DAVY VIEW

Flutter hosted a sell-side event today in Milan, with presentations on its International division led by the International CEO Dan Taylor and CEO of Sisal Francesco Durante. The three overriding takeaways were: i) there is a significant growth opportunity to play out in both Italy and the remainder of International; ii) the quality of the management teams at both an International divisional level and Sisal level was very apparent and; iii) in itself the International business is an extremely attractive proposition, containing geographies with podium positions and beachhead positions in highly attractive growth markets. The group referenced how Sisal fits perfectly into its stated objectives of acquiring local hero brands, investing in them and adding the Flutter edge. This combination of organic and inorganic growth leads to scale positions and high returns.