Light & Wonder: Lower Growth, Smaller Premium

  • Light & Wonder's focus is now on Gaming, SciPlay, and iGaming, with recent acquisitions and strong buyback activity shaping its future. Q1 FY25 saw margin and cash flow improvements, but revenue growth slowed, and the stock corrected from premium valuations to fair value. Despite robust buybacks and improving EPS, valuation remains above peers, and debt levels are still a concern as growth moderates.