Flutter Entertainment Share Discussion Threads

[ahmedt1810] 10/11/2022 19:57

Thanks for the tip vraetorian!

[vraetorian] 10/11/2022 19:06

While its appreciated, it may be worth editing your message and removing any details about yourself on this board.

[ahmedt1810] 10/11/2022 18:50

Post Deleted

[ahmedt1810] 10/11/2022 18:41

My understanding of the difference between PDYPY and PDYPF;
PDYPY is ADR for American investors to buy flutter shares in USD. It has a 2:1 ratio; two PDYPY shares = 1 Flutter Share

PDYPF is an ADR for Foreign Investors to buy Flutter shares in USD. It has a 1:1 ratio; one PDYPF share= 1 Flutter Share.

The reason volume on PDYPY is much higher than PDYPF is because most people who are interested in buying flutter shares in USD are American investors who prefer to trade using their own local currency.

There is some impact on correlation between FLTR and PDYPY due to Fx impacts.

[vraetorian] 10/11/2022 18:16

-PDYPF was generally considered Paddy Power PLC, possibly before the merger

-PDYPY is generally considered Flutter Entertainment. (Also shows more volume being traded)

If someone would like to correct or embellish on this, more help is always greatly appreciated.

[vraetorian] 10/11/2022 18:08

Interesting to note , be aware that when comparing FLTR.L and PDYPY there is a price gap that has slowly increased since March of 2022.
PDYPY is not sustaining a correct pricematch with FLTR eventhough the correlations are compariable.

PDYPY is roughly 16-17% lower than FLTR as of today

Now, if i had to think of some probable causes, this could also be due to the slippage of currency conversions being taken into consideration. However, I'm not sure at this time if this is the proper reasoning.

[pops02] 10/11/2022 18:00

Can you please explain the difference with pdypy and pdypf 😂. Not sure why they react so differently. Thx++

[pughman] 10/11/2022 17:57

The CFO said in the conference call, that the cash flow from the USA in 2023 will give it the ability to deleverage that is materially enhanced.

[ahmedt1810] 10/11/2022 17:02

Re stock price: I’ve noticed a lag in stock price movement between PDYPY and FLTR. PDYPY tends to reflect US market impacts sooner than FLTR; and FLTR adjusts the next day. Vice versa. Currently PDYPY is up over 4% while FLTR is up 1.57%.

[vraetorian] 10/11/2022 16:56

With everything said and done, the results have proved to be bullish. We may not get the pop we were hoping for. However, a slow bullish incline is satisfying as well.

Not surprising however, is the average cost of debt of 4.1% in Q4 increasing to 5.6% in 2023 and would give rise to c. £280m in net cash interest cost in 2023 ... likely to continue increasing while the world stumbles through recession

[solarman2013] 10/11/2022 15:30

why did DK drop by over 25% on their earnings, yet Flutter has not?

[thestarabove] 10/11/2022 15:12

why does this stock not rise like the other stocks on the good inflation news

[ahmedt1810] 10/11/2022 12:43

Both the TSG option and IPO consideration should be settled by August 2023. Between now and then, I expect it will be bumpy ride for the stock. Good news is that we are entering the strongest sports seasons, with additions of World Cup and new state launches that should yield great results in the next three quarterly earnings Q4-Q2 2023. This should help keep the stock afloat until the August 2023 decision.

[solarman2013] 10/11/2022 12:19

Pretty decent thesis if level heads prevail…

[ahmedt1810] 10/11/2022 11:44

After listening to the earning call, it’s unclear what price FOX would need to pay for their 50% option of TSG which includes FoxBet, Super6, and PokerStars US. It appears this TSG option would require negotiation on price (and likely lawsuits), but I get the impression Fox will not pursue getting licensed and not want to pursue the TSG option. I think flutter will push a deal to retain super6 and PokerStars in exchange for giving Fox the FoxBet brand name rights. The hidden gem in all of this for flutter is retaining 100% of PokerStars - which is a strategic asset for flutter. If flutter and Fox agree to terminate the TSG option, which I think is likely, the next step for flutter would be to integrate PokerStars and Super6 with FD. This would be a major catalyst for FD valuation, which Fox would support since it increases the value of their FD stake option.

I think it’s likely fox and flutter will agree to terminate the TSG option, not simply because of the onerous licensing requirement, but rather because Fox also highly values retaining the Fox Bet brand name. ESPN was looking to license their name to an operator for $3B. Thoughts?

[vraetorian] 09/11/2022 15:11

Australia... just awful

Overall as a group, not bad.. not bad at all given todays market.
Strong growth in Average monthly players in every location(barring Australia)
Uk&Ireland showing modest YoY% increases
US&International are the show winners here

[ahmedt1810] 09/11/2022 11:57

Agree, adding to the challenge is overall US market looks to open negative. Crypto crisis, midterm election results, poor disney earnings - all weighing on the market today. I take it as a win if flutter can hold up this week.

[solarman2013] 09/11/2022 10:35

Breaking even on announcement of news is actually pretty good these days

[ahmedt1810] 09/11/2022 08:33

Q3 results not great for US division. FD market share dropped from 51% to 42% from Q2 to Q3. Modest 11% user growth. Went from Q2 profit to Q3 loss, albeit this was likely expected due to seasonality. While FY22 revenue guidance improved, ebita loss guidance remained unchanged. Expected results from california yesterday doesn’t help today.

International results don’t help the stock, based on continued downtrend.

Main positive news and silver lining preventing the market from punishing the stock is the Fox arbitration ruling. It could be much worse.

Look forward to hearing more on FY23 outlook on the earnings call.

[pughman] 09/11/2022 08:28

Nothing there to scare the horses. The 1.5% increase in interest rates for its debt in 2023 is not unexpected.

[blue59] 09/11/2022 08:02

I’m beginning to think that the stock market is a madhouse!

[solarman2013] 08/11/2022 16:22

great news for Tombola

[the white house] 08/11/2022 16:11

Tombola today downloads up to 3 & 4 in apple league table for Casino & Bingo. Were 10 & 11 at takeover then slipped lower. Looking strong and for first time ever ahead of ex market leader in field of 888. Decent progress

[solarman2013] 08/11/2022 15:09

just people protecting themselves in case there is a reaction similar to what happened to DK last week when their losses were more than expected. People are NOT rewarding sales that are often bought through acquisition. They want to see organic profitability.