dividend query , page-3

Well I stupidly got out of this sub 3.00 (pre SA announcement) because I think the div will be reduced in the coming year.

Revenue FY 12 $3.9B, EBITDA $650m, NPAT $319m, DIV per share 23c at 97.5% payout ratio.

TTS Pokies FY 12 $1.25B, EBITDA $234.6
TTS have been without the VIC Poker Machines since September (August 15 I believe). They realised $66m from the sale of the machines in VIC.

Based on the above, I cant see SA Lotteries filling the void. I would suspect a drop in Annual Divs of 35% ish. (just using the rudimentary figures above)

The real sweetener will be if TTS can win the claim against the Victorian Govt (I believe they will from the little I know about it). The question will be how much they get? I previously put the figure at somewhere in the $600-700m mark, however again this is really a guess.

I only got out because I think the share price will come off quite allot "if" divs do drop by 35%. I obviously didnt pick my timing very well however. If my timing is any indication I wouldnt bother listening to any of the above and just do your own research.