Aristocrat Leisure Limited (ALL)
BUY

ALL - Stock Update

 21 Mar 2022
Sector: Consumer Discretionary

ALL’s North American land-based slot performance trends remained at notable levels in the Feb 22 Eilers & Krejcik Game Performance Database (GPD) report.

ALL had 19 of the top 25 GPD premium leased game titles including all 10 of the top titles. ALL’s Dragon Link Golden Century remained the #1 GDP premium leased game title, indexing at 4.03x average net win (vs 4.16x last month).

Premium leased games overall indexation decreased slightly Month on Month to 2.66x which is a -4bp move.

ALL also had 13 of the top 25 premium leased parent game themes (no change MoM) and 7 of the top 25 core outright sale game titles (-2 MoM).

Dominance in slot machine performance continues to be maintained by ALL and therefore supports our investment thesis of a Buy rating.

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Company Overview

Aristocrat Leisure (ALL) is a global gaming company that specialises in mobile applications and slot machine production.

ALL continue to display strong gaming performance despite the weaknesses caused by the recent Ukraine Crisis & foiled Playtech acquisition. ALL’s M&A ready balance sheet and positive gaming performance supports our investment thesis of a Buy rating.

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