- Completed the acquisition of SnaiTech (Italy) from $PTEC (+1,54%) and that caused a significative revenue increase in southern europe.
While $PTEC (+1,54%) keeps struggling and selling good assets like SNAI, $FLTR (-0,92%) keeps growing and gaining marketshare.
$PTEC (+1,54%) bought SNAI in 2018 for 2.3 bln euros, but now it is forced to sell one of his best asset because of it's financial distress situation.
Flutter bought SNAI at a discount, only 2.3 bilion euros, basically the same price that Playtech payed in 2018.
However 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, now $FLTR (-0,92%) is buyng all of that effort "for free".
A good sign of great capital allocation by the management team.
- Reported revenue growth in Brazil of over 700% after acquiring 56% of NSX, adjusted organic revenue growth is over 10% in the region.
Brazil will be the growth engine of this company for the next years.
Right now Flutter is trading at 90$ 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.
