08 Nov 2021
Muted Q3 21; Australia, a silver lining
Flutter reported muted Q3 20 sales numbers, which missed estimates. Sales were up 12%, driven by the strength in the US and Australia. However, the former posted its first quarter of sequential revenue decline, an indication of the increased competition in the highly attractive market.
Following the pause in operations in the Netherlands (~£50m EBITDA impact over the next three quarters), the firm lowered its FY21 EBITDA target by ~7%. We will be downgrading our estimates.
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Muted Q3 21; Australia, a silver lining
Flutter Entertainment Plc (FLTR:LON) | 15,790 18158.5 0.7% | Mkt Cap: 27,968m
- Published:
08 Nov 2021 -
Author:
Virendra Chauhan -
Pages:
3
Flutter reported muted Q3 20 sales numbers, which missed estimates. Sales were up 12%, driven by the strength in the US and Australia. However, the former posted its first quarter of sequential revenue decline, an indication of the increased competition in the highly attractive market.
Following the pause in operations in the Netherlands (~£50m EBITDA impact over the next three quarters), the firm lowered its FY21 EBITDA target by ~7%. We will be downgrading our estimates.