Seeking Alpha
11 Nov 2026, 15:38 UTC · 44m ago
Flutter Entertainment: FanDuel's Customer Growth Keeps Our Buy Case Alive
Impact · against what's priced in
The Q3 results provide no new catalyst for Flutter as the EBITDA decline and promotional spending are already baked into the current valuation. While customer growth is positive, it merely validates the spending the market has already discounted, rather than proving the margin recovery the market currently refuses to pay for.
- FLUT−0.10
Already priced in
- The price assumes
A near-term hit to U.S. margins from the $270 million shift into promotions and customer generosity.
The 25% drop in adjusted EBITDA due to US promotions and higher investment costs confirms the margin hit that the market has already priced in.
What FLUT's price assumes · Sep 22
