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MarketScreener Homepage  >  Equities  >  Irish Stock Exchange  >  Flutter Entertainment plc    FLTR   IE00BWT6H894

FLUTTER ENTERTAINMENT PLC

(FLTR)
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Stay-home poker players, gamers boost Flutter first-half earnings

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08/27/2020 | 05:45am EDT

Half-year earnings at Paddy Power, Betfair and PokerStars owner Flutter Entertainment rose 35% year-on-year as a jump in poker and gaming players more than compensated for a global sports shutdown at the world's largest online betting group.

The COVID-19 pandemic called a two-month halt to sports fixtures from mid-March, with events popular with gamblers such as the English Premier League put on hold.

However the Irish betting group said favourable sports results in the first quarter, the continuation of horse racing in Australia and a jump in the number of people playing poker and gaming online boosted revenues and earnings.

"Ultimately when no other form of entertainment is open to people, they couldn't go out to bars, restaurants, couldn't go to concerts, people were spending small amounts of money (on online gambling)," Chief Executive Peter Jackson told reporters.

Jackson said he was not concerned about growth in problem gambling as the amounts staked were low and Flutter has increased interventions with reckless gamblers.

Flutter shares were 2% higher at 142 euros by 0745 GMT after adjusted core earnings (EBITDA) rose to 684 million pounds, including 2019 and 2020 Stars Group Inc (TSG) revenue, with which it completed a $6 billion merger in May.

That exceeded the group's expectations and trading to date in the second half was reported as encouraging, boosted by factors including a condensed soccer calendar and gaming resilience as customers swapped betting shops for mobile phone apps.

Assuming no further material disruption to sporting events, Flutter expected full year EBITDA of between 1.175 to 1.325 million pounds, excluding a forecast 140 to 160 million pound U.S. loss after heavy investment in the fast-growing market.

Flutter raised 800 million pounds via a share placement in May to help drive growth as more U.S. states relax betting rules. It will also spend to improve PokerStars and temp more gamblers online across the group, it said on Thursday.

(Reporting by Padraic Halpin. Editing by Carmel Crimmins and Barbara Lewis)

By Padraic Halpin


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Financials
Sales 2020 4 966 M 5 795 M 5 795 M
Net income 2020 119 M 139 M 139 M
Net Debt 2020 3 180 M 3 712 M 3 712 M
P/E ratio 2020 115x
Yield 2020 -
Capitalization 22 679 M 26 445 M 26 469 M
EV / Sales 2020 5,21x
EV / Sales 2021 4,54x
Nbr of Employees 9 153
Free-Float 96,2%
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Technical analysis trends FLUTTER ENTERTAINMENT PLC
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 17
Average target price 112,16 €
Last Close Price 135,20 €
Spread / Highest target -3,85%
Spread / Average Target -17,0%
Spread / Lowest Target -30,2%
EPS Revisions
Managers
NameTitle
Jeremy Peter Jackson Chief Executive Officer & Director
Gary W. McGann Non-Executive Chairman
Jonathan Stanley Hill Chief Financial Officer & Director
Ian Dyson Senior Independent Non-Executive Director
Zillah Ellen Byng-Thorne Independent Non-Executive Director
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