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May 7 2021, 12:50 IST/BST
DraftKings
Q1 performance drives meaningful revenue upgrade
- Sectors : Gaming
- Companies : DraftKings
DAVY VIEW
DraftKings (DKNG) has reported Q1 revenues at the very top end of expectations (13% ahead of Davy estimate). It has resulted in a 16% increase at the mid-point of its FY21 revenue guidance range and is likely to result in a mid- to high-single-digit increase to our FY21 revenue estimates. More importantly, the results demonstrate that the US market opportunity is emerging more strongly than previously anticipated. Following recent weakness, the stock is now trading on 14x FY22 EV/sales prior to any forecast upgrade.
