BUY200p broker note nissibeach
Target price raised to 200p (+25%) Our revised target price of 200p (160p) is based on12x 2006E EPS. Given that our estimates for all three businesses are based on the
minimum earn-out levels and could comfortably be exceeded by 20% if current strong
momentum is maintained, the PER at 200p could realistically fall to c.9.5x if not lower.
On that basis we believe that 200p is well deserved and would still leave the business
at a 40% discount to Sportingbet (if it delivers minimum earn-out levels) and a near
60% discount if the maximum earn-out levels are achieved.

Year T/o$m PBT Tax% EPS (c) PERx
2004A 330.7 5.7 0 16.3 15.6
2005E 385.5 7.1 0 19.9 12.7
2006E 768.8 19.6 3.5 29.5 8.6
2007E 848.2 23.8 18.9 30.5 8.5
Source: Company, Altium Securities

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