Summary
The fund managers believe that Light & Wonder Inc. CDI is well-positioned for growth due to its strong product pipeline and expanding market presence. In their opinion, the company’s focus on innovation and technology will enhance its competitive edge. They highlight the potential for increased revenue driven by strategic partnerships and a diversified portfolio. The fund managers also note that robust financial performance and effective cost management are critical for sustaining profitability. Additionally, they express confidence in the management team’s ability to navigate market challenges and capitalize on emerging opportunities. Overall, the fund managers view Light & Wonder Inc. CDI as a promising investment with long-term growth potential.
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Source: Trading View
Commentary From The Managers
Totus Capital
31 Aug 2025
$137.66
Summary
- Totus Capital continues to hold Light & Wonder Inc. (LNW) despite recent performance challenges.
- The stock has faced negative sentiment due to a legal dispute with competitor Aristocrat (ALL).
- Despite these challenges, LNW shows solid operating momentum and an attractive valuation.
- Recent material insider buying by directors indicates confidence in the company's future.
- Totus Capital used the share price weakness to double their position in LNW.
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Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
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Commentary From The Managers
Totus Capital
31 Aug 2025
$137.66
- Totus Capital continues to hold Light & Wonder Inc. (LNW) despite recent performance challenges.
- The stock has faced negative sentiment due to a legal dispute with competitor Aristocrat (ALL).
- Despite these challenges, LNW shows solid operating momentum and an attractive valuation.
- Recent material insider buying by directors indicates confidence in the company's future.
- Totus Capital used the share price weakness to double their position in LNW.
Summary
Paradice Investment Management
30 June 2025
$147.42
- Paradice Investment Management maintains an overweight position in Light & Wonder (LNW).
- Key highlight from the Investor Day on May 21st includes the introduction of FY28 Adjusted EBITDA guidance of US$2bn, indicating approximately 43% growth from the FY25 guidance of US$1.4b.
- The market is currently not rewarding LNW for meeting its guidance, nor for anticipated future earnings growth.
- A significant discount is applied compared to direct peer Aristocrat Leisure (ALL), primarily due to perceived litigation risk.
- Paradice believes this perceived risk is overdone, presenting significant value at current price levels from a medium-term perspective.
- Operationally, LNW is performing strongly, particularly in Gaming Ops and iGaming, including the recent acquisition of Grover.
- SciPlay may benefit from a recent US court decision that prohibits Apple from banning access to direct-to-consumer platforms.
- There is confidence in LNW’s strong R&D pipeline, which is expected to drive further market share gains in the medium term.
Summary
QVG Capital
31 May 2025
$133.85
- Light & Wonder experienced a setback early in the month due to below-expectations Q1 results.
- QVG Capital's perspective shifted after reviewing Aristocrat’s numbers, leading to a reassessment of LNW’s March quarter from ‘disappointing’ to ‘not too bad in the circumstances!’
- The completion of the Grover acquisition was a significant development.
- QVG Capital has a positive outlook on the nascent charity gaming sector and appreciates Grover’s position within it.
- LNW held an investor day in New York City, which QVG Capital opted to attend virtually.
- QVG Capital found LNW’s goal of doubling earnings per share in 3 years compelling enough to engage with the event.
Summary
Ausbil
30 Apr 2025
$132.45
- Centennial Asset Management believes Zip has the potential to rally in the short term.
- Zip is well positioned to deliver further strong growth in revenues and profitability.
- The US buy now, pay later market remains relatively immature, allowing Zip’s US footprint to grow rapidly.
- New product launches are expected to contribute to the company’s transaction volumes and earnings growth in the coming year.
- Zip’s balance sheet strength and ongoing buyback are expected to support share price performance.
- Zip has surprised the market with better-than-expected earnings over the past year.
- The company has upgraded expectations post the most recent quarter, indicating potential for additional upside earnings risk.
