DAVY VIEW

There were several key positives from Flutter’s FY22 results, including: an improved performance in the UK&I; further evidence that International has turned a corner; and the confirmation that FanDuel has 50% of the highly attractive US online sports betting (OSB) market. Group earnings are now at a key inflection point, with the US flipping into profitability and good prospective growth in the other divisions. Valuation screens attractively, and we believe US forecast risk is to the upside.