Company Reports

Flutter Entertainment has leveraged its leading technology and product offering into an advantaged global brand, the source of its narrow moat, which spreads across the US, the UK, Australia, and other international markets like Italy.

Flutter’s investor day emphasized its industry-leading technology and product offering, which drives its enduring brand advantage and is the source of our narrow moat rating.

We have initiated coverage of Flutter Entertainment with a narrow moat rating, as its in-house product development and risk management expertise have driven a hard-to-replicate critical mass in gaming markets throughout the world. We see the shares, trading at a 15% discount to our $250/GBX 19,000 fair value estimate, as attractive.

Flutter Entertainment has leveraged its leading technology and product offering into an advantaged global brand, the source of its narrow moat, which spreads across the US, the UK, Australia, and other international markets like Italy.