Summary
Endeavor Asset Management
30 Apr 2025
$132.45
- Light & Wonder (LNW) experienced a 12% decline in share price during April.
- Concerns are primarily related to ongoing litigation with Aristocrat Leisure.
- Endeavor Asset Management remains confident that LNW does not have significant contagion of wrongdoing throughout its business.
- Looking forward to the upcoming Investor Day in May.
- Anticipating a new 2–3-year plan from the business, especially regarding its newly acquired charitable gaming business, Grover Gaming.
Summary
QVG Capital
30 Apr 2025
$132.45
- QVG Capital notes that Light & Wonder is indirectly exposed to the US consumer, impacting sentiment towards the stock.
- Despite this, QVG Capital highlights Light & Wonder's strong track record in capital management.
- In previous instances, QVG Capital observes that Light & Wonder has effectively utilized share price weakness to repurchase stock.
- QVG Capital continues to hold its position based on these factors.
Summary
Endeavor Asset Management
31 Mar 2025
$139.87
- Light & Wonder (LNW) declined by 20.7% in March.
- The decline resulted from the overall stock market sentiment and negative news related to legal proceedings with competitor Aristocrat Leisure (ALL).
- Endeavor Asset Management believes that the legal proceedings will create noise but will not fundamentally affect the business in the long term.
- Looking ahead, Endeavor Asset Management is looking forward to updated financial guidance and a 3-year business plan to be presented at the upcoming investor day in May.
Summary
Bennelong Australian Equity Partners
31 Mar 2025
$139.87
- Bennelong Long Short Equity Fund continues to update its investment thesis on Light & Wonder Inc.
- Recent developments include Aristocrat launching legal action against Light & Wonder for alleged trade secret infringement
- The legal action involves only a limited number of games, suggesting minimal impact on LNW earnings
- This could indicate a sense of frustration from Aristocrat, aiming to impede Light & Wonder's growth
- Light & Wonder is capturing a significant market share across various games, independent of this case
- Bennelong Long Short Equity Fund remains confident in Light & Wonder's position in the market
Summary
Ten Cap
31 Mar 2025
$139.87
- Light & Wonder (LNW) experienced a material reversal of prior month’s gains.
- The stock was impacted by an escalation of the ongoing intellectual property dispute with Aristocrat.
- Investor concerns are rising regarding the potential impact of weakening consumer activity on gaming volumes.
- Ten Cap's proprietary analysis incorporates long-term US gaming revenues, sentiment, and GDP-growth correlations dating back to the early 1990s.
- Direct engagement with management and industry participants provided context around legal and operational risks.
- Ten Cap continues to hold its position based on this comprehensive analysis and engagement.
Summary
Blackwattle Investment Partners
31 Mar 2025
$139.87
- Blackwattle Investment Partners notes that Light & Wonder (LNW) was a significant positive contributor to fund performance in February.
- However, LNW experienced a 21% decline in March due to an expanded lawsuit from Aristocrat.
- LNW has offered to replace Jewel of the Dragon gaming machines and cancel another unreleased game.
- The number of affected units is smaller than last year's withdrawal of 2,200 Dragon Train units.
- Last year, 95% of withdrawn units were converted to alternative leased games.
- LNW's North American installed base of leased machines grew by 9% over the year, exceeding 34,000 units.
- Jewel of the Dragon represents only about 150 units in the market.
- Concerns about a potential US recession have impacted US consumer discretionary stocks, including LNW.
- Despite short-term challenges, longer-term prospects remain sound for LNW.
- The stock’s PE is approximately 35% lower than Aristocrat, which has similar US consumer exposure.
Summary
QVG Capital
31 Mar 2025
$139.87
- Detractors to performance included Light & Wonder, which experienced significant declines.
- Major competitor Aristocrat expanded the scope of their recent IP infringement case.
- Light & Wonder has a highly motivated board and management team.
- The company benefits from a multi-year game refresh cycle.
