FLUT

Flutter Entertainment Plc

TMT, Consumer, Software


Presented:06/13/2024
Price:$178.58
Cap:$31.72B
Current Price:$225.96
Cap:$17.98B

Presented

Date06/13/2024
Price$178.58
Market Cap$31.72B
Ent Value$41.14B
P/E RatioN/A
Book Value$53.54
Div Yield0%
Shares O/S177.60M
Ave Daily Vol719,415
Short IntN/A

Current

Price$225.96
Market Cap$17.98B
Flutter Entertainment Plc engages in the business of online betting and gaming. It operates through the following segments: UK and Ireland, Australia, International, and US. The UK and Ireland segment includes the operations of Sky Betting and Gaming, Paddy Power, Betfair, and tombola. The Australia segment focuses on sports betting services provided to Australian customers online. The International segment relates to poker, casino, rummy, lottery, and sports betting. The US segment includes sports betting, daily fantasy sports, and gaming services. The company was founded in 1988 and is headquartered in New York, NY.

Publicly traded companies mentioned herein: Caesars Entertainment Inc (CZR), DraftKings Inc (DKNG), Flutter Entertainment PLC (FLUT), MGM Resorts International (MGM)

Highlights

The presenter is currently researching and is leaning bullish on Flutter Entertainment PLC (FLUT) due to the US market growth, ongoing margin inflection, and the potential demand from US investors/US index inclusion. There has been recent dislocation due to the Illinois sports betting tax hike, creating a potentially interesting entry point for investors. He is still working through the risk factors but currently sees a price target of $250 – $300 over the next 12 – 18 months using a high teen EBITDA multiple on $2B of 2026 US EBITDA and a MSD – HSD EBITDA multiple on the ex-US business that he expects to CAGR EBITDA in the LSD% – MSD% range.

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Idea Discussion

Commentor 1 - 2 weeks ago

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