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Berenberg sees upside risk to forecasts at Flutter
(Sharecast News) - Berenberg has reiterated a 'buy' rating for Flutter Entertainment, saying that the gambling and sports betting company's upcoming second-quarter results could "surprise to the upside". Operational results from the first quarter disappointed due to customer-friendly sporting results, though the acquisitions of Snaitech and NSX Group, which recently completed, are expected to add $1.1bn in revenue and $120m in EBITDA over 2025, according to Berenberg.
Meanwhile, taxation changes in New Jersey and Louisiana will be a headwind for the business, along with new rules of a fee per wager taken in Illinois. This will be partly offset by the acquisition of the remaining 5% of FanDuel that it didn't already own.
"State data also suggest operators have seen favourable win margins in June, which increases our confidence in the Q2 outlook," Berenberg said.
Despite the busy second quarter, the broker said it "remains bullish" given the quality of the business, its market-leading position across major markets and track record of inorganic growth.
"We think there is scope for Q2 to surprise to the upside based on operator-friendly sporting results in the US and remain of the view that FY25 guidance is well underpinned."
Shares were down 0.5% at 21,330p by 0925 BST, following a 6.5% climb over the past month.
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