- Light & Wonder demonstrates best in class capital allocation.
- QVG Capital continues to hold the stock at a compelling valuation of 12x forward PE.
Summary
Clime Investment Management
31 Mar 2025
$139.87
- Clime observed a detract in LNW due to rising concerns regarding the weakening US macroeconomic environment.
- There are potential impacts on consumer spending that contributed to this decision.
- Further litigation concerns were raised by Aristocrat (ALL.ASX), adding to the uncertainty surrounding the investment.
- As a result, Clime exited the position prior to the end of the month.
Summary
Oracle Advisory Group
31 Mar 2025
$139.87
- Oracle Advisory Group updated their investment thesis on Light & Wonder Inc. (LNW).
- Transfer of LNW to the Australian Equities Portfolio from the Emerging Companies Portfolio.
- LNW has graduated into the ASX100.
- Oracle Advisory Group continues to hold because of LNW's growth potential and market presence.
- The transition reflects LNW's operational stability and increasing investor confidence.
Summary
Cooper Investors
31 Mar 2025
$139.87
- Positive feedback on Light & Wonder’s acquisition of Grover Charitable Gaming
- Robust industry structure with unique market offering and recurring revenue base
- Long-standing customer relationships support sustainably high margins of 80-85%
- Potential to enhance offerings by rolling out proprietary content
- Opportunities in higher-margin direct-to-consumer distribution in the digital sector
- Organic growth trends in iGaming, though new state openings have been slower than expected
- Long-term potential for legalisation of an estimated US$500bn unregulated grey market in gross gaming revenue
- This combination of factors is expected to drive a strong multi-year growth narrative
Summary
L1 Capital
27 Mar 2025
$162.94
- Strong performance reported by Light & Wonder Inc.
- Confident outlook for future growth.
- Robust results contributing positively to L1 Capital's portfolio.
- L1 Capital continues to hold due to optimistic market conditions.
- Investment thesis reflects positive sentiment towards the company's prospects.
Summary
Ten Cap
21 Mar 2025
$164.46
- Ten Cap continues to hold its position in Light & Wonder, Inc. due to its status as a key player in digital and land-based gaming solutions.
- Light & Wonder, Inc. is recognized as a global gaming company specializing in casino, digital, and lottery solutions.
- The company, formerly known as Scientific Games, underwent a rebranding in 2022.
- Headquartered in Las Vegas, it develops slot machines, iGaming, and mobile gaming content.
- Light & Wonder serves both casinos and online platforms worldwide.
Summary
L1 Capital
28 Feb 2025
$176.27
- Light & Wonder shares have rallied +23% following solid Q4 FY24 results.
- FY25 guidance reaffirmed for $1.4b EBITDA.
- Announcement of an earnings accretive acquisition of Grover Gaming.
- Favourable court ruling in Australia allows the Dragon Train game to remain in venues.
- This ruling denied Aristocrat Leisure’s request for an injunction.
- Strong earnings momentum observed across land-based gaming, SciPlay, and iGaming segments.
- L1 Capital believes this positions the company for double-digit EPS growth p.a. over the medium term.
Summary
Endeavor Asset Management
28 Feb 2025
$176.27
- Light & Wonder (LNW) reported a strong February result with NPATA of $127 million, outperforming consensus by 5%
- Operational improvements and 853 premium leased machines added to its fleet contributed to performance
- The share price increased by 22.6% due to strong earnings and a positive outlook
- LNW announced plans to explore a dual ASX listing or primary ASX listing
- This potential listing may help narrow the 7x P/E valuation gap with Aristocrat (ALL)
- Endeavor Asset Management continues to view LNW as a core holding in the Endeavor Growth Equities Portfolio
- The investment philosophy is rooted in quality investments
Summary
Ten Cap
28 Feb 2025
$176.27
- Light & Wonder (LNW) experienced a robust month
- Legal risks are receding
- Earnings guidance has been reaffirmed
- Potential for a listing change driving strong re-rating
- LNW is trading at a significant discount to Aristocrat (ALL)
- LNW is exhibiting faster growth
- Ten Cap continues to view LNW's prospects favourably
- Increased LNW position ahead of its results
- Medium-term earnings guidance diminished risks
- The company shows strong fundamentals and attractive growth prospects
Summary
Blackwattle Investment Partners
28 Feb 2025
$176.27
- Light & Wonder (LNW) contributed to the fund’s outperformance.
