Light & Wonder, Inc. (NASDAQ:LNW), a company specializing in computer-integrated systems design, has disclosed a regulatory update to the Australian Securities Exchange (ASX) concerning its CHESS Depositary Interests. The announcement, dated September 6, 2024, was part of a recent 8-K filing with the U.S. Securities and Exchange Commission.
The company, headquartered in Las Vegas, Nevada, provided the ASX with a Statement of CHESS Depositary Interests on Issue, known as Appendix 4A. This document details the current status and quantity of depositary interests that represent the company's common stock on the Australian market.
CHESS Depositary Interests (CDIs) are a type of security used by the ASX to allow international companies' shares to be traded on the Australian market. Each CDI represents a share in the foreign company and is traded in a similar way to shares of Australian companies.
Light & Wonder, Inc., previously known as Scientific Games (NASDAQ:LNW) Corp and with former names including Autotote Corp and United Tote Inc, has a history that reflects its evolution in the technology and gaming sectors.
The company's recent submission to the ASX is a routine disclosure, ensuring transparency and compliance with international securities regulations.
In other recent news, Light & Wonder has been the subject of an analyst note from Maxim Group, which initiated coverage of the company with a Buy rating and a price target of $144. The firm highlighted Light & Wonder's strong recovery from the COVID-19 pandemic and projected sales growth of 11% in 2024 and 8% in 2025.
The company's Q2 performance has also been robust, with consolidated revenue rising by 12% to reach $818 million and operating income increasing to $175 million.
Light & Wonder has also announced an update to the Australian Securities Exchange regarding its CHESS Depositary Interests, a significant aspect of its international regulatory compliance. Furthermore, the company has initiated a $1 billion share repurchase program and set a goal of $1.4 billion adjusted AEBITDA by 2025.
Despite regulatory constraints preventing participation in the sweepstakes market, the company views merger and acquisition activity as an opportunity.
InvestingPro Insights
Light & Wonder, Inc. (NASDAQ:LNW) continues to make strides in the technology and gaming sectors, and recent data from InvestingPro can offer investors additional context to the company's financial health and market position. With a market capitalization of $9.67 billion and a robust gross profit margin of 70.46% over the last twelve months as of Q2 2024, Light & Wonder demonstrates strong profitability potential. The company's revenue growth remains solid at 12.75% during the same period, indicating a healthy expansion pace.
InvestingPro Tips highlight that Light & Wonder is expected to grow its net income this year, and analysts predict the company will be profitable, which aligns with the company's impressive gross profit margins. However, investors should note that the stock is trading at a high earnings multiple, with a P/E ratio of 32.36 and a Price/Book ratio of 12.36, suggesting a premium valuation in the market. Additionally, the stock price has been quite volatile, although it is trading near its 52-week high, which could be of interest to momentum investors.
For those considering deeper analysis, there are 13 additional InvestingPro Tips available at https://www.investing.com/pro/LNW, providing further insights into Light & Wonder's financial metrics and market performance.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.