Index ShiftThe index shift from MSCI Europe to MSCI US will see MSCI Europe index trackers selling $2.5bn of FLTR LN vs. MSCI USA index trackers buying $1.3bn of FLUT US, hence, could see some pressure on the shares until then.
LeverageFLUT's leverage will be above the higher end of its medium-term target post the Snai acquisition.
Market PressureThe Australian racing market is under structural pressure, and since that accounts for ~70% of total activity, the outlook has been tempered to assume that pressure persists.