Positive Outlook for Flutter Entertainment PLC: Buy Rating Backed by Strong Growth Prospects and Strategic ManagementWe adjust our model, lifting 2025E Adj. EBITDA +1%. Target price remains $320. FLUT reported Q4 Adj. EBITDA of $655M, missing our model by -1%, though inline with Consensus. Reported net revenues of $3,792M were +1%/+2% to our/Street's $3,754M/$3,731M. Recall FLUT pre-released Q4 results on 1/7/25, including U.S. revenue, Adj. EBITDA, and hold, and Group ex-US revenue and Adj. EBITDA, with actual results largely consistent with pre-released results. We walk through compositional variance to our model/ Consensus below.