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    Justin Barratt

    Research Analyst at CLSA

    Justin Barratt is an Associate at CLSA Australia Pty Ltd, specializing in equity research for gaming, transport, and infrastructure sectors, with a company coverage list including Aristocrat Leisure, Light & Wonder, Transurban Group, and other leading firms in those industries. Known for sharp analysis and consistent performance, Barratt's calls on stocks such as Aristocrat Leisure have delivered strong accuracy, and his recommendations have generated positive returns, with TipRanks data reflecting success rates upwards of 80% and robust average returns. Barratt began his analyst career in research roles and has steadily advanced since joining CLSA, gaining recognition for his insights and sector expertise. He holds professional credentials appropriate for his analyst role in Australia, including regulatory securities licenses, and is regularly cited in major earnings calls and industry reports for his impactful coverage.

    Justin Barratt's questions to Light & Wonder (LNW) leadership

    Justin Barratt's questions to Light & Wonder (LNW) leadership • Q2 22025

    Question

    Justin Barratt from CLSA Limited noted another relatively weak quarter for free cash flow and asked if there were any near-term catalysts that would lead to a material improvement in the company's cash flow conversion.

    Answer

    CFO Oliver Chow explained that the quarter's free cash flow was significantly impacted by a one-time $73 million legacy legal settlement payment. He stated that when normalized for this payment, free cash flow saw a considerable year-over-year increase to over $100 million, representing a 77% conversion rate from adjusted NPATA. Chow expressed confidence that the highly cash-generative nature of the base business, now augmented by Grover, will provide healthy, sustainable cash flow going forward.

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    Justin Barratt's questions to Light & Wonder (LNW) leadership • Q1 2025

    Question

    Justin Barratt of CLSA followed up on guidance, asking if the path to the $1.4 billion EBITDA target would be driven by even contributions from revenue growth and margin expansion for the rest of the year.

    Answer

    CEO Matt Wilson declined to give specific mix guidance but did state to expect a "tick up in terms of the revenue growth" in the coming quarters. He then highlighted the pending Grover Gaming acquisition as a key factor, noting it's a fast-growing, recurring revenue business that will provide a tailwind, especially with the unexpected legalization of e-gaming in Indiana.

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    Justin Barratt's questions to Light & Wonder (LNW) leadership • Q4 2024

    Question

    Justin Barratt inquired about the company's considerations regarding a potential dual primary or sole listing on the ASX and the timeline for a decision.

    Answer

    CEO Matt Wilson explained the exploration was prompted by investor inquiries, particularly as U.S. peers are being taken private. The goal is to find ways to accelerate the adoption of its ASX listing. He clarified that no decision has been made and it is an exploratory process to optimize shareholder value. A decision is expected after engaging with investors over the 'next few months.'

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