Fund Manager Summary
The fund managers believe that the outlook for Aristocrat Leisure Ltd presents both challenges and opportunities. In their opinion, the company's strong market position and innovative product offerings could drive growth despite current economic uncertainties. They note that consumer spending concerns may impact short-term performance, prompting a strategic reduction in portfolio exposure to mitigate risks. However, the fund managers remain optimistic about Aristocrat's ability to adapt and thrive in a changing market landscape, emphasizing the importance of monitoring macroeconomic factors closely.
Source: Trading View
Commentary From The Managers
Subscribe To Unlock
Date
Price
Summary
Unlock Recent Updates With ThesisTracker Pro
Don’t let information asymmetry undermine your investment returns. Join other engaged investors on ThesisTracker Pro.
Blackwattle Investment Partners
31 Oct 2025
$63.35
Summary
- Blackwattle Investment Partners notes ALL's weak performance in October aligns with other US-focused gaming stocks.
- Peer companies such as Light and Wonder (LNW), MGM Resorts (MGM US), and Caesar’s Entertainment (CZR US) also experienced similar trends.
- Weakness in the Las Vegas market represents an estimated 10-15% of US slot GGR (gross gaming revenue).
- Other regions are showing robust activity levels despite the Las Vegas downturn.
- Conversations with casino operators indicate that capex budgets remain stable.
- US tax cuts are expected to support consumer expenditure next year.
- Aristocrat is continuing to gain market share.
- The release of the next generation of Baron cabinets has been particularly popular in Australia, often indicating future performance in the US.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Updates are made available to members within 12 hours in accordance with the ThesisTracker Pro Service Level Agreement.
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Commentary From The Managers
Blackwattle Investment Partners
31 Oct 2025
$63.35
- Blackwattle Investment Partners notes ALL's weak performance in October aligns with other US-focused gaming stocks.
- Peer companies such as Light and Wonder (LNW), MGM Resorts (MGM US), and Caesar’s Entertainment (CZR US) also experienced similar trends.
- Weakness in the Las Vegas market represents an estimated 10-15% of US slot GGR (gross gaming revenue).
- Other regions are showing robust activity levels despite the Las Vegas downturn.
- Conversations with casino operators indicate that capex budgets remain stable.
- US tax cuts are expected to support consumer expenditure next year.
- Aristocrat is continuing to gain market share.
- The release of the next generation of Baron cabinets has been particularly popular in Australia, often indicating future performance in the US.
Summary
Sterling Managed Investments
31 Oct 2025
$63.35
- Sterling Managed Investments continues to hold its position in Aristocrat Leisure Ltd.
- Despite strong feedback from the US industry expo, there has been a detracted sentiment in the market.
- The near-term premium leased game pipeline appears robust.
- Investors are showing caution regarding the resilience of the US consumer amid mixed signals.
- Sterling views current market reactions as noise, believing underlying momentum remains intact.
- Supported by robust GGR growth and increased casino purchases of premium leased machines.
- Continued market share gains are anticipated due to a strong premium leased gaming pipeline.
Summary
Selector Funds Management
30 June 2025
$65.17
- Aristocrat Leisure (ASX:ALL) is a leading global gaming content and technology provider with over 7,300 employees in 100+ countries.
- North America is the largest market, accounting for 82% of revenue, with a mix of leasing (59%) and outright sales (41%) models.
- Aristocrat's Gaming Operations install base increased by 6,391 units to 73,603 units, achieving a market share of 42%.
- The company maintains a market-leading fee per day at US$52.73, despite a 5% decline due to product mix.
- Recognized as Supplier of the Year at the American Gaming Awards for the sixth consecutive time.
- Investment in R&D remains strong, consistently between 11% and 13% of revenue, with $206m of $402m allocated to Aristocrat Gaming.
- In May 2024, a strategic review of assets was initiated, focusing on social assets like Big Fish Games and Plarium Global.
- Sale of Plarium Global for a total potential of US$820m was announced, with a focus on profitable operations.
- The mobile segment was rebranded to Product Madness and reported a 4% growth to US$570m.
- Aristocrat Interactive combines iLottery, Content Creation & Distribution, and System Infrastructure, with a revenue growth of 5% to US$76m.
- Plans to increase content rollout in FY26, having launched 40 new games in the U.S., Canada, and U.K.
- Management anticipates a stronger second half for FY25, with expectations for positive net profit growth.
- Long-term goal for Aristocrat Interactive is to achieve US$1b in revenue by FY29.
Summary
Alliance Bernstein
30 June 2025
$65.17
- Aristocrat Leisure is recognized as a leading global gaming content and technology company.
