Thesis
I believe that Flutter (PDYPY), (PDYPF), (FLTR.LN) has potentially significant long-term upside, with minimal downside from current market prices and is rightfully holding up far better than peers during the market decline.
In my conservative base case assumption, Fanduel alone has 2% upside from today’s prices versus the entire market cap of Flutter, assuming full ownership in 2026. That is right, 2026.
The stock has run recently. So you do have to have strong assumptions to create long-term upside. But this type of difference in expectation level is how you