rowmelb. my expectation is that TTS is not going to fall much...

rowmelb. my expectation is that TTS is not going to fall much further near term - current whispers are that they will get their Lotteries licence renewed in a few months on terms that do not disappoint the market. This may provide a short term increase in share price.

prospect of dividend is also a positive near term.

HOWEVER, lotteries are only around 10% of EBITDA. The bigger issue is the gaming licence - they will fall at least 50 cents from here if they miss out on it, and could be more. I don't know whether they will get this - but there will be plenty of speculation in the back half of this year - and some of it will be negative.

All up - difficult to see value here.

I have posted it before, but have a look at Newsletter #2 at the www.member-insight.com site (under the heading Recent Newsletters) for discussion of TTS prospects.