Flutter Entertainment PLC (LSE:FLTR) is expected to post in-line results for the third quarter of 2024, according to Citi, with projected group revenue growth of 22%, slightly ahead of its 20% growth in the previous quarter.
In the US, Citi forecasts an accelerated revenue growth of 45% year-over-year, attributed to favourable comparisons with weaker prior results.
Outside the US, Citi anticipates sporting results to impact Flutter’s year-on-year results, although “very bookmaker friendly” racing results in Australia should lead the market back to revenue growth.
Looking ahead, Citi has increased its long-term forecasts for Flutter following the company’s Capital Markets Day in September 2024.
Group adjusted EBITDA estimates for fiscal years 2026, 2027, and 2028 were raised by 2%, 6%, and 9%, respectively.
Citi reiterated a 22,000p target price and buy rating on Flutter shares. Shares fell 1.3% to 17,505p on Tuesday.
Third-quarter results are due on Tuesday, 12 November.