games market given no real edge there vs social casinos, and the hardware and social casino side of things are very mature with large market shares.

Medium term massive opportunity in casual mobile gaming and the core business is still on fire with by far the best and most popular product on the casino floor. Deleverging would be nice to, and given the earnings growth profile DEBT/EBITDA will reduce a lot combined with pay down.