National Gaming Inc. (National) operates the weekly lottery in the country: Principle of Finance Assignment, TP, Singapore

University Temasek Polytechnic (TP)
Subject Principle of Finance


National Gaming Inc. (National) operates the weekly lottery in the country. National is owned by the country’s Finance Ministry. Hence, the operating license is indefinite, and National enjoys tax-free status. The annual net profit of $300 million has been stable for many years and is expected to remain so. The required return for operations like National’s is 10 percent.

National’s directors are considering increasing the company’s counter sales by raising the gaming payouts. This is expected to take place in 3 years. Thereafter, it is estimated that the annual net profit will grow by 5 percent per annum starting in 4 years’ time. There is also the risk that net profits may shrink if counter sales do not rise. Hence, analysts pile a risk premium of 2 percentage points on the company.

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