Shawn Burns is Solve the Riddle

  ALL FH 25 RESULT SUMMARY Transitional year with Plarium divested and Product Madness social casino expanded, and the Interactive Division set up for significant growth ($1b rev by 2029). Results exclude Plarium, so they reflect ongoing operations. Market share gains were generally made across all operations. Group revenues were +9% (5% cc) and group profit +12% while NPATA was +6%. These results are good but are off a lower profit base as Plarium is now exited. The strategy is to grow off this lower base of profits with better quality and a higher growth profile. States LNW have not played by the rules, and LNW have terminated some staff. ALL are progressing what they believe is intellectual theft by LNW. ALL are pleased with legal progress in the US and Australia, including a US court issuing a preliminary injunction regarding Dragon Train. LNW have given undertakings to cease sales of DT in Australia. LNW have ceased with Fuel the Dragon as it is a result of ALL IP. ALL i...

  MQG FY25 RESULT NPAT +5% and EPS +7% ROE 11.2% Interestingly, MQG changed a disclosure expanding the segments of how they describe their revenues to now include recurring revenues, as well as annuity and market-facing. The new disclosure has a split of 54% annuity, 29% recurring and 17% market facing. The object is to highlight the stable nature of MQG revenues compared to similar IB’s that have much more trading income. One of the reasons it is quite difficult to forecast earnings every year for MQG is due to the importance of performance fees and gains on asset sales. Both can swing widely, and timing is hard to predict. The importance of disclosure of these items makes assessing the underlying operations more transparent. PF’s are disclosed, but asset sale profits are harder to identify. My base case for PF and asset sales is that they grow with the asset base but vary considerably from year to year. ROE is higher when PF and sales are higher, and lower without them. T...

  VISA FH25 Solid results, with VAS becoming a significant driver of results. The growth of VAS is important, as I was a bit sceptical about V's ability to grow this business to the size and rate to contribute what it is now contributing. A good result. VAS is several businesses, the most important being security/fraud detection, issuer, and acceptance services, i.e., bringing new and varied clients into the network. There is a real risk of a cyclical slowdown, and the various macro issues are felt in the economy. There are cyclical, not existential risks. Of course, no one knows the extent of the fallout. V remains an incredibly strong business and management point out its diversity and financial strength. I currently see solid value around the $280 level. How any economic slowdown works out will impact all share prices. Again, I see this macro risk as a cyclical issue. The current price $335 is around FV, maybe a little on the cheap side. Broad assumptions are 12% 5-year co...