Institutional ticker directory tracking stock mentions, long/short ideas, and high-conviction pitches extracted from quarterly hedge fund letters.
| Ticker | Company | Sector | Industry | Pitches | Stance |
|---|---|---|---|---|---|
| Fund / Manager | Thesis Excerpt | Stance | Period / Date | Action |
|---|---|---|---|---|
BDL Capital Management Portfolio Manager | “Flutter Entertainment suffered a stock pullback due to downgraded 2026 guidance as a result of lower volume growth and increased upfront investments in Brazilian expansion and US prediction markets. These investments, alongside elevated leverage, will weigh on the 2026 income statement before realizing gains in subsequent years. Nevertheless, Flutter's structural opportunity and leading market share remain highly compelling, with a projected 8% FCF yield by 2028.” | BULL | Q1 2026 Mar 31, 2026 | View Pitch |
Ennismore Global Equity Fund Ennismore Fund Management Limited | “Flutter (+29%) reported solid results driven by its US FanDuel business. The company's North American segment posted robust expansion—with quarterly revenue up around +39% year-over-year and adjusted EBITDA growth of approximately +51%. FanDuel further solidified its dominance in the US market, capturing roughly 59% of net gaming revenue in newer states and expanding its lead in iGaming, thanks in part to successful new product offerings and platform improvements. BSD Analysis: Despite only a brief update, Flutter's fundamentals show accelerating U.S. profitability, with FanDuel's scale advantage cementing long-term dominance. The business benefits from structural tailwinds as more U.S. states legalize online betting, while its 39% revenue growth and 51% EBITDA expansion imply strong operating leverage. Industry data shows FanDuel as the clear market leader, supporting premium valuation multiples. Near-term catalysts include state launches, margin expansion, and increased cross-sell into iGaming. Higher interest in regulated markets and improving unit economics further de-risk the growth outlook.” | BULL | Q2 2025 Jul 9, 2025 | View Pitch |
Forager International Shares Fund Steve Johnson | “Flutter Entertainment (NYSE:FLUT) is another high-quality compounder, contributing 1.8% to overall returns. Flutter's US bookmaking business, operating under the FanDuel brand, continues to grow rapidly, while its more mature UK operations keep surprising to the upside. When the Fund first acquired Flutter in 2021, we believed it could outpace consensus growth expectations. As the market increasingly catches up, the position is likely to make way for others over time. BSD Analysis: FanDuel's leading share in U.S. online sports betting and iGaming provides a powerful engine for top-line growth and operating leverage as state legalization expands. Internationally, Flutter's diversified portfolio of brands and markets helps smooth regulatory and macro volatility. The company is increasingly converting revenue growth into free cash flow, which can be deployed to debt reduction and selective M&A. The NYSE listing has broadened its investor base and improved liquidity, helping narrow the valuation discount to U.S. gaming peers. Regulatory risk, taxation, and potential advertising restrictions remain key overhangs, but the structural growth in digital wagering supports a positive long-term view.” | BULL | Q2 2025 Jun 30, 2025 | View Pitch |
Brown Capital Management International All Company Fund Portfolio Manager | “The manager highlights the company's leading U.S. market share through its FanDuel brand and remains optimistic about its heavy growth investments. While state-by-state marketing costs have temporarily pressured margins, sports betting is expected to consolidate around a few dominant winners. Improving underlying profitability trends in established states point to a long-awaited path toward positive corporate margins.” | BULL | Q1 2023 Mar 31, 2023 | View Pitch |
Each excerpt above is the manager's commentary on this ticker specifically. The full letter has the rest of their portfolio thinking, risk discussion, and broader institutional context.
