Key points:
- Morgan Stanley has released its official analyst report of Flutter’s FY 2024 financials
- It has stated that Flutter may exceed its FY 2025 forecast – citing it as ‘conservative’ in some places
- This latest update comes following the operator’s lowering of its Q4 guidance in January
Morgan Stanley has unpicked Flutter’s latest financial results which saw the company report $14.05bn in FY24 revenue – alongside reacting to the company’s unchanged FY25 financial guidance.
Indeed, Flutter’s most recent financial update sees its FY25 guidance remain unchanged from its September 2024 Investor Day framework. Outside of the US, Flutter has stated that its current trading is in line with expectations – a point which, in the eyes of Morgan Stanley, ‘seems conservative’ due to a recent strong performance in the Italian market and high win margins in the UK.
To this point, Morgan Stanley has named Flutter as its ‘Overweight, Top Pick in gambling,’ also stating that the operator ‘struck a confident tone’ with its FY25 guidance.
Flutter’s overall full year 2025 financial guidance has stated an expected group revenue of $15.48bn – $16.48bn – with a predicted adjusted EBITDA rising to between $2.94bn and $3.38bn.
Good to know: Flutter’s recent acquisition of Snaitech is currently subject to monopoly approval – with the company currently bidding for the lottery licence with alternative Italian brand, Sisal
Further, as part of the Q4 conference earnings call, the company stated that it was ‘pulling (its) thoughts together’ with regard to the Italian lottery situation.
These latest financial developments for the gambling conglomerate follow its announcement in January that it would be lowering its expected Q4 2024 revenue by $370m to a figure of $5.78bn.
Further, Flutter also lowered its expected adjusted EBITDA from $505m to $205m.
