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Flutter (FLTR 29s; Ba1/BBB-/BBB) Closing in on £2b acquisition

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  • Sky news is reporting that Flutter is closing in on £2b (€2.4b) acquisition for consumer operations of {PTEC LN Equity} - Snaitech.
  • If it closes it will need to issue for this (£1.1b of cash on hand pre. last weeks £250m bolt on) - we see it going into $s as more likely but would not rule out local supply. Flutter first flagged it was looking at this in Mid August.
  • Sanitech did €950m in revenues and €256m in EBTIDA (27% margin vs. Flutter's 14-18%) last year with 5%yoy growth on both. Net debt for group was insignificant so we assume none will come with it - and if so EV implies 9.4x multiple on earnings.
  • It was net gross 3.2x/net 2.6x levered at June. On full debt funding we see FY (using guided to FY EBITDA) levearge moving from net 2.2x to 2.9x pro-forma. It targets 2-2.5x.

"*PLAYTECH UP 15%; SKY SAYS FLUTTER COULD AGREE SNAITECH DEAL" - bbg

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  • Sky news is reporting that Flutter is closing in on £2b (€2.4b) acquisition for consumer operations of {PTEC LN Equity} - Snaitech.
  • If it closes it will need to issue for this (£1.1b of cash on hand pre. last weeks £250m bolt on) - we see it going into $s as more likely but would not rule out local supply. Flutter first flagged it was looking at this in Mid August.
  • Sanitech did €950m in revenues and €256m in EBTIDA (27% margin vs. Flutter's 14-18%) last year with 5%yoy growth on both. Net debt for group was insignificant so we assume none will come with it - and if so EV implies 9.4x multiple on earnings.
  • It was net gross 3.2x/net 2.6x levered at June. On full debt funding we see FY (using guided to FY EBITDA) levearge moving from net 2.2x to 2.9x pro-forma. It targets 2-2.5x.

"*PLAYTECH UP 15%; SKY SAYS FLUTTER COULD AGREE SNAITECH DEAL" - bbg