Flutter Entertainment

Q3: continued progress across key divisions

  • Sectors : Gaming
  • Companies : Flutter Entertainment

Ratings and price correct at time of issue.

  • Flutter Entertainment

    Closing Price: 14035p

  • RATING 08/05/19

  • PREVIOUS RATING 29/08/17

    NEUTRAL

DAVY VIEW

While Flutter Entertainment’s (Flutter) Q3 performance is in line with expectations, it provides further evidence of the group’s attractive growth trajectory. Pro forma group revenue is some 38% larger than in Q3 2019, with group average monthly players (AMPs) having increased by 46% over the same period. In the all-important US market, it captured a 42% share of the sports betting market in Q3 and has performed strongly since the launch of the NFL season despite the competitive environment. However, adverse sports results in the first three weeks of October and its temporary withdrawal from the Netherlands (already understood but not yet in forecasts) will impact Q4 earnings. We are likely to reduce our FY21 ex-US EBITDA forecast by c.5% at this stage, in line with the mid-point of its revised range.

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Nov 2 2021, 07:15 GMT

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