Ann: Release re FY17 Half Year Results, page-35

in my opinion, AGI is fairly valued to undervalued for the following reasons:

1) AGI is a growth company in its growth stages, it has had a stellar run over the last 5-7 years. all businesses have ups and downs and IMO, AGI is consolidating for the next up leg and growth stage. it's current P/E ratio is low in comparison to its peers ((see the independent expert report commissioned for Len's sale to Novomatic which valued the shares well above the current SP.)

2) there is still plenty of room for growth in the Americas and recovery in the AU market. AGI is fundamentally a good business with good margins and a solid ROE, recurring revenues streams and a decent moat (by virtue of licences issues)

i could be wrong and it remains to be seen.

P.S the argument about novomatics intentions is pure speculation unless you can demonstrate a history of that occurring and/or evidence of their intentions.