Fund Manager Summary on Light & Wonder Inc CHESS (ASX:LNW)
In January 2026, Totus Capital commented that Light & Wonder Inc CHESS (ASX:LNW) had settled its litigation with Aristocrat, they retained their full position as the fund’s largest weight and see significant valuation upside versus peers as the company continues to execute its growth strategy. Across fund manager commentary the consensus is that LNW is a cash‑generative gaming group with solid operating momentum—including iGaming growth and recurring revenues making up roughly 70% of group sales and a large share of profit—while near‑term volatility has been driven by the Aristocrat legal overhang, the transition to a sole ASX listing and associated forced US passive selling, and some softness in land‑based equipment revenues; managers point to actionable opportunities from sustained buy‑backs, the Grover charitable‑gaming acquisition, potential ASX50 inclusion and an attractive valuation (commonly cited mid‑teens to low‑teens multiples and ~20% EPS growth expectations over the next few years), but flag risks that require monitoring such as further legal developments, quarterly revenue momentum, liquidity and index flow dynamics, and the pace of integration and margin realisation, meaning a multi‑year investment horizon and tracking of litigation outcomes, buy‑back execution and game pipeline delivery are the key strategic considerations for investors.
Commentary From The Managers
There are 64 insights from 23 fund managers regarding their investment in Light & Wonder Inc CHESS (ASX:LNW) available on Thesis Tracker.
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Commentary From The Managers
The completeness, accuracy or current status of the investments referenced are not guaranteed.
Frequently Asked Questions
Who is investing in Light & Wonder Inc CHESS (ASX:LNW)?
Fund managers including Endeavor Asset Management, L1 Capital, Ten Cap, Clime Investment Management, Cooper Investors, Bennelong Australian Equity Partners, Milford Asset Management, Blackwattle Investment Partners, Ausbil Investment Management, Oracle Advisory Group, Equity Trustees Asset Management, QVG Capital, Paradice Investment Management, Totus Capital, Perpetual Asset Management, SG Hiscock & Company and Ellerston Capital have invested in Light & Wonder Inc CHESS (ASX:LNW).
Why do fund managers invest in Light & Wonder Inc CHESS?
Fund managers invest in Light & Wonder Inc due to its solid operational performance and growth prospects. The company reported impressive earnings and reaffirmed its EBITDA guidance, indicating strong fundamentals. The recent acquisition of Grover Gaming broadens its market reach, particularly in charitable gaming, enhancing revenue streams. Additionally, it trades at a discount compared to Aristocrat Leisure, despite offering faster growth. Legal risks are being managed effectively, contributing to a favorable risk/reward profile as earnings momentum continues.
What happened to Light & Wonder Inc CHESS (ASX:LNW)?
Fund managers are actively investing in Light & Wonder Inc due to its strong fundamentals and medium-term growth potential, despite recent share price volatility. Key factors include the company's expected 20% EPS growth over the next three years, solid operational execution, and a healthy balance sheet supported by a robust gaming segment. The shift to a sole listing on the ASX is anticipated to attract passive buying, enhancing liquidity and market visibility. While short-term litigation risks and recent performance decline have affected sentiment, the long-term outlook remains compelling, with a valuation significantly lower than peers like Aristocrat. Overall, fund managers view the current situation as a buying opportunity.
What is the short interest in Light & Wonder Inc CHESS (ASX:LNW)?
The short interest in Light & Wonder Inc CHESS (ASX:LNW) is 1.83% which makes it the 145th most shorted stock on the ASX. Of the 80.3M shares that Light & Wonder Inc CHESS has on issue, 1.5M have been sold short.
What does Light & Wonder Inc CHESS (ASX:LNW) do?
Light & Wonder, Inc. is a cross-platform global games company, which engages in the development of content and digital markets. It operates through the following segments: Gaming, SciPlay, and iGaming. The Gaming segment includes the design, manufacture, marketing, and distribution of portfolio of gaming products and services. The SciPlay segment involves the development and publishing of digital games on mobile and web platforms. The iGaming segment focuses on the provision of digital gaming content, distribution platforms, player account management systems, and services. The company was founded on July 2, 1984 and is headquartered in Las Vegas, NV.