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Brightstar Lottery PLC
$2.1B
Market Cap
12.8
P/E
0.70
PEG
5.2%
ROCE
7.4%
ROE
2.70
D/E
26.3%
OPM
-36.6%
% from 52W High
21
α RS
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🌏 Global Investor Returns
Currency-adjusted total returns for BRSL including FX impact
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About

Brightstar Lottery PLC provides lottery solutions in the United States, Italy, rest of Europe, and internationally. The company designs, sells, operates, and leases a suite of point-of-sale machines that reconciles lottery funds between the retailer and the lottery authority; operates and provides lottery transaction processing systems; produces instant ticket games; and offers printing services, such as instant ticket marketing plans and graphic design, programming, packaging, shipping, and delivery services, as well as lottery management services; instant lottery systems; and iLottery, a platform that provides access to eInstant and draw games. It also processes commercial transactions, such as prepaid cellular telephone recharges, bill payments, e-vouchers and retail-based programs, electronic tax payments, prepaid card recharges, stamp duty, and money transfer services; sells additional machines and central computers to expand existing systems or replace existing equipment; and licenses related software. In addition, the company provides marketing services, such as retail optimization and lottery brand awareness campaigns; telephone support, software and hardware maintenance, software development, and other professional services; and ancillary maintenance and support services for systems, equipment, and software. The company was formerly known as International Game Technology PLC and changed its name to Brightstar Lottery PLC in July 2025. Brightstar Lottery PLC was founded in 1976 and is headquartered in London, the United Kingdom.

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⭐ Superinvestors Holding BRSL
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Manager Shares Value % of Fund Period
Jim Simons Renaissance Technologies LLC 274.7K $3.5M 0.01% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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📊 MIXED Brightstar Lottery Q1 2026: Revenue EUR 590M, EBITDA up 15% to EUR 287M
Revenue & Profitability
Revenue was EUR 590 million (Q1 2026), up 1% as reported and 3% constant currency. Adjusted EBITDA was EUR 287 million, a 15% increase as reported and 5% constant currency. Income from operations improved due to EBITDA growth, favorable FX impact on debt, and a lower tax provision. Cash from operations was EUR 165 million. Net debt leverage stood at 2.4x.
Outlook
Management views lottery as resilient amid macroeconomic and geopolitical uncertainty. They expect revenue and profit growth to accelerate in the second half of 2026, driven by product sales and same-store sales improvement. Demand for premium offerings remains strong in Italy. Jackpot volatility in multi-state games (Powerball, Mega Millions) is a headwind, but exposure is limited outside the New Jersey LMA contract.
Growth Drivers
Key growth drivers include iLottery (global wagers up 30%, U.S. up 36%, Italy up 27%), Italy B2C digital strategy (1 million monthly app users, full wagering functionality coming Q2 2026), retail expansion via self-service vending machines (scaling to New Jersey, Indiana), new retail partnership rollout, and the São Paulo lottery launch (digital H2 2026, retail early 2027).
Balance Sheet & CapEx
Capital expenditures for Q1 2026 totaled EUR 110 million, with about two-thirds related to the rollout of new terminals in Italy under the new lotto license. Approximately $20 million of the year's $50 million investment spend was incurred in Q1, focused on growth initiatives such as iLottery and B2C digital. The company is also investing in self-service vending machines and upgraded point-of-sale terminals.
Margins
Reported EBITDA margin was nearly 49% in Q1 2026, but excluding higher license fee amortization it would have been approximately 42% (vs. 40% prior year). Profit growth was supported by high flow-through from Italy same-store sales growth, reduced LMA shortfall, Optima cost savings, and certain expense recoveries. The company expects full-year 2026 effective tax rate in the high 30% range, down from 55%.
Key Risks
Risks include the UK transition (negatively impacting revenue by 1-2% per quarter), New Jersey LMA shortfall due to jackpot volatility (approximately $20 million for H1 2026), inflationary pressures on postage and freight, and underperformance of multi-state jackpot games (Mega Millions at $5 price point). The company noted that consumer apathy toward Mega Millions' value proposition and frequent jackpot hits are suppressing sales.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-08-04
Q2 profits and cash flow exceeded expectations, driven by global same-store sales growth and cost discipline, funding major investments and shareholder returns. Outlook for H2 is strong, with accelerated revenue and profit growth expected as digital and retail initiatives scale.
Q1 2026 Q1 2026 2026-05-12
First quarter 2026 saw modest reported revenue growth and strong profitability, led by Italy and digital expansion, with adjusted EBITDA up 15% and net debt leverage at 2.4x. Full-year outlook is reaffirmed, with acceleration expected in the second half from new products and retail initiatives.
Q4 2025 Q4 2025 2026-02-24
Revenue for 2025 was $2.51B with strong Q4 growth, while net debt leverage improved to 2.4x. Major digital expansion in Italy and U.S. retail, robust shareholder returns, and a positive 2026 outlook highlight ongoing transformation and growth.
Q3 2025 Q3 2025 2025-11-04
Q3 saw strong revenue and profit growth, driven by robust same-store sales and digital expansion. The company reaffirmed its 2025 outlook, highlighted significant shareholder returns, and set ambitious 2028 targets, with continued focus on innovation and global market leadership.
Q2 2025 Q2 2025 2025-07-29
Second quarter revenue grew 3% year-over-year to $631M, with strong iLottery and instant ticket sales offsetting the absence of large U.S. jackpots. The company reaffirmed its $1.1B adjusted EBITDA outlook, improved free cash flow guidance, and announced major capital returns via dividends and buybacks.
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📊 Analysis Methodology

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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

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Information Sources:
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