- The company reported 4Q24 gaming revenue growth of 4%, surpassing low investor expectations.
- Growth was driven by a mix of premium titles, alleviating concerns about reliance on Dragon Train.
- Light & Wonder announced the acquisition of Grover Gaming at an implied 7.7x EBITDA, expanding into charitable gaming.
- This acquisition provides a new distribution channel and potential for integration of existing titles.
- The potential for a sole ASX listing likely contributed to its outperformance.
- Light & Wonder's P/E ratio of 13x NPATA is discounted compared to Aristocrat's 24x.
- While a complete closure of this gap is not expected, improvements in accounting quality, balance sheet deleveraging, and execution of earnings targets should help narrow it.
Summary
Ausbil
28 Feb 2025
$176.27
- Centennial Asset Management believes Zip has the potential to rally in the short term.
- Zip is well positioned to deliver further strong growth in revenues and profitability.
- The US buy now, pay later market remains relatively immature, allowing Zip’s US footprint to grow rapidly.
- New product launches are expected to contribute to the company’s transaction volumes and earnings growth in the coming year.
- Zip’s balance sheet strength and ongoing buyback are expected to support share price performance.
- Zip has surprised the market with better-than-expected earnings over the past year.
- The company has upgraded expectations post the most recent quarter, indicating potential for additional upside earnings risk.
Summary
Clime Investment Management
28 Feb 2025
$176.27
- LNW delivered a strong contribution throughout February
- 4Q24 results exceeded expectations
- Proposed acquisition of Grover Gaming
- Management reiterated AEBITDA guidance for 2025
- Acquisition expected to be earnings accretive from day one
- Positive outlook with effective management execution on strategy
- Clime continues to hold due to these robust factors
Summary
Oracle Advisory Group
31 Dec 2024
$137.16
- Oracle Advisory Group continues to hold a Buy rating on Light & Wonder (LNW) at 1.5%
- Light and Wonder is a US company, dual listed on the ASX
- Recently de-levered by selling lottery and sports betting businesses
- Current focus is solely on slot machines, both physical and online
- Under new management, primarily ex-Aristocrat executives
- Shift from being sales-focused to R&D-focused
- Potential to continue taking market share from smaller players
- Aims to solidify their number 2 position behind Aristocrat
- Asia identified as a significant growth driver
- Further upside to valuation anticipated
Summary
Equity Trustees Asset Management
31 Dec 2024
$137.16
- Equity Trustees Asset Management is drawn to the slot manufacturing industry due to recent consolidation.
- IGT is merging with Everi, with the combined entity expected to be acquired by Private Equity by mid-late 2025.
- Equity Trustees Asset Management believes Aristocrat and Light & Wonder will gain market share from the merging companies.
- LNW has a robust balance sheet and is heavily investing in game design.
- The fund manager sees a strong long-term earnings growth outlook for LNW.
- The fund manager initiated a position in LNW following a ~20% drop in stock price due to a preliminary injunction against its Dragon Train game.
- Equity Trustees Asset Management views the injunction as an isolated incident.
- Discussions with LNW management indicate sufficient product portfolio depth to offset the impact of the Dragon Train situation.
- LNW’s stock is considered undervalued and trades at a material discount to Aristocrat.
Summary
Endeavor Asset Management
30 Nov 2024
$145.70
- Endeavor Asset Management has added LNW to its portfolio.
