Flutter Entertainment plc posted a strong set of Q2 results this morning. Revenue was up 20% to $3,611m, statutory net income more than tripled to $297m while adjusted EPS was up 56% to $2.61. US performance accelerated with revenue growth up to 39% driven by FanDuel. Group performance ex US was also solid with revenue growth up 10%. Net income was up to $297m from $64m a year earlier, Group Adjusted EBITDA was up 17% to $738m. Guidance was raised and now implies Group revenue +20% year-over-year and Adjusted EBITDA +34% at the midpoints. Valuation remains something of a headwind with forward PE ratio at 25x and PS ratio at 2.84x both bottom quartile for the sector. The share price also lacks positive momentum for the time being. FLTR is certainly a solid growing business worth monitoring for the longer run, but there is no rush to buy here...from WealthOracle
wealthoracle.co.uk/detailed-result-full/FLTR/846 |
Playtech have confirmed it apparently. |
Sky News has learnt that Flutter Entertainment, which recently moved its primary listing to the US, is in discussions to buy Snaitech, one of Italy's biggest gambling companies.
SnaiTech is owned by Playtech. PLaytech share is up 18% today. |
I see DK have immediately reacted and dropped the surcharge plan. Really wonderful to read these results… it does remind me how perverse the market is ie we knew, to a large extent, that the Fanduel numbers in particular would be strong but the market did not anticipate this. |
Excellent results overall and continuing to outperform.The investment case is compelling,with Flutter set to be substantially larger ( and more profitable) by 2027. |
After hours trading on (FLUT:Nyse)
211.00 (10.25% gain)
Wonderful market reaction - See you guys next quarter |
US had its highest sportsbook margin of 10.0%. UK had 3-year high of 14%. The only downside was that sportsbook stakes remained flat YoY in UK.
They had this to say: "Sportsbook revenue growth benefitted from the Euros, which accounted for 10% of sportsbook stakes". "Sportsbook stakes declined 1% as the higher sportsbook net revenue margin reduced
staking volumes."
US revenue up 39%. Even without North Carolina that's over 30% growth YoY.
International stakes were up 23% YoY and they had a good margin of 13.3%. Sisal is doing very well according to the conference call.
US iGaming up 47% YoY.
So a really good quarter but I would have hoped for better result from UK & I. |
Jason Robins won't enjoy reading those. Sales and marketing Q2 $253m, down from $422 for Q1 and N.Carolina launch. |
Rkeck, you were right!
"FLUTTER CEO SAYS NO PLANS TO INTRODUCE SURCHARGE FOR WINNERS SIMILAR TO DRAFTKINGS AT THIS STAGE" |
Updated guidance:
US: Revenue range of $6.05bn - $6.35bn (previously $5.8bn - $6.2bn)
Adjusted EBITDA range of $680m - $800m (previously $635m - $785m)
ex-US:
Revenue range of $7.85bn - $8.15bn (previously $7.65bn - $8.05bn)
Adjusted EBITDA range of $1.69bn - $1.85bn (previously $1.63bn - $1.83bn)
Australian Adjusted EBITDA of approximately $270m
Investors love guidance upgrades! |
There you go folks. A profitable quarter!
1.45 EPS, 2.61 adjusted EPS |
Rumor:: thetimes . com/business-money
"Flutter Entertainment is set to take an estimated £1 billion bet on the Brazilian market after entering talks to buy one of the country’s biggest gambling operators." |
Rkeck- I think your hunch might be right. We'll find out shortly
Zibetor- All good. Observations and data are helpful here in the chat.
Trictrac66- That's right. R=Revenue E=Earnings /per share |
A little exuberance is fine Zibetor :)
Thanks Vrae - but what does the E refer to? The R is the quarterly revenue figure, but the E is too high for quarterly EBITDA? |
Well, I’m just excited with this volatility. This is the first and last time I comment here. I’m not spam as you said, my majority of stocks come from Amaya era… anyway … Let’s see what will happens with this price 2024 |
Thanks Vraetorian. That’s very useful to pass on the market expectations. There is a huge amount of interest in how Flutter will react (if at all) to the DraftKings surcharge in states with taxes over 20%. My hunch is we won’t follow suit … we shall see. |
Zibetor, no need to pump the stock. It makes the stock & chat appear weak and needing of that type of spam.
Analyst have slightly improved their forecast for today
Previously (FLUT:NYSE)
E= 1.557
R= 3.392B
Today:
E=1.568
R=3.403B
A modest improvement over recent numbers.
Should be interesting to see how the stock performs near todays close |
Buy buy buy !!! Easy money! I’m buying more….. |
There’s no volume on the LSE anymore, share price movements are really reliant on the NYSE now |
Are you implying the share price has fallen £6 this morning due to miscommunication? I have always known results would be 9:05pm tonight (UK time). |
And Alliance News want you to PAY for this level of service |
Some were still expecting results at 8am not 9pm it seems. And they are telling the markets this falsely. Poor |
Really low price today, spent all my savings on it today! Im sure big jump tomorrow!Lets'go!!! round of beer to everybody on me tomorrow! |
Flutter Entertainment has announced that it will release second quarter 2024 earnings on Tuesday, August 13, 2024 at 16:05 ET (21:05 BST)
So we will get Q2 results after the bell.
I bought my last round today. Let's go!!! |
Dapper
Interesting because some books just quit the market leading us to question whether they are simply spending too much without results to match. Fan duel has the benefit of years of experience around the world by fitter of the diva. We shall know in 7 biz days |
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