Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>The theme we have seen over the past four weeks is an increasing number of indexes reversing 4-10-month downtrends and/or breaking above important resistance levels, with no failed breakouts.</li>
<li>We continue to believe that global equities are going through a bottoming process, but the real test will come during the eventual pullback, which we believe we are now experiencing.</li>
<li>We are watching to see whether these breakout levels and important moving averages (e.g., 50-day MAs) will hold.</li>
</ul>


The theme we have seen over the past four weeks is an increasing number of indexes reversing 4-10-month downtrends and/or breaking above important resistance levels, with no failed breakouts.
We continue to believe that global equities are going through a bottoming process, but the real test will come during the eventual pullback, which we believe we are now experiencing.
We are watching to see whether these breakout levels and important moving averages (e.g., 50-day MAs) will hold.


Japan Among the Latest to Break Out; Buy Ideas in Growth/Cyclicals and Consumer Staples

External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

Equity Bottom-Up

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

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.

<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?

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mixi-inc" target="_blank" data-smartkarma-citation="entities:602:1" rel="noopener">Mixi Inc (2121 JP)</a> has bumped its <a href="https://www.smartkarma.com/entities/pointsbet-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29102:1" rel="noopener">PointsBet Holdings (PBH AU)</a> offer from 4.2% from A$1.20 to A$1.25 per share. The offer has been declared unconditional and “best and final”.</li>
<li>
<a href="https://www.smartkarma.com/entities/betr-entertainment-limited" target="_blank" data-smartkarma-citation="entities:41181:1" rel="noopener">BETR Entertainment (BBT AU)</a>’s offer remains 2.9% above Mixi’s revised offer, with limited options for a response. The priority is to open its offer by assuaging the Takeover Panel.</li>
<li>The shares are trading 1.2% above Mixi’s offer due to the optionality of a bump if Mixi attains a controlling stake. With little upside remaining, head for the exit.   </li>
</ul>



Mixi Inc (2121 JP) has bumped its PointsBet Holdings (PBH AU) offer from 4.2% from A$1.20 to A$1.25 per share. The offer has been declared unconditional and “best and final”.

BETR Entertainment (BBT AU)’s offer remains 2.9% above Mixi’s revised offer, with limited options for a response. The priority is to open its offer by assuaging the Takeover Panel.
The shares are trading 1.2% above Mixi’s offer due to the optionality of a bump if Mixi attains a controlling stake. With little upside remaining, head for the exit.   


PointsBet (PBH AU): Call It a Day as Mixi Shows Its Hand

<ul>
<li>
<a href="https://www.smartkarma.com/entities/betr-entertainment-limited" target="_blank" data-smartkarma-citation="entities:41181:1" rel="noopener">BETR Entertainment (BBT AU)</a> has bumped its <a href="https://www.smartkarma.com/entities/pointsbet-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29102:1" rel="noopener">PointsBet Holdings (PBH AU)</a> offer to 4.219 BBT shares per PBH share. However, the offer's opening is delayed by the <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02972624_PS-3A672500&amp;v=4a466cc3f899e00730cfbfcd5ab8940c41f474b6" target="_blank" rel="noopener">Panel’s interim orders</a>.</li>
<li>Betr expects that the Board will now recommend its offer. However, the Board has several reasons not to deem Betr’s revised proposal as superior to <a href="https://www.smartkarma.com/entities/mixi-inc" target="_blank" data-smartkarma-citation="entities:602:1" rel="noopener">Mixi Inc (2121 JP)</a>.</li>
<li>Since 3 June, the average gross spread of the revised Betr offer to the Mixi offer is 3.4%. The logical next step is for Mixi to declare its offer unconditional. </li>
</ul>



BETR Entertainment (BBT AU) has bumped its PointsBet Holdings (PBH AU) offer to 4.219 BBT shares per PBH share. However, the offer's opening is delayed by the Panel’s interim orders.
Betr expects that the Board will now recommend its offer. However, the Board has several reasons not to deem Betr’s revised proposal as superior to Mixi Inc (2121 JP).
Since 3 June, the average gross spread of the revised Betr offer to the Mixi offer is 3.4%. The logical next step is for Mixi to declare its offer unconditional. 


PointsBet (PBH AU): Betr Bumps Its Offer, but Is It Superior to Mixi?

United States

Flutter Entertainment operates as a global online sports betting and iGaming company, offering a diverse range of products including sportsbook, online casino, poker, and daily fantasy sports. Its portfolio features prominent brands such as FanDuel, Paddy Power, Betfair, PokerStars, and Sky Betting & Gaming. The company was founded in 1988 and is headquartered in New York, NY, with a registered office in Dublin, Ireland.

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Flutter Entertainment (FLTR LN)

Japan Among the Latest to Break Out; Buy Ideas in Growth/Cyclicals and Consumer Staples

Japan is the latest major country to break out, and we are buyers. Japan continues to be considerably further along in the bottoming process...

Vermilion 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

PointsBet (PBH AU): Call It a Day as Mixi Shows Its Hand

Mixi has shown its hand by declaring its offer best and final (with a caveat), and Betr has limited options to respond. With little or no upside...

Arun George

PointsBet (PBH AU): Betr Bumps Its Offer, but Is It Superior to Mixi?

The Board continue to have several reasons not to deem Betr’s revised proposal as superior. The logical next step is for Mixi to declare its offer...

Arun George

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