Brightstar Lottery

IGT · NYSE

$9.36−$0.07 (−0.74%)TodayMarket closed · Oct 20, 4:00 PM ET

Prev close $9.43

IGT analyst rating

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The case for and against

Updated Nov 30, 2024

Bull case

International Game Technology PLC (IGT) has demonstrated significant growth potential, marked by a 42% year-over-year increase in segment operating income due to research and development improvements and reduced supply chain costs. The company’s operating income margin expanded by approximately 660 basis points, reaching 28%, driven by strong operating leverage amid a 10% rise in funds delivered to casino floors, totaling $11.9 billion. Additionally, IGT's PlayDigital segment reported stable organic revenue growth, underscoring its competitive presence in multiple gaming markets while capturing a notable 40% market share in mechanical steppers.

Bear case

International Game Technology PLC has reported a year-over-year decline in key segments, with net revenues of $192 million down by 1% to 3% below expectations and overall Lottery revenues decreasing by 4% to $601 million. The company's EBITDA margins, approximately 43%, fell short by 285 basis points compared to prior models, reflecting operational inefficiencies. Additionally, management anticipates a slight decline in unit shipments for the first half of 2024, further signaling challenges in growth potential amidst a high-interest rate environment.

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