- Light & Wonder Inc. is a global leader in cross platform games and entertainment.
- The company specializes in innovative game content, technology, and systems for various gaming markets.
- Strong financial performance is evidenced by impressive machine sales across all regions.
- Strategic divestment of non-core assets has strengthened the company's balance sheet.
- Management's confidence in achieving FY25 financial targets highlights potential for growth.
- 14% growth in Adjusted EBITDA is anticipated, driven by gaming operations.
- Market share gains are expected in North America and sales leadership potential in Australia.
- Endeavor Asset Management believes Light & Wonder offers compelling value and aligns with our investment strategy focused on quality growth opportunities.
- The company's robust product pipeline and strategic positioning in key markets will support future expansion.
Summary
Clime Investment Management
31 Oct 2024
$144.40
- LNW rebounded in October, positively contributing to portfolio performance.
- Customer feedback suggests that impacts from the Dragon Train injunction are isolated.
- Clime Investment Management views the injunction as a speed bump in the long-term growth strategy.
- LNW is well positioned to capture market share from competitors.
- The company's growth is driven by its content led gaming portfolio.
- There is an improving quality of earnings for LNW.
Summary
Blackwattle Investment Partners
30 Sept 2024
$132.63
- LNW was the largest negative contributor to performance during the month, falling 18% in September.
- LNW received a "preliminary injunction" from the US District Court of Nevada, halting the commercialization of the new Dragon Train franchise globally.
- LNW is a global, cross-platform gaming company, one of three dominant players with Aristocrat and IGT.
- LNW is dual listed in the US, having listed on the ASX in mid-2023.
- LNW has been a core part of the portfolio since inception.
- Blackwattle Investment Partners recognizes significant upside potential from improving business quality due to LNW’s focus on reinvesting in content creation.
- The preliminary injunction may lead to losing the full court case to Aristocrat, which is disappointing.
- LNW is more than just the Dragon Train franchise, with the game generating less than 5% of earnings.
- Damages from the injunction are unlikely to be material, likely less than 1% of LNW’s market cap.
- The market reaction appears excessive but reasonable given the short-term uncertainty.
- This setback is viewed as a short-term opportunity within a multi-year improving quality narrative for LNW.
- LNW has a strong pipeline of new content, continuing to support strong and improving financial metrics.
Summary
Paradice Investment Management
30 Sept 2024
$132.63
- Light & Wonder Inc. (LNW) is currently rated as overweight by Paradice Investment Management.
- In late September 2024, LNW faced a significant share price drop due to a legal challenge.
- A U.S. District Court granted a preliminary injunction against LNW, halting the commercialization of its Dragon Train slot machine.
- The ruling favored competitor Aristocrat Leisure, alleging trade secret misappropriation.
- This legal setback resulted in a one-day stock price decline of approximately 19%.
- Despite this, LNW reported strong Q2 2024 financial results, with an 11.9% year-over-year revenue growth.
- Growth was driven by solid performances in gaming, iGaming, and SciPlay segments.
- Paradice Investment Management believes LNW has positive prospects due to a diversified game portfolio.
- The company has reaffirmed its $1.4bn EBITDA target for FY25.
- Paradice views the stock as significantly undervalued given its growth potential.
- The team will attend the G2E Gaming Conference in Las Vegas in early October for further insights.
- Expectations for improved clarity on mitigation strategies concerning the Dragon Train litigation post-conference.
Summary
QVG Capital
30 Sept 2024
$132.63
- Light & Wonder's share price declined due to an unfavourable ruling in litigation with Aristocrat.
- The legal dispute involves intellectual property infringement claims, creating uncertainty for investors.
- Concerns include potential damages and restricted game sales.
- The company indicated that the game in question accounts for less than 5% of CY25’s forecast earnings.
- QVG Capital continues to hold because the company reaffirmed prior earnings guidance.
