Tabcorp Valuation - 4772 Words

Executive Summary On 18th October 2010, Tabcorp Holding Limited announced a demerger of its 4.3 billion casino and wagering business into two separate commercial entities: Echo and New Tabcorp. The term ‘New Tabcorp’ in this report refers to Tabcorp Holdings Limited after demerger and ‘Old Tabcorp’ refers to Tabcorp Holdings Limited before demerger. The report offers evidences to prove that the Old Tabcorp was suffering a conglomerate discount and the demerger has a positive outcome. The first part gives a brief introduction of Tabcorp, including the background and demerger movements. The second part begins with a PEST analysis of the gambling industry in Australia which aims at drawing an image of the gambling industry environment. This†¦show more content†¦The Interactive Gambling Act 2001 was amended in August 2011. It presented the implements of existing types of forbidden online gambling, and also checked the ability to eliminate harms that online gambling could bring to consumers. Economic The Australian gambling market is remarkable in the world’s gambling industry. It has already been mature and showed a very strong growing momentum with 2.9% annually over the last five years, and it was predicted that the growth rate would be constant in a medium-term period. (Sudarsanam, 2011)There are four categories of gambling activities. Gaming is the largest type with the annual turnover over $10.2b, and other three types are Casino, wagering and lotteries, and the annual turnover was $3.2b, $2.6b and $2.1b respectively. (Sudarsanam, 2011) Social Although gambling industry can bring more employment opportunities and offer diversified leisure activities for the public, it could also lead harms. ‘Problem Gambling’ is the main disadvantage that gambling produced, it may result in an increasing number of personal bankruptcy, suicide, crime and child welfare may be ignored and so on (Williams, Rehm Stevens, 2011). Hence, the Australian Gaming Council formulated the Responsible Gaming regulation to conduct the gambling industry in Australia and reduce the existing and potential harms. Technical As technology has been put into use and thanks to itsShow MoreRelatedCorporate Treasurer Of An Australian Based Property Development, Management And Investment Company2214 Words   |  9 Pagescommercial property loans and cannot be 8% of mortgages banks assets . If the bank wants to raise more then 8% of assets they may need to aggregate the pool with another ADI to create a â€Å"mulit-cedula† like bond . †¢ Mortgages must have LVR 80% without valuation haircuts applied; with commercial property the minimum LVR must not exceed 60% prior to loans value and haircuts for security coverage purposes . †¢ The demand note feature will allows the issuers to claim back any overcollaterization provided noRead MoreAnz Bank142091 Words   |  569 PagesNon Statutory Remuneration Disclosure Table 46 Statutory Remuneration Disclosure Table 48 9 Equity 50 9.1 CEO and Disclosed Executives Equity 50 9.2 NED, CEO and Disclosed Executives Shareholdings 52 9.3 Equity Valuations 54 10 NEDs, CEO and Disclosed Executives Transactions 55 10.1 Loan Transactions 55 10.2 Other Transactions 56 Introduction from the Chair of the Human Resources Committee Dear Shareholder, I am pleased to present our RemunerationRead MoreAnnual Report Fosters Beer64959 Words   |  260 Pagesresources Committee. Paula J. dwyer b.com., Fca, Faicd, F.Fin member of the Board since may 2011. She is an independent director. Current directorships: Astro japan property group (since February 2005), Suncorp group limited (since April 2007) and tabcorp holdings limited (since August 2005, Chairman since june 2011). previous directorship: healthscope limited (from march 2010 to october 2010). ms dwyer is an experienced company director. in addition to the above listed directorships, ms dwyer was