Flutter Investor Presentation Deck
Flutter International
Case study: Adjarabet illustrates the effectiveness of the strategy
Strategic
criteria
Competitive
moat
"Local hero"
with market
leadership
Clear
opportunities
to add Flutter
Edge and
accelerate
growth
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●
Division overview
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adjarabet.com Case study in action
Primarily a cash deposit industry via local terminals
High brand awareness of incumbent brands
Localised products and experiences
#1 operator, 86% spontaneous brand awareness
600 employees with strong local relationships and network
Marketing and generosity expertise improved acquisition and retention
Talent mobility to enhance local skill set
Proprietary Flutter pricing capabilities delivered differentiated sports product
In-house casino content
¹ Based on full acquisition cost of £305m in two tranches (2019 and 2022)
2 EBITDA multiple calculated by reference to 2022 EBITDA. Effective EBITDA multiple of 6.4x when calculated using 2018 and 2021 referable profits and price
Financial fit
2018-2022
£305m
Purchase price¹
5x
EBITDA multiple²
>3x
2018 revenue
3x
2018 EBITDA
Growing
Georgia and
Armenia market
share
II.
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