- Despite the challenges, the stock finished the month down -17.6%.
Summary
Clime Investment Management
30 Sept 2024
$132.63
- Clime Investment Management continues to hold its position in Light & Wonder Inc. (LNW) despite recent challenges.
- LNW experienced disappointing performance in September due to an initial court ruling injunction on its gaming title, Dragon Train.
- The risk of legal issues was known; however, the discovery process revealed new information previously unknown to LNW and the market.
- Intellectual property infringements are common in the gaming industry, which is a significant factor to consider.
- After conducting several industry channel checks, Clime Investment Management believes this issue will not hinder LNW's long-term market share growth.
- The current situation affects only one game out of the 130 developed by LNW each year.
Summary
Ausbil
30 Sept 2024
$132.63
- Light & Wonder (LNW) experienced a decline of -16.6% in the quarter.
- An adverse legal case led to a preliminary injunction affecting the game Dragon Train.
- Sales and placements of Dragon Train have been paused.
- Market concerns have arisen regarding LNW's future growth prospects.
- Despite setbacks, the company has maintained forward AEBITDA guidance of $1.4bn by 2025.
- Ausbil continues to hold confidence in LNW's ability to rollout superior alternative games.
- Ausbil believes LNW can continue its multi-year growth trajectory.
Summary
Clime Investment Management
30 June 2024
$156.00
- LNW delivered strong outperformance through June.
- Industry survey data reveals positive momentum in gaming performances.
- 8 out of the top 25 premium leased & WAP games are key drivers of earnings growth.
- Success is underpinned by studio talent and ongoing investment in R&D.
- Clime Investment Management retains a positive outlook.
- Further market share gains expected at the expense of distracted competitors.
- Strong organic growth driven by the premiumisation of the North American install base.
- Continued momentum in SciPlay and market share gains within iGaming.
Summary
Blackwattle Investment Partners
30 June 2024
$156.00
- LNW was the largest positive contributor to performance during the month.
- LNW rose 12% in June, on a delayed move from a strong 1Q24 result in May together with strong game performance in recent months from industry data.
- LNW is a global, cross-platform gaming company, and is one of three dominant players (with Aristocrat and IGT).
- LNW is dual listed in the US, having listed on the ASX mid-2023.
- LNW has been a core part of the portfolio since inception.
- Blackwattle Investment Partners recognized significant upside potential from improving business quality.
- LNW has been a turnaround story since 2020, with a new board led by former Aristocrat executives driving a simplification strategy.
- The board brought in new management (majority ex-Aristocrat), orchestrated asset sales, and implemented cost reductions leading to material de-gearing.
- With improved incentive structures, the business has attracted leading creative talent and added significant investment to design studios.
- LNW is beginning to realize the benefit of these changes, with exciting and popular new game titles capturing material market share.
- Blackwattle Investment Partners continues to see significant upside for LNW, as the reinvestment flywheel and scaling of the business continue to deliver strong and improving financial metrics.
Summary
Clime Investment Management
31 May 2024
$142.32
- Clime Investment Management has increased its weighting to Light & Wonder Inc. (LNW) after a strong start to the year.
- Recent results have confirmed operational excellence and effective execution within the company.
- The firm believes LNW is well positioned for a re-rating due to its growth profile.
- Clime sees potential for LNW to close the gap to the current market leader, Aristocrat, over time.
Summary
Ausbil
31 Mar 2024
$157.56
- Ausbil notes that Light & Wonder (LNW) returned +32.3% over the quarter, exceeding consensus earnings expectations.
- The strong 4Q results reinforce Ausbil's belief in LNW's potential.
- Ausbil sees LNW and market leader Aristocrat (ALL) taking market share from smaller competitors.
- Both companies are successfully reinvesting into new gaming franchises and IP.
- LNW has a promising lineup of new content tested in Australia, ready for launch in the US market in the upcoming quarters.
