Ann: 2011 Preliminary Final Report results , page-3

Hi,
yes good result. Massive margin of safety here with A ROE of 60% , Price to sales ratio of <.5 , EV/EBITDA of < 3
and selling at cash backing.
Important statement is the advice on caution about potential adverse outcome on the revenue due to the tatts website in NSW.
A few months ago they did put out a statement saying they have operated for a while with tatts being the competitor in the victorian market and are well prepared for the NSW market.
Good risk reward ratio, trading on a pe of 3.
I normally do not see bargains like this available to the extent that there are . Is it because we are looking at license renewal issues in 2014? or because no expansion into other markets has been achieved.
Any hint of them getting a foothold into europe or us is likely to put a rocket under its price.
happy to hold and considering topping up