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Mar 15 2021, 06:55 GMT
At the time of its recent FY20 results, Flutter Entertainment clearly set out why the number one operator in the gaming sector can achieve superior economics. It believes enhanced scale creates a virtuous circle of superior customer proposition, higher revenue growth and greater operating leverage. The flexibility to invest is a critical component of this approach. We view confirmation of that, with Flutter considering, among a range of options, the listing of a small shareholding in FanDuel, through this lens. In assessing how best to position itself to deliver upon its strategy, efficient access to capital is key. Such a move would better facilitate that, while also retaining significant ownership of the best US gaming asset and driving better recognition of the value of its global businesses in the near term. We reiterate our ‘Outperform’ recommendation.
Mar 15 2021, 06:55 GMT