- Ongoing deregulation in the US iGaming sector adds to LNW's growth potential.
- Ausbil continues to hold LNW due to this compelling growth trajectory.
Summary
Milford Asset Management
28 Feb 2024
$154.94
- Light & Wonder Inc. experienced a strong earnings increase of 20.0%.
- The company is well positioned for growth with various opportunities, including game adjacencies.
- There is a significant rollout of premium content in iGaming.
- Milford Asset Management views Light & Wonder as a unique global growth investment opportunity.
- The firm perceives a strong medium-term growth profile for the company.
Summary
Clime Investment Management
28 Feb 2024
$154.94
- Clime Investment Management notes a recent pullback in LNW's share price after a strong performance.
- Channel checks indicate the pullback was not due to operational issues.
- Conditions in the key North American land-based segment remain positive.
- Gaming performance data suggests LNW can continue to drive market share gains.
- Recent weakness attributed to profit taking and AUD translation impacts.
- This situation has allowed Clime Investment Management to increase their position across portfolios.
- Overall conviction in LNW remains strong.
Summary
Blackwattle Investment Partners
28 Feb 2024
$154.94
- Light & Wonder delivered a strong 4Q23 result, indicating ongoing momentum towards its medium-term EBITDA target.
- Current consensus expectations are lower than the target, allowing for potential earnings upgrades.
- The positive result was driven by market share gains and an improvement in revenue yield.
- Blackwattle Investment Partners anticipates continued growth with the upcoming release of Dragon Train, the top-performing game in Australia, expected in the North American market in the March quarter.
Summary
Ausbil
28 Feb 2024
$154.94
- Ausbil continues to hold its position in Light & Wonder (LNW) after a strong performance with +20.0% return over the month.
- The company reported 4Q results that exceeded consensus earnings expectations.
- Ausbil believes that LNW, alongside market leader Aristocrat (ALL), are capturing market share from smaller competitors.
- The successful reinvestment into new gaming franchises and IP continues to strengthen their market position.
- Ausbil is optimistic about a promising lineup of new content that has been tested in Australia and is set for launch in the lucrative US market.
- Ongoing deregulation in the US iGaming sector enhances the growth potential for LNW.
- Overall, Ausbil foresees a compelling growth trajectory ahead for Light & Wonder.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Frequently Asked Questions
Who has invested in Light & Wonder Inc. CDI (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, Oracle Advisory Group, Equity Trustees Asset Management, QVG Capital, Paradice Investment Management and Totus Capital have invested in Light & Wonder Inc. CDI (ASX:LNW).
Why have investment managers invested in Light & Wonder Inc. CDI (ASX:LNW)?
Fund managers have invested in Light & Wonder Inc. (LNW) due to its strong position as a global leader in gaming and entertainment, highlighted by impressive financial performance and a robust growth outlook. The company's strategic focus on digital growth and divesting non-core assets has strengthened its balance sheet, while its innovative product pipeline positions it well for future expansion. Fund managers appreciate LNW's ongoing earnings momentum, with expectations for double-digit EPS growth driven by market share gains in North America and successful new content releases. Furthermore, the recent acquisition of Grover Gaming is seen as a positive move, enhancing LNW's distribution channels and growth potential in the charitable gaming sector. Despite facing some legal challenges, the consensus among fund managers is that LNW's diversified offerings and strong management team will enable it to continue capturing market share and deliver substantial long-term growth.
What happened to Light & Wonder Inc. CDI (ASX:LNW)?
In August 2025, Totus Capital highlighted Light & Wonder Inc. (CDI) in their Monthly Report, noting that the stock, priced around $137.66, had detracted from performance due to negative sentiment stemming from a legal dispute with competitor Aristocrat (ALL). Despite this, they acknowledged the company's solid operating momentum and attractive valuation. Following significant insider buying by directors, Totus Capital seized the opportunity presented by the share price weakness to double their position in LNW.