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Flutter Entertainment (OTCPK:PDYPY) continues to attract attention ahead of the company’s listing of shares in the U.S. Just last week, the company reported 15% revenue growth in Q4 and said it remained the top U.S. sportsbook with 43% gross revenue market share. The FanDuel Casino iGaming brand held down 26% market share for the quarter. Flutter Entertainment (OTCPK:PDYPY) also disclosed that the effective date for its NYSE listing is on track for January 29. The trading symbol is expected to be FLUT.
Following the U.S. listing, Flutter (OTCPK:PDYPY) will remain an Irish incorporated public limited company and still have its headquarters at its current base in Dublin, Ireland. In addition to the new U.S. standards to which Flutter will become subject, the board of directors of Flutter will continue to adhere to its standards of governance and corporate responsibility as required by the Irish Companies Act 2014 and applicable listing rules. Flutter (OTCPK:PDYPY) shares will continue to be listed and admitted to trading on the London Stock Exchange, while the secondary listing on Euronext Dublin will be cancelled.
While Flutter Entertainment ended the week with a 5% rally, CBRE Equity Research analyst John DeCree pointed to a relative value opportunity for the UK-traded Flutter Entertainment (OTCPK:PDYPY) shares ahead of the U.S. listing. CBRE has a Buy rating on Flutter and a price target of £189, which implies a 14.4X multiple on the firm’s FY25 group EBITDA estimate. On Seeking Alpha, analyst Howard Jay Klein also sees upside from the upcoming Flutter (OTCPK:PDYPY) U.S. listing. “The move means an exponential increase in visibility. Trading in USD gives investors a perfect apples-to-apples comparative with all U.S. sports betting platforms,” he observed. “FLTR management has seen enough of a potential upside on a NYSE move to have pursued it for over 2 years at least,” he added.
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