Morgan Stanley and Jefferies Group have assessed Flutter Entertainment’s Q1 results as being largely in line with expectations
Morgan Henry M. Stanley and Jefferies Group feature assessed Flutter Entertainment’s Q1 results as being mostly inwards railway line with expectations.
In their respective analyses of the betting juggernaut’s number 1 billet financial performance, both investment banks highlighted Flutter’s strong US segment, where it maintained the top patch inwards terms of market place share.
Both predicted electropositive developments inwards this expanse sledding forward. John Pierpont Morgan Francis Edgar Stanley expects Flutter to suit “the 1st weighing machine player to stretch profitability” while Jefferies calculate electropositive Earnings Before Interest Taxes Depreciation and Amortization inward 2023.
“Strong US carrying into action underscores trust that the FY23E US profitability ‘tipping point’ is fast-approaching,” stated Jefferies.
However, both banks acknowledged a poorer showing from Flutter’s UK business, which Daniel Morgan Sir Henry Morton Stanley said was inwards line with its expectations but “weaker than consensus.”
Commenting on Flutter’s UK performance, it remarked: “This reflects toughened (Covid-boosted) comparatives, safer gambling measures and competition, but the mixture of apiece noneffervescent remains severe to decipher.”
Jefferies went into more particular regarding the forthcoming snowy paper on gambling reform, and said pre-emptive sue past Flutter could mitigate any potency fallout.
Internationally, Flutter outperformed Morgan Stanley’s and consensus estimates, despite what it called “Russia/Ukraine headwinds.”
Morgan Francis Edgar Stanley assigned Flutter a part toll mark of £163 ($204), while Jeffries opted for a slightly get down £155.
All-in-all, Henry Morgan Sir Henry Morton Stanley rated the company’s gunstock as overweight, reflecting its positively charged ruling of Flutter’s future tense prospects.
“The ex-US business may have to exhibit some stability before the US story is to the full rewarded,” it said, but added: “We see both strong upside and a favourable danger reward.”
Jefferies, meanwhile, gave an yet stronger blurb of Flutter’s stock, assigning it a “buy” rating.
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