- Completed the acquisition of SnaiTech (Italy) from $PTEC (+1,93%) and that caused a significative revenue increase in southern europe.
While $PTEC (+1,93%) keeps struggling and selling good assets like SNAI, $FLTR (-0,3%) keeps growing and gaining marketshare.
$PTEC (+1,93%) bought SNAI in 2018, but now it is forced to sell one of his best asset because of it's financial distress situation.
Flutter bought SNAI for 2.3 bilion euros,
SNAI has increased revenue reaching almost 1 bilion euros and ebitda margins went from 15% in 2017 to 25% today.
Playtech has run Snai very well during these years and they made a huge effort to increase company profitability.
- Reported revenue growth in Brazil of over 700% after acquiring 56% of NSX, adjusted organic revenue growth is over 10% in the region.
Brazil will be the growth engine of this company for the next years.
Right now Flutter is trading at 90$ per share and it is fairly valued if you assume a slow organig revenue growth over the next years, it is highly undervalued if you assume that they can keep growing revenue over 10% per year.
