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Nov 16 2020, 10:20 GMT
Flutter’s momentum has been building for some time. Q3 suggests that key revenue trends, including customer active growth (+41% globally) and market share gains in major markets (US, Australia, UK), remain on an accelerating trend. Its strategy is bearing fruit. However, additional investment is required to sustain this momentum. In line with what we intimated at the time of the group’s Q3 IMS on November 11th, we adjust our revenue expectations higher (2020/2021 +6%/+2%), but increased growth investment impacts EBITDA (2020/2021 ex-US EBITDA +3%/-8%). For us, Flutter’s recent progress confirms it is the best positioned operator in our global gaming universe (our revised estimates imply >10% 2019-2021 CAGR revenue growth). As such, we reiterate our ‘Outperform’ recommendation.
Nov 16 2020, 10:20 GMT