Tabcorp Holdings' (ASX:TAH) recent director changes provided "clarity" in the betting and wagering firm's long-term business model, Jardin Research said in a Sept. 20 note.
The director refresh came around the renewal of the company's license in Victoria and the surprise exits of its CEO and CFO, which the investment firm thinks created "uncertainty."
Given the "underwhelming" fiscal year report and potentially not meeting its TAB25 goals, the new board, to be led by incoming Chair Brett Chenoweth, is expected to focus on business execution, right-sizing its cost base, and transforming the company into a more agile entity.
With improvements in racing turnover and an edge in the competition offset by softer consumer discretionary spending, Jarden Research maintained Tabcorp's AU$0.065 price target and overweight rating.
Company shares rose past 5% in recent Friday trade.
Price (AUD): $0.45, Change: $+0.022, Percent Change: +5.12%
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.