Light & Wonder: Strong Growth Potential and Strategic Positioning Justify Buy RatingWe estimate $1.398 billion of AEBITDA in FY25, we are reiterating our Buy rating and our $100 price target, which uses a 9x multiple on AEBITDA. Entertainment & Building a Durable, High Return Framework Light & Wonder’s financial model is anchored in high quality earnings growth, disciplined capital deployment, and expanding free cash flow. CFO Oliver Chow outlined a focused value creation strategy that prioritizes return on capital over top line expansion, emphasizing margin quality, recurring revenue, and a predictable conversion of AEBITDA to adjusted EPS and FCF. The company is guiding toward $1.4B in AEBITDA for 2025 and $2.0B by 2028, with over $10.55 in EPSa by 2028, nearly double the $5.27 expected in 2024.