Barclays Upholds Positive Rating for Flutter Entertainment
Barclays Maintains Positive Outlook on Flutter Entertainment
Barclays has reaffirmed its optimistic assessment of Flutter Entertainment (NYSE: FLUT), keeping an Overweight rating while setting a price target of $263.00. This continuous support reflects confidence in the company's strategic moves, particularly in light of its recent acquisition.
Opportunity in the Italian Market
The analyst at Barclays emphasized the promising aspects of the Italian market, which boasts a total addressable market (TAM) of €21 billion. Notably, only 21% of this market is currently accessing online services, indicating substantial room for growth.
Growth Potential for Omni-channel Operators
In particular, omni-channel operators such as Snaitech are well-positioned to seize upon these opportunities. The firm shared insights showing that Snaitech has managed impressive growth metrics, achieving an EBITDA growth rate of 32% annually over the preceding four years, leading up to 2023.
Digital Market Expansion Projections
Snaitech’s online segment comprises half of its overall operations. With the digital market in Italy expected to grow at a compound annual growth rate (CAGR) of 12% from 2023 to 2028, Snaitech is set to gain significantly from this expansion.
Challenges for New Entrants
The complete ban on advertising in Italy has posed serious challenges for new market entrants. This regulatory landscape creates favorable conditions for established omni-channel players that successfully merge digital and retail platforms. Snaitech emerges as a strong contender, operating nearly 2,000 retail locations and commanding a mid-teens market share, effectively ranking second in the competitive sector.
Conclusion
With the current market dynamics and growth projections, Flutter Entertainment and its subsidiary, Snaitech, stand to benefit greatly from increased digital engagement in Italy. Barclays’ consistent support highlights the promising future these companies may have in harnessing the untapped potential of the Italian online market.
Frequently Asked Questions
What is Barclays' rating for Flutter Entertainment?
Barclays has maintained an Overweight rating for Flutter Entertainment, indicating a positive outlook for the company.
What is the price target set by Barclays?
Barclays has set a price target of $263.00 for Flutter Entertainment's shares.
What are the growth projections for the Italian market?
The Italian digital market is expected to grow at a CAGR of 12% from 2023 to 2028.
How does Snaitech fit into the Italian market?
Snaitech is well-positioned with a strong online presence and significant retail operations, benefiting from the growth in the digital market.
What challenges do new market entrants face in Italy?
The complete advertising ban in Italy creates significant hurdles for new entrants but favors established omni-channel operators like Snaitech.
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