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Nov 14 2022, 09:55 GMT
Flutter Entertainment
Little change to group estimates but valuable mix shift continues
- Sectors : Gaming
- Companies : Flutter Entertainment
DAVY VIEW
While our Flutter estimates are broadly unchanged at group level following its recent Q3 update, the continued shift in the mix of the business towards the US is becoming even more apparent. Another upgrade to our US estimates suggests that, in addition to contributing to group profitability for the first time in 2023, the division will represent over 35% of group revenue (and be >65% larger than its UK&I Online business). The continued progress of the division, ahead of our expectations, looks certain to result in superior earnings growth, cash generation and balance sheet improvement from 2023 onwards.
