FLTR LN

Flutter Entertainment Plc

TMT, Consumer


Presented:08/23/2022
Price:£108.50
Cap:$29.31B
Current Price:£173.50
Cap:$21.21B

Presented

Date08/23/2022
Price£108.50
Market Cap$29.31B
Ent Value$26.54B
P/E RatioN/A
Book Value£58.15
Div Yield0%
Shares O/S175.80M
Ave Daily Vol325,670
Short IntN/A

Current

Price£173.50
Market Cap$21.21B
Flutter Entertainment Plc is engaged in the business of online betting and gaming. It operates through the following segments: PPB Online, Australia, PPB Retail, U.S, and Corporate. The PPB Online segment comprises of Paddy Power, Betfair, and Adjarabet brands. The Australia segment focuses on sports betting services provided to Australian customers using internet with a small proportion using the public telephony system. The PPB Retail segment covers sports betting and gaming machine services delivered through licensed bookmaking shop estates in the United Kingdom and Ireland. The U.S. segment consists of sports betting, daily fantasy sports, and gaming services. The company was founded in 1988 and is headquartered in Dublin, Ireland.

Publicly traded companies mentioned herein: DraftKings Inc (DKNG), Flutter Entertainment PLC (FLTR LN), Fox Corp (FOXA)

Highlights

The presenter is long shares of Flutter Entertainment PLC (FLTR LN). In his decade following the space, FLTR and its management team have consistently been one of the best operators. In addition, the company has a great tech stack and a strong parlay mix, the latter of which is beneficial to margins. Despite the stock’s ~30% appreciation since the start of August, he thinks investors are receiving the US business either for free or are getting paid to own it. Based on an underappreciated US business and a strong core business, he views this as a double over the next few years. In the meantime, there are several catalysts coming over the next few quarters (Fox arbitration resolution, UK regulation impact clarified, potential US listing) that can drive value. 

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Idea Discussion

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