2025-05-28-Jefferies-Aristocrat(ALL)_毛博彩收入改善支持每日收费恢复_8页_268kb.docxVIP

2025-05-28-Jefferies-Aristocrat(ALL)_毛博彩收入改善支持每日收费恢复_8页_268kb.docx

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Australia|Gaming

Aristocrat

PRICETARGET|%TOPTAUD72.00|+14%52WHIGH-LOW AUD79.95-AUD42.88FLOAT(%)|ADVMM(USD)82.7%|97.02MARKETCAP AUD42.2B|$27.4BTICKER ALLAU^Priortradingdaysclosingpriceunlessotherwisenoted.PRICEApr-25GGRprintstodateshowincrementallybetteractivity(~+3.5%),givingusmoreconfidenceinFPDreversionin2H25.Marketsharegainsshouldcontinuetofeaturegivennewproductmomentum,andpremiumisationofUS

PRICETARGET|%TOPTAUD72.00|+14%52WHIGH-LOW AUD79.95-AUD42.88FLOAT(%)|ADVMM(USD)82.7%|97.02MARKETCAP AUD42.2B|$27.4B

TICKER ALLAU

^Priortradingdaysclosingpriceunlessotherwisenoted.

PRICE

.Source:StateGamingCommissions,JefferiesestimatesExhibit4-CY25StatebyStateGGRy-yExhibit3-Apr-25GGRcontinuestoacceleratefromMar/Feb-25Apr-25land-basedGGRprintstodateacrosstheUSindicate+3.5%y-ygrowth.ThishasaccelerateddecentlyfromMar-25,whichwasflatonay-ybasis,comparedtoFeb-25,whichwas-5%dueto

.

Source:StateGamingCommissions,Jefferiesestimates

Exhibit4-CY25StatebyStateGGRy-y

Exhibit3-Apr-25GGRcontinuestoacceleratefromMar/Feb-25

.Source:StateGamingCommissions,JefferiesestimatesExhibit5-CasinoGGRremainsresilientthroughcycleThisbodeswellforFPDrecovery.ALLguidanceforsequentialimprovementinfeeperdayistangiblyclear,howeverthequantumwillbethefocusofinvestorsuntil2H25printinNov-25.HeavilydiscountedClassIIunitswillremaininALLsinstallbaseonanongoingbasis,howeverFPDrecoverycanbedrivenby:i)GGRimprovement(~US$0.50),wearepositiveontheresiliencyofUSslotsasacategory;ii)Ongoingpremiummiximprovements(almostallofALLs2,500unitsin1H25werepremium;2,500premiumunitsperhalfimplies~$0.50FPDupliftannually).DiscountingforClassIIopportunitiessawameaningfuldragin1H25,whichwouldimplyunitswereplacedatasignificantdiscountin

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