re: closing price predictions? timber!!! I think that most people would be suprised to know that the much greater of TTS profits are derived from gaming and not the lotteries, both of which are forecast to decline in FY06. Throw in lotteries licence renewal issues in 2007 (TAB will be bidding) and a law suit from an ex employer mid next year and 3.60 to 3.70 looks like the very upper limit. Probably settle between 335 - 345 in the interim.
EBITDA
FY02 - 282m
FY03 - 248m
FY04 - 243m
FY05 - 244m f
FY06 - 229m f
Look to enter at 3.25
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