Stocks Tracker: Strong Q3 results spark November share price surge
EGR analyses the share prices of key industry players in November, including Flutter, DraftKings and Gambling.com Group
Flutter Entertainment
1 November: $231.16
29 November closing: $276.32
Peak November closing: $278.35
It was a particularly positive month for Flutter, with the operator recently sealing its status as the most valuable gambling company in the world as it closes in on a market cap of $50bn.
Since switching its primary listing to New York in May, Flutter’s shares have gone from strength to strength – and November has proved no different, with its stock price climbing 19.5% since the month’s first day of trading.
Flutter’s emergence as the most valuable gambling brand in the world has seen it surge past Las Vegas Sands, as its international online reach has put it on a lofty pedestal.
On 13 November, the FanDuel parent company published strong Q3 results that included a 27% year-on-year (YoY) revenue rise to $3.2bn, with a surge in average monthly players prompting bosses to increase full-year guidance.
The month’s share value high came on 25 November, when Flutter’s stock was priced at $278.35 per share.
A marginal dip followed, but Flutter signed off a strong November at $276.32 per share.
The operator also secured top spot on the EGR Power 50 for a fifth consecutive year, while a company restructure saw a new UK and Ireland CEO named.
FDJ
1 November: €39.16
29 November closing: €37.40
Peak November closing: €39.82
October saw La Française des Jeux (FDJ) wrap up its long-awaited €2.5bn acquisition of Kindred Group, meaning November marked its first full month of owning the Unibet parent company.
It was a month that also saw FDJ confirm it successfully placed its €1.5bn bond issue to refinance the Kindred acquisition, in addition to a €400m loan.
In the days that followed the bond issue, the French lottery giant’s shares fell slightly from the month’s peak of €39.82 to €37.62 on 20 November, the stock’s lowest point that month.
Five days later, Kindred Group confirmed it had pulled its sports betting product from the Polish market – in line with FDJ’s statement, made during its initial public tender offer, making clear it would operate only in locally regulated markets.
Another marginal decline soon followed, with FDJ’s shares having fallen 4.5% since the month’s start, closing at €37.40. The overall dip came despite the operator being cleared of any wrongdoing by the European Commission in its lottery and sports betting rights bid.
DraftKings
1 November: $35.69
29 November closing: $43.65
Peak November closing: $43.80
November was a positive month for the Boston-based operator, as it published its Q3 2024 results that included revenue growth of 39%, with a topline figure of $1.1bn (848.8m).
Both sportsbook and igaming recorded large YoY revenue increases, while CFO Alan Ellingson publicly declared that the company has only “scratched the surface” of its capabilities.
“We have opportunity to expand our revenue, our product lines, to create a single destination for entertainment,” the CFO explained. “Our singular focus on growing the company and expanding outwards is there. We’re driven. We’re focused.”
Ellingson’s optimism was well-founded, with the company having opened November at $35.69 before its stock rose to $43.21 just days after the Q3 earnings release.
A slight fall soon followed, but as the month drew to a close, DraftKings’ share price remained solid, closing at $43.65, representing a steep 22.3% increase from November’s opening.
Gambling.com Group
1 November: $9.52
29 November closing: $13.26
Peak November closing: $13.26
The US-listed affiliate has seen its share price surge over the course of November, thanks in large part to record revenue and EBITDA results, as outlined in the firm’s Q3 report.
Gambling.com Group posted revenue of $32.1m ($25.3m), which marked a YoY rise of 37%, a feat attributed to significant gains in the Europe and the Rest of the World regions.
Meanwhile, adjusted EBITDA soared 108% YoY to $12.6m, up from $6.1m in the corresponding period last year.
In turn, the affiliate’s share price increased from $10.31 to $12.43 in just 24 hours off the back of the results.
The market reacted positively to the firm’s performance, with CEO Charles Gillespie telling EGR the affiliate had emerged as a “leader among peers”.
November closed out at $13.26, marking Gambling.com Group’s highest share price in the year to date. The company’s stock is up almost 40% since 1 January.
Codere Online
1 November: $7.77
29 November closing: $7.75
Peak November closing: $8.07
Joining DraftKings and Gambling.com Group in reporting Q3 growth, Codere Online’s shares did not react in the same manner to its fellow US-listed entities.
Codere reported net gaming revenue of €51.7m for Q3 2024, a 20% YoY increase, alongside adjusted EBITDA of €1.5m.
However, a delisting notice from Nasdaq’s listing qualifications department – received after Codere failed to file Form 20-F for the year ended 31 December 2023, in breach of continued listing rule 5250(c)(1) – sparked the operator’s lowest point for the month, as its share price slumped to $7.01 on 19 November.
While that delisting notice had a significant impact on its stock value, Codere’s shares soon rallied, closing November at $7.75 (a marginal value fall of 0.26%), though it failed to return to the month’s peak of $8.07.