- The company's shares have appreciated due to positive monthly industry data.
- This data confirmed continued strength in game performance and market-share gains.
- These factors reinforce confidence in the company’s near- and medium-term earnings trajectory.
- Alliance Bernstein continues to hold its position in Aristocrat Leisure based on these developments.
Summary
Kardinia Capital
31 May 2025
$62.03
- Kardinia Capital continues to hold its position in Aristocrat Leisure Ltd despite a 7% decline in share price for the month.
- The company reported a 1H25 result that missed consensus expectations by 10%.
- The weak performance was primarily due to a soft gaming segment, with a fee per day decline of 5%.
- However, several tailwinds are expected to enhance performance in the second half, including new cabinet launches and new product launches.
- Additionally, there are lower tax headwinds and lower interest costs that may positively impact results.
Summary
Clime Investment Management
31 May 2025
$62.03
- Clime Investment Management notes that Aristocrat Leisure Ltd (ALL) faced challenges in the past month, influenced by a weaker than expected 1H25 result.
- The decline was primarily due to softer revenue and profitability in its core North American gaming segment.
- Management has clarified that these impacts are temporary and reported a recovery in 2H25.
- Clime Investment Management remains confident in ALL’s long-term positioning.
- This confidence is supported by strong content creation, growing iGaming exposure, and a healthy balance sheet.
Summary
Ten Cap
31 Mar 2025
$64.15
- Ten Cap has trimmed its position in Aristocrat Leisure Ltd.
- This action is part of a strategy to manage portfolio exposure to macro economic uncertainty.
- Concerns about consumer spending have influenced this decision.
- Ten Cap maintains a cautious approach given the current market conditions.
Summary
Oracle Advisory Group
31 Mar 2025
$64.15
- Aristocrat Leisure (ALL) reported strong results, continuing to gain market share.
- ALL's leased gaming machines increased by 11% to 71,000, significantly outpacing Light and Wonder's 33,000 machines, which grew only 7%.
- The mobile games segment is a current weakness for ALL, prompting a strategic shift to focus on social games and exit other segments like casual gaming.
- The sale of Plarium has been seen as a positive move, freeing up at least US$620m in cash and reducing D&D expenses by US$56m.
- Interest in Real Money Gaming remains strong, with ALL positioned as No:1 in US iLottery and progressing with 15 US states towards iLottery and 92% market access for content in 7 states opened for online gaming.
- Oracle Advisory Group views this as top-notch execution with few flaws identified in ALL.
- However, the stock has increased 72% since a major purchase in May 2024, which was noted as the best alpha generating call of the year.
- Some profits were taken as portfolio weight increased significantly due to ALL's strong performance.
Summary
Selector Funds Management
31 Dec 2024
$68.36
- Aristocrat Leisure is a leading global gaming content and technology provider with over 8,500 employees in more than 100 countries.
- Founded in 1953, the company operates 33 dedicated studios focusing on proprietary content for various gaming markets.
- Selector Funds Management continues to hold because Aristocrat delivered an exceptionally strong full year performance, achieving EPS growth of 20%.
- The company has a proven track record of growing topline revenues by 8% per annum over five years, with net profit growth of 12% and EPS growth of 14%.
- Aristocrat has actively pursued patent protection, filing a suit against competitor Light & Wonder for copyright infringement and misappropriation of trade secrets.
- A U.S. Judge allowed the case to proceed, showing sufficient evidence for Aristocrat's claims.
- In September 2024, a preliminary injunction was granted in favor of Aristocrat Leisure, preventing Light & Wonder from commercializing its copied game.
- The strategic review announced in May 2024 led to the sale of Plarium Global for up to $820 million, focusing on core growth areas.
- This divestment highlights Aristocrat's intent to concentrate on regulated gaming and improve operational efficiency.
- As of 2024, Aristocrat enjoys strong momentum and favorable financial metrics, generating 23 cents of net profit for every dollar of revenue.
- The company ended the year with $1.1 billion of net debt against $2.9 billion in EBITDA, indicating conservative operating leverage.
- The sale of Plarium Global is expected to nearly extinguish this debt, further strengthening the balance sheet.
- Selector Funds Management views Aristocrat positively, citing its strong people, business, balance sheet, and capital management.
- The current market capitalization of Aristocrat Leisure stands at $40.2 billion.
Summary
Oracle Advisory Group
31 Dec 2024
$68.36
- Aristocrat Leisure has successfully established itself as the market leader in gaming machines in the US.
- Remarkably, the company has excelled in the competitive landscape of American casinos.
