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Benjamin Shelley

Research Analyst at UBS

Ben Shelley is an analyst at UBS specializing in the coverage of Flutter Entertainment and the broader gaming and leisure sector. He has demonstrated a strong performance track record, with recent ratings on Flutter Entertainment generating returns consistently in the 32% to 47% range across multiple buy recommendations since late 2024. Shelley has established his analyst career at UBS, where he is recognized for quantitative and qualitative stock analysis and maintains a notable success rate with his coverage portfolio. His professional credentials include registration with relevant financial authorities, reflecting a commitment to industry standards and analytical rigor.

Benjamin Shelley's questions to Flutter Entertainment (FLUT) leadership

Benjamin Shelley's questions to Flutter Entertainment (FLUT) leadership • Q1 2024

Question

Benjamin Shelley asked for color on U.S. customer acquisition cost (CAC) trends during the quarter and inquired about the potential for state tax increases and how Flutter might offset them.

Answer

CEO Peter Jackson noted they were very pleased with the efficiency of customer acquisition and have not seen any change in the long-term payback trends. CFO Paul Edgecliffe-Johnson commented on taxes, stating that a healthy gaming environment with appropriate tax levels optimizes state revenue, and mentioned ongoing conversations in Illinois with no new updates.

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Benjamin Shelley's questions to Flutter Entertainment (FLUT) leadership • Q1 2024

Question

Ben Shelley from UBS asked for color on U.S. customer acquisition cost (CAC) trends during the quarter and sought management's view on the potential for contagion risk of gaming tax increases across U.S. states.

Answer

CEO Peter Jackson reported that the company was very pleased with the efficiency of customer acquisitions in the quarter, with no significant change in payback period trends. CFO Paul Edgecliffe-Johnson commented on taxes, stating that states recognize a healthy gaming environment requires a reasonable tax level to optimize their take, and noted there was no new news on the situation in Illinois.

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