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>The latest earnings of Flutter Entertainment has provided a comprehensive view of the company's operational and financial performance in the final quarter of fiscal year 2024, while also outlining its strategic priorities and guidance for 2025.</li>
<li>On the positive side, Flutter has capitalized on significant growth opportunities across various markets.</li>
<li>The company reported a 19% increase in revenue and a 26% growth in adjusted EBITDA, reaching $482 million in 2024.</li>
</ul>


The latest earnings of Flutter Entertainment has provided a comprehensive view of the company's operational and financial performance in the final quarter of fiscal year 2024, while also outlining its strategic priorities and guidance for 2025.
On the positive side, Flutter has capitalized on significant growth opportunities across various markets.
The company reported a 19% increase in revenue and a 26% growth in adjusted EBITDA, reaching $482 million in 2024.


Flutter Entertainment: These Are The 5 Biggest Growth Catalysts & 5 Biggest Challenges In Its Path!

External reports (aggregated public sources), Value Investors Club

Value Investors Club

External reports (aggregated public sources)

<ul><li>Flutter (FLUT) is recommended as a long-term investment with a price target of $450, representing a 141% return over two years</li><li>The company's relocation of its headquarters from London to NYC may lead to passive index buying and improved margins from its profitable FanDuel business in the US</li><li>Despite flat stock performance in recent years, Flutter's growth track record and undervaluation compared to peers suggest significant upside potential as an attractive investment opportunity</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p>

Flutter (FLUT) is recommended as a long-term investment with a price target of $450, representing a 141% return over two yearsThe company's relocation of its headquarters from London to NYC may lead to passive index buying and improved margins from its profitable FanDuel business in the USDespite flat stock performance in recent years, Flutter's growth track record and undervaluation compared to peers suggest significant upside potential as an attractive investment opportunityThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Flutter Entertainment Plc (FLUT) - Thursday, Jun 6, 2024

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/pointsbet-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29102:1" rel="noopener">PointsBet Holdings (PBH AU)</a> has disclosed a revised <a href="https://www.smartkarma.com/entities/mixi-inc" target="_blank" data-smartkarma-citation="entities:602:1" rel="noopener">Mixi Inc (2121 JP)</a> offer at A$1.20, a 13.2% premium to the previous A$1.06 offer and a 10.6% premium to last close. </li>
<li>Due to Betr’s 19.9% stake, which can effectively block Mixi’s scheme, Mixi will consider an off-market takeover offer of A$1.20 with a 50.1% minimum acceptance condition. </li>
<li>Mixi’s revised offer is superior to Betr’s if synergies are not factored in. While the Betr’s all-cash offer is equivalent to Mixi’s, it is subject to scale-back.</li>
</ul>



PointsBet Holdings (PBH AU) has disclosed a revised Mixi Inc (2121 JP) offer at A$1.20, a 13.2% premium to the previous A$1.06 offer and a 10.6% premium to last close. 
Due to Betr’s 19.9% stake, which can effectively block Mixi’s scheme, Mixi will consider an off-market takeover offer of A$1.20 with a 50.1% minimum acceptance condition. 
Mixi’s revised offer is superior to Betr’s if synergies are not factored in. While the Betr’s all-cash offer is equivalent to Mixi’s, it is subject to scale-back.


PointsBet (PBH AU): Mixi Returns with a Revised Offer and a Potential Takeover Offer

<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 returned with a non-binding proposal for <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>, which it claims is worth A$1.20 to A$1.50+ per PBH share.</li>
<li>Betr has also acquired a 19.9% stake, which can effectively block <a href="https://www.smartkarma.com/entities/mixi-inc" target="_blank" data-smartkarma-citation="entities:602:1" rel="noopener">Mixi Inc (2121 JP)</a>’s A$1.06 scheme offer. Betr’s offer is higher primarily due to questionable assumptions in the presentation.</li>
<li>Betr has secured over A$260 million in cash funding. Mixi can either let the scheme fail or switch to an off-market takeover offer.</li>
</ul>



BETR Entertainment (BBT AU) has returned with a non-binding proposal for PointsBet Holdings (PBH AU), which it claims is worth A$1.20 to A$1.50+ per PBH share.
Betr has also acquired a 19.9% stake, which can effectively block Mixi Inc (2121 JP)’s A$1.06 scheme offer. Betr’s offer is higher primarily due to questionable assumptions in the presentation.
Betr has secured over A$260 million in cash funding. Mixi can either let the scheme fail or switch to an off-market takeover offer.


PointsBet (PBH AU): Betr (BBT AU) Returns with Financing, a Blocking Stake, and Dubious Assumptions

<ul>
<li>On 26 February, <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> entered a scheme implementation deed with <a href="https://www.smartkarma.com/entities/mixi-inc" target="_blank" data-smartkarma-citation="entities:602:1" rel="noopener">Mixi Inc (2121 JP)</a> at A$1.06, a 27.7% premium to the undisturbed price of A$0.83 (25 February).</li>
<li>Subsequently, <a href="https://www.smartkarma.com/entities/bluebet-holdings-ltd" target="_blank" data-smartkarma-citation="entities:41181:1" rel="noopener">BlueBet Holdings (BBT AU)</a> disclosed a competing non-binding cash-and-scrip offer worth a combined equity value of A$340-360 million or A$1.02-1.09 per PBT share.  </li>
<li>BlueBet has limited headroom to engage in a bidding war, particularly as its share price weakens. The share price already factors in a potential bump from Mixi. </li>
</ul>


On 26 February, PointsBet Holdings (PBH AU) entered a scheme implementation deed with Mixi Inc (2121 JP) at A$1.06, a 27.7% premium to the undisturbed price of A$0.83 (25 February).
Subsequently, BlueBet Holdings (BBT AU) disclosed a competing non-binding cash-and-scrip offer worth a combined equity value of A$340-360 million or A$1.02-1.09 per PBT share.  
BlueBet has limited headroom to engage in a bidding war, particularly as its share price weakens. The share price already factors in a potential bump from Mixi. 


PointsBet (PBH AU): A Tussle Between MIXI (2121 JP) And Bluebet (BBT AU)

Ireland

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

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Flutter Entertainment (FLTR LN)

Flutter Entertainment: These Are The 5 Biggest Growth Catalysts & 5 Biggest Challenges In Its Path!

On the positive side, Flutter has capitalized on significant growth opportunities across various markets.The company reported a 19% increase in...

Baptista Research

Flutter Entertainment Plc (FLUT) - Thursday, Jun 6, 2024

Flutter (FLUT) is recommended as a long-term investment with a price target of $450, representing a 141% return over two years

Value Investors Club

PointsBet (PBH AU): Mixi Returns with a Revised Offer and a Potential Takeover Offer

If synergies are not factored in, Mixi’s revised offer is superior to Betr’s. The potential Mixi takeover offer will require Betr to revise terms...

Arun George

PointsBet (PBH AU): Betr (BBT AU) Returns with Financing, a Blocking Stake, and Dubious Assumptions

Betr’s offer is higher primarily due to questionable assumptions in the presentation. Mixi can either let the scheme fail (betr has a blocking...

Arun George

PointsBet (PBH AU): A Tussle Between MIXI (2121 JP) And Bluebet (BBT AU)

BlueBet has limited headroom to engage in a bidding war, particularly as its share price weakens. The share price already factors in a potential...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)