- There is a potential for growth in online real money gaming as more states legalize online gaming and sports betting.
- Strong financial performance is highlighted with FY24 revenue increasing by 5% to $6.6 billion.
- Segment profit rose 12% to $3.1 billion, indicating robust operational health.
- Net Profit After Tax (NAPATA) increased by 17% to $1.6 billion.
- Market share continues to expand with 7,100 units installed in North America, exceeding guidance.
- Agreement to sell Plarium for US$820 million marks strategic divestment initiatives.
- Pixel United remains a concern, with ongoing efforts to divest underperforming assets.
- Overall positive results have positively influenced share price in the recent quarter.
Summary
Selector Funds Management
30 Nov 2024
$68.19
- Aristocrat Leisure reported a strong FY24 result with revenue growth of 5% to $6.6b (75% recurring).
- Underlying net profit after tax increased by 17% to $1.6b.
- The North America Gaming Operations segment was a standout, with an installed base increasing 11% to 71,131 units.
- Aristocrat ended the year with over 40% market share in the Gaming Operations segment.
- Industry-leading average fee per day of US$55.41.
- In its Digital business, Aristocrat announced the sale of Plarium to Modern Times Group for a total consideration of up to US$820m.
- The transaction comprises a fixed payment of US$600m and contingent consideration of US$200m.
- Expected closure of the transaction in the first half of calendar year 2025 subject to regulatory approval.
- Aristocrat has a market capitalisation of $42.2b.
Summary
Sterling Managed Investments
30 Nov 2024
$68.19
- Sterling Managed Investments notes that their investment view for Aristocrat Leisure Ltd (ALL) has played out as expected.
- They believe that most of the upside has been captured, with the stock rising over 60% year-to-date.
- In light of this performance, Sterling Managed Investments considers it prudent to lock in further profits post-results.
- The firm maintains that ALL is the clear market leader in its sector.
- This position is supported by a strong earnings outlook and a superior R&D budget.
- The focus on high-margin premium gaming operations in North America contributes to their confidence.
- Robust underlying operating conditions and balance sheet strength further reinforce their positive outlook.
Summary
Clime Investment Management
31 Oct 2024
$61.52
- Clime Investment Management is reducing exposure in Aristocrat Leisure Ltd ahead of FY24 results in November.
- The market is now pricing in fair value, with a valuation trading on 21x Price to Earnings (PE).
- This valuation is in line with its multiple pre-Plarium and Big Fish acquisitions.
- Despite a positive outlook for the business, near-term catalysts are considered priced in.
- Clime Investment Management is taking the opportunity to take some profit off the table.
Summary
Airlie Funds Management
30 Sept 2024
$58.60
- Aristocrat's stock increased by 18% due to favorable developments in the competitive landscape.
- Key competitor Light and Wonder received a court injunction against the sale of its Dragon Train product for infringing on Aristocrat’s trade secrets.
- The injunction prohibits any further commercialization of Dragon Train, indicating serious legal implications for Light and Wonder.
- Airlie Funds Management views the injunction as damning evidence against Light and Wonder, suggesting clear copying of Aristocrat’s Dragon Link product.
- With competitors like IGT and Everi distracted by their merger, Light and Wonder's misstep is expected to benefit Aristocrat in the short term.
- Airlie's analyst met with Aristocrat’s CEO and reported confidence in the company’s trajectory in its gaming operations segment.
- As a result, Airlie Funds Management increased its position in Aristocrat over the quarter.
Summary
Oracle Advisory Group
30 June 2024
$50.04
- Aristocrat reported strong 1HFY24 results.
- North American gaming machines market share reached 40%.
- Nearly 100% of the industry’s net additions of gaming machines are captured by Aristocrat.
- Installed base of leased units is now the combined size of Light & Wonder and IGT.
- Oracle Advisory Group remains bullish on Aristocrat due to potential expansion of real money gaming in more US states.
- Aristocrat is one of Oracle Advisory Group's top 5 positions.
- A few positions, including Block (SQ2), experienced setbacks this quarter.
- Regulations in the Buy Now Pay Later (BNPL) sector have impacted Block, retracing most YTD gains.
- Oracle Advisory Group views credit card-type regulation on BNPL as the inevitable maturing of the sector.
- This regulation will require Block to implement additional services, enhancing consumer protection.
Summary
Selector Funds Management
30 June 2024
$50.04
- Selector Funds Management highlights Aristocrat Leisure as a leading global gaming content and technology provider with over 8,500 employees in more than 100 countries.
- The company reported a 6% revenue growth to $3,270 million, with EBITDA margins expanding by 3.6 percentage points to 36.6%.
