Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul>
<li>Flutter Entertainment reported its first-quarter 2026 results with group revenue rising 17% year-over-year and adjusted EBITDA increasing by 2%.</li>
<li>The growth was driven notably by contributions from recent acquisitions such as Snai and Betnacional, alongside a favorable year-over-year swing in sports outcomes.</li>
<li>In the U.S.—a significant market for Flutter—sportsbook revenue grew 10%, supported by underlying improvements in key performance indicators (KPIs) like active monthly players (AMPs) and handle, which showed sequential gains as the quarter progressed.</li>
</ul>


Flutter Entertainment reported its first-quarter 2026 results with group revenue rising 17% year-over-year and adjusted EBITDA increasing by 2%.
The growth was driven notably by contributions from recent acquisitions such as Snai and Betnacional, alongside a favorable year-over-year swing in sports outcomes.
In the U.S.—a significant market for Flutter—sportsbook revenue grew 10%, supported by underlying improvements in key performance indicators (KPIs) like active monthly players (AMPs) and handle, which showed sequential gains as the quarter progressed.


Flutter Entertainment’s 19% IGaming Growth: Is The Market Missing The Stronger Engine?

<ul>
<li>Flutter Entertainment’s recent update reflects a company expanding its market presence while navigating complex operational dynamics.</li>
<li>In 2025, group revenue rose 17% and adjusted EBITDA 21%, driven by continued leadership in online sports betting and iGaming.</li>
<li>In the fourth quarter, U.S. revenue surged 33%, highlighting the core strength of the FanDuel platform.</li>
</ul>


Flutter Entertainment’s recent update reflects a company expanding its market presence while navigating complex operational dynamics.
In 2025, group revenue rose 17% and adjusted EBITDA 21%, driven by continued leadership in online sports betting and iGaming.
In the fourth quarter, U.S. revenue surged 33%, highlighting the core strength of the FanDuel platform.


<ul>
<li>Flutter Entertainment's third-quarter 2025 update highlights both positive and challenging aspects within its performance and strategic initiatives.</li>
<li>During the quarter, Flutter continued its consistent momentum, particularly noting a 17% year-over-year increase in revenue, bolstered by strong engagement from over 14 million average monthly players.</li>
<li>Adjusted EBITDA also saw a 6% rise, reflecting operational efficiency and revenue growth.</li>
</ul>


Flutter Entertainment's third-quarter 2025 update highlights both positive and challenging aspects within its performance and strategic initiatives.
During the quarter, Flutter continued its consistent momentum, particularly noting a 17% year-over-year increase in revenue, bolstered by strong engagement from over 14 million average monthly players.
Adjusted EBITDA also saw a 6% rise, reflecting operational efficiency and revenue growth.


Flutter Entertainment Plc: Can IGaming Innovation Sustain Its Competitive Edge?

External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

Key points (machine generated)<ul><li>Flutter is a leading global gaming company specializing in online sports betting and casino products.</li><li>The company's competitive advantages stem from its scale, market share, and effective management and capital allocation.</li><li>Flutter's strategic expansion into the US market and beyond, known as the 'Flutter Edge,' positions it for future growth.</li></ul>This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Key points (machine generated)Flutter is a leading global gaming company specializing in online sports betting and casino products.The company's competitive advantages stem from its scale, market share, and effective management and capital allocation.Flutter's strategic expansion into the US market and beyond, known as the 'Flutter Edge,' positions it for future growth.This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Flutter Entertainment Plc (FLUT) - Tuesday, Jul 1, 2025

<ul>
<li>Flutter Entertainment reported positive results for the second quarter of 2025, showcasing significant growth across its U.S. and international segments.</li>
<li>The company witnessed a 16% increase in revenue and a 25% rise in adjusted EBITDA compared to the previous year.</li>
<li>This growth was fueled by strong engagement with approximately 16 million average monthly players and substantial operational improvements across the board.</li>
</ul>


Flutter Entertainment reported positive results for the second quarter of 2025, showcasing significant growth across its U.S. and international segments.
The company witnessed a 16% increase in revenue and a 25% rise in adjusted EBITDA compared to the previous year.
This growth was fueled by strong engagement with approximately 16 million average monthly players and substantial operational improvements across the board.


Flutter Entertainment Boosts U.S. Marketing: Can Phased Spending Win the NFL & NBA Seasons?

Ireland

Flutter Entertainment Public Limited Company provides mobile and online gambling services.

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Flutter Entertainment (FLTR LN)

Flutter Entertainment’s 19% IGaming Growth: Is The Market Missing The Stronger Engine?

Flutter Entertainment reported its first-quarter 2026 results with group revenue rising 17% year-over-year and adjusted EBITDA increasing by 2%.

Baptista Research

Flutter Entertainment: Brazil Expansion

Flutter Entertainment’s recent update reflects a company expanding its market presence while navigating complex operational dynamics.

Baptista Research

Flutter Entertainment Plc: Can IGaming Innovation Sustain Its Competitive Edge?

Flutter Entertainment's third-quarter 2025 update highlights both positive and challenging aspects within its performance and strategic initiatives.

Baptista Research

Flutter Entertainment Plc (FLUT) - Tuesday, Jul 1, 2025

Flutter, a leading global gaming company, is poised for continued growth in online sports betting and casinos due to its strong management,...

Value Investors Club (VIC)

Flutter Entertainment Boosts U.S. Marketing: Can Phased Spending Win the NFL & NBA Seasons?

Flutter Entertainment reported positive results for the second quarter of 2025, showcasing significant growth across its U.S. and international...

Baptista Research

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