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    Adrian Lemme

    Research Analyst at Citigroup

    Adrian Lemme is an Equity Research Analyst at Citigroup Global Markets Australia with a focus on consumer cyclical companies such as JB Hi-Fi Limited and Light & Wonder. He has achieved a 4-star analyst rating, maintaining an average return of 8.9% with a success rate of 64.62%, and on TipRanks, his one-year recommendations for JB Hi-Fi generated a 100% profit rate with an average return of over 8%. Lemme began his finance career at Commonwealth Bank in 2003, later serving as lead transport analyst at CBA Equities Research, then as Analyst & Portfolio Manager at Merlon Capital Partners and AMP Capital before joining Citi in 2021. He holds a Bachelor of Mathematics & Finance (Hons) from the University of Wollongong, is a CFA charterholder, and is licensed through relevant Australian authorities.

    Adrian Lemme's questions to Light & Wonder (LNW) leadership

    Adrian Lemme's questions to Light & Wonder (LNW) leadership • Q2 2025

    Question

    Adrian Lemme of Citigroup focused on the U.S. premium lease space, noting that the Eilers survey showed the 'Huff and Puff' franchise, a key replacement for Dragon Train, was fading. He asked if this reflects what the company is seeing and what plans are in place to reinvigorate the game.

    Answer

    President & CEO Matt Wilson countered the survey's implication, highlighting the company's exceptional result of 845 incremental net adds in the quarter. He acknowledged that individual games atrophy over time but emphasized that 'Huff and Puff' is just one game in a broad, industry-leading portfolio, pointing to 'Huff and Even More Puff Grand' as the #1 WAP game. He expressed strong confidence in the gaming operations business, its deep pipeline for G2E, and the overall growth trajectory.

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    Adrian Lemme's questions to Light & Wonder (LNW) leadership • Q1 2025

    Question

    Adrian Lemme from Citigroup pointed out the slowdown in revenue growth over the last two quarters and asked if an acceleration is expected through the rest of the year to meet guidance targets.

    Answer

    CEO Matt Wilson attributed the recent softness to tough gaming comps and a temporary game economy issue in SciPlay's Jackpot Party, which he expects to rebound and become a tailwind in the second half. CFO Oliver Chow supported this by highlighting the strong underlying recurring revenue business, including a 500-unit sequential increase in the installed base and robust North American unit shipments.

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    Adrian Lemme's questions to Light & Wonder (LNW) leadership • Q4 2024

    Question

    Adrian Lemme asked for thoughts on the growth of the North American lease market this year, considering casino openings and the customer mix of leased versus owned units.

    Answer

    CEO Matt Wilson expressed encouragement, stating that growth is being driven by operators recognizing that limiting the best games on their floor is a 'false economy.' He believes the expansion is primarily on a same-store basis rather than from new openings and expects the favorable dynamics from 2024 to continue, supported by strong game releases from L&W and its competitors.

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