- Aristocrat's North American land-based gaming business showed strong performance with continual share gains and industry-leading game performance.
- The company invested $425 million in Design and Development, which is 13% of its revenue, reinforcing its commitment to content quality.
- North America accounts for 79% of revenue, with a leasing and outright sales model contributing 56% and 44% respectively.
- Aristocrat holds a market share exceeding 40%, driven by premium content and customer service, ending the period with 67,212 units.
- The completion of the NeoGames acquisition enhances Aristocrat’s iGaming division, forming Aristocrat Interactive, which includes iLottery, Content, and Gaming Systems.
- In the iGaming space, Aristocrat launched 20 unique games and operates in three U.S. states, reaching approximately 90% of the market.
- The company is recognized as a top 10 U.S. supplier within 6 months of launching new content.
- Aristocrat is conducting a strategic review of its Social Casual and mid-core gaming assets to leverage its brand across multiple gaming verticals.
- For FY 2024, Aristocrat expects positive NPATA growth, driven by share gains in the land-based business and scaling content within Aristocrat Interactive.
- Aristocrat Leisure has a market capitalization of $31.7 billion.
Summary
Equity Trustees Asset Management
30 June 2024
$50.04
- Equity Trustees Asset Management notes that ALL delivered a strong result during the quarter with margins surprising to the upside.
- Post result, ALL’s earnings were upgraded by the market, anticipating 15% earnings growth in FY24.
- ALL continues to outspend its competitors to retain its market-leading position in content.
- The strategic review of ALL's problematic Casual gaming assets has been viewed positively.
- In the latter part of the quarter, ALL provided long-term bullish guidance and emphasized opportunities for continued market share growth.
Summary
Blackwattle Investment Partners
31 May 2024
$44.93
- Blackwattle Investment Partners continues to hold an overweight position in Aristocrat Leisure Ltd (ALL.AX) due to its strong performance in the Consumer Discretionary sector.
- Recent 1H March 2024 results indicate continued market share gains in the North American gaming market.
- ALL’s installed base of poker machines has grown by 3.2k units, totaling 67k units, representing nearly all industry growth in the past six months.
- Management expresses confidence in achieving similar growth in the second half of the year, indicating strong customer orders despite competition from Light and Wonder.
- The mobile games business Pixel United has seen significant margin improvements as costs were effectively managed.
- A more mature portfolio of games in Pixel United requires lower user acquisition spending, supporting profitability.
Summary
Clime Investment Management
31 May 2024
$44.93
- Clime Investment Management views Aristocrat Leisure Ltd (ALL) as a high quality business with leading market share.
- The fund manager initiated a position due to ALL's attractive operating leverage across its divisions.
- ALL's valuation is currently near all-time lows, presenting a potential opportunity.
- There is a positive outlook supported by robust underlying industry operating conditions.
- Clime Investment Management anticipates further growth and market share gains for ALL.
- Cost optimisation is expected to drive operating leverage for the company.
- The strategic review of Pixel United is also a factor in the investment thesis.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
ANALYST INSIGHT
Equity Research Analyst
"In a landscape fraught with macroeconomic uncertainty, trimming positions seems prudent; Aristocrat Leisure Ltd, despite its potential, faces headwinds in consumer spending that could impact its trajectory. Investors should tread carefully as the market evolves."
Last Updated: 31 Oct 2025
Query The Data
Frequently Asked Questions
Who is investing in Aristocrat Leisure Ltd (ASX:ALL)?
Fund managers including Ten Cap, Blackwattle Investment Partners, Oracle Advisory Group, Equity Trustees Asset Management, Airlie Funds Management, Kardinia Capital, Selector Funds Management, Clime Investment Management, Alliance Bernstein and Sterling Managed Investments have invested in Aristocrat Leisure Ltd (ASX:ALL).
Why do fund managers invest in Aristocrat Leisure Ltd?
Fund managers have invested in Aristocrat Leisure Ltd due to its strong performance in the gaming industry, but they are also cautious about macroeconomic uncertainties and consumer spending trends. Recent portfolio adjustments reflect a strategic response to these concerns, balancing potential growth with risk management.
What happened to Aristocrat Leisure Ltd (ASX:ALL)?
Fund managers are investing in Aristocrat Leisure Ltd due to its ability to gain market share despite recent weaknesses in the Las Vegas market. With stability in capex budgets from casino operators and anticipated consumer expenditure growth from US tax cuts, Aristocrat's performance remains promising. The popularity of its next-generation Baron cabinets in Australia indicates potential success in the US market, suggesting a resilient outlook amid broader industry challenges.