Ann: Full Year Results - Investor Presentation, page-3

There are some green shoots in the report. Despite the 100m odd fall in EBITDA, wagering is showing some recovery in July, though it is compared to the covid impacted July last year.

There is some evidence that the fall in revenue from the wagering division is being stemmed. Though, investors don't tend to react positively to investment in generosities. Also, TAH is primarily a play on the licences and as the fee structure is hopefully equalised between competitors there will have to be some discounting from TAB compared to other operators.

And as always, if this is part of a balanced portfolio we can always bank the franking credits and offset some of the losses against our coal holdings.