02 Mar 2021
Delusive FY20 miss
Flutter reported muted FY 20 numbers – missing consensus. Revenue, at £4.4bn, up 28% on a pro forma basis, was driven by the strength in PokerStars (+23%), the US (+81%), Australia (+59%) and SBG (+32%) which countered the weakness in PPB (-2%). Adjusted EBITDA came in at £889m, up 16% on a pro forma basis.
We expect an upward revision to our out-year estimates as well as the target price, on account of the upgraded synergies from the TSG merger.
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Delusive FY20 miss
Flutter Entertainment Plc (FLTR:LON) | 15,790 0 0.0% | Mkt Cap: 27,968m
- Published:
02 Mar 2021 -
Author:
Virendra Chauhan -
Pages:
4
Flutter reported muted FY 20 numbers – missing consensus. Revenue, at £4.4bn, up 28% on a pro forma basis, was driven by the strength in PokerStars (+23%), the US (+81%), Australia (+59%) and SBG (+32%) which countered the weakness in PPB (-2%). Adjusted EBITDA came in at £889m, up 16% on a pro forma basis.
We expect an upward revision to our out-year estimates as well as the target price, on account of the upgraded synergies from the TSG merger.