As earnings results continue to be released, brokers are busy updating their outlooks on plenty of ASX 300 shares.
The team at Morgans has just provided fresh guidance on Lottery Corporation Ltd (ASX: TLC) and Superloop Ltd (ASX: SLC).
Both companies have faced headwinds over the last 12 months, resulting in share price losses between 3% and 8% in that span.
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What did the companies report?
As reported by James Mickleboro earlier this week, Lottery Corporation announced resilient FY26 results. The company maintained a fully franked full-year dividend and continued growth in its Keno business, despite rare unfavourable jackpot outcomes.
EBITDA (before significant items) of $736.1 million was down 1.8%, while NPAT (before significant items) of $342.5 million was down 6.3%.
Meanwhile, Superloop announced underlying EBITDA increased 33% to $122.7 million, exceeding the top end of upgraded guidance.
Revenue was up 21.6% to $664.3 million with 205,000 net new customers.
The full releases can be found here:
Following these results, Morgans provided commentary on both ASX 300 companies.
Morgans' view on Superloop shares
Morgans said given the upgraded FY26 EBITDA guidance in mid-June 2026, the result was largely as expected.
It is worth noting underlying EBITDA was slightly above the top end of guidance, marking the third upgrade in FY26. The composition of the result underpins our comfort that FY27 consensus expectations for ~$150m of underlying EBITDA are achievable. We retain our HOLD recommendation but lift our Target Price to $3.40.
From yesterday's closing price, this target indicates almost 9% upside.
Morgans' view on Lottery Corporation shares
Morgans said this ASX 300 stock delivered a resilient FY26 result.
Price retention held up well, with 63% on Powerball and 100% on Saturday lotto, and the dividend was maintained at 16.5cps. Looking ahead, new FY27 guidance rebases opex to $305-315m and D&A to $125-130m, and with conditions still softer against undemanding comps, we have cut our top-line Lotteries forecasts by 2-3% across FY27-28F.
Below the line, the reclassification of Keno revenue, the exit from online Keno and higher interest costs following the Victorian licence renewal drive c.6-7% EPS cuts. We retain our Hold recommendation, with a revised price target of $5.60 (prev. $5.70).
From yesterday's closing price, this updated target indicates a modest upside of just over 7%.
