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    Rohan Sundram

    Senior Analyst specializing in Gaming and Contractors at MST Marquee

    Rohan Sundram is a Senior Analyst specializing in Gaming and Contractors at MST Marquee, where he covers leading companies such as Aristocrat Leisure, Tabcorp Holdings, Light & Wonder, The Lottery Corporation, Worley, Downer EDI, and Monadelphous Group. He has a strong track record, having achieved a number one ranking in the 2017 Peter Lee survey for Gaming sector coverage and number two for Engineers and Contractors, with prior experience at Citigroup, UBS, and Austock Securities. Sundram began his equities research career over a decade ago following roles in banking and insurance, and joined MST Marquee after senior positions at Citi and UBS. He holds a Bachelor of Economics from the University of Sydney, a Graduate Diploma in Applied Finance and Investment, and has completed the CFA program.

    Rohan Sundram's questions to Light & Wonder (LNW) leadership

    Rohan Sundram's questions to Light & Wonder (LNW) leadership • Q2 2025

    Question

    Rohan Sundram from MST Financial requested a walkthrough of the revised Adjusted NPATA guidance, asking what factors below the EBITDA line were causing the change, especially considering the commentary around tax savings.

    Answer

    CFO Oliver Chow detailed several factors impacting the NPATA guidance. He noted that while Grover is a strong AEBITDA driver, it is only modestly accretive to NPATA after D&A and interest. Additionally, higher interest expense from opportunistic share repurchases and elevated D&A from success-based CapEx in Gaming Ops affected the calculation. Chow also mentioned a slight income tax headwind from SBC timing and geographic mix, clarifying that the main benefit from recent tax law changes will be in cash tax savings, not the NPATA line.

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    Rohan Sundram's questions to Light & Wonder (LNW) leadership • Q1 2025

    Question

    Rohan Sundram of MST Marquee asked about the impact of tariffs on customer decision-making and whether they have observed any changes in purchasing behavior, such as pauses in orders.

    Answer

    CEO Matt Wilson noted that customer reactions are mixed, with some pulling orders forward and others pausing. He believes the environment has calmed since a recent industry survey showed a slight dip in replacement intentions. He stressed that LNW's primary obligation is to mitigate costs internally to avoid price increases and maintain purchasing volumes, adding that "the best content always wins."

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    Rohan Sundram's questions to Light & Wonder (LNW) leadership • Q4 2024

    Question

    Rohan Sundram asked for commentary on the current slot demand environment and whether L&W's results indicated any of the Q4 softness mentioned by a competitor.

    Answer

    CEO Matt Wilson described the operator base as resilient, with GGR levels remaining well above pre-pandemic levels. He pointed to L&W's strong performance, highlighting that the company achieved the #1 ship share position in North America in Q4 and for the full year in Australia as evidence of its strength and the health of its demand.

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    Rohan Sundram's questions to Light & Wonder (LNW) leadership • Q3 2024

    Question

    Rohan Sundram inquired about the company's medium-term growth outlook and the potential growth runway for the business beyond the stated 2025 targets.

    Answer

    President and CEO Matthew Wilson emphasized that the company's transformation journey extends well beyond 2025, with a strategic plan that identifies growth drivers in perpetuity. He mentioned continued opportunities for market share gains and expansion into adjacencies, and noted that the company will likely provide a reframed post-2025 outlook to investors next year.

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