Morningstar flags risks for Aussie gambling firm Tabcorp
Morningstar flags risks for top Australian gambling firm Tabcorp TAH.AX
Investment research firm says conditions for betting remain challenging in Australia due to co's aging physical locations, intense competition
Notes rivals Flutter Entertainment FLTRF.L and Entain ENT.L have also warned of tough conditions in Australia
Adds, Australia was Entain's worst performing country in the first half of 2025
However, Morningstar says TAH shares undervalued vs its fair value estimate of A$0.90; believes market is focusing on lower betting vols for the near term
Shares of Tabcorp down 0.4% at A$0.7125 on Thur
Ten analysts rate stock "hold", median PT is A$0.75; Flutter and Entain both rated "buy" on avg - LSEG-compiled data
YTD, TAH up 26.1%; FLTRF up 3% and ENT up 30.2%
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