Joseph Kelly/iStock via Getty Images Introduction Flutter ( FLUT ) is one of the world’s largest online gambling operators, with leading positions in sports betting and iGaming across mature markets (UK, Ireland, Australia, Italy) and faster-growing regulated markets, including the United States and Brazil. The US represents a large opportunity as a growth driver long-term, and as of Q3 accounted ...
Joseph Kelly/iStock via Getty Images Introduction Flutter ( FLUT ) is one of the world’s largest online gambling operators, with leading positions in sports betting and iGaming across mature markets (UK, Ireland, Australia, Italy) and faster-growing regulated markets, including the United States and Brazil. The US represents a large opportunity as a growth driver long-term, and as of Q3 accounted for 36% of revenue. Following the repeal of PASPA in 2018, U.S. states were given autonomy to legalise sports betting. Today 38 states allow sports betting in some form, while significantly fewer permit online casinos (iGaming). Since 2018 most states have gradually opened up access because sports betting can serve as a new source of state tax revenue. Several large markets haven't legalised sports betting, including Alabama, California, Georgia, Minnesota, Oklahoma, Texas, and Hawaii. While the pace has slowed, the long-term trend toward broader legalisation remains intact, suggesting the U.S. market is still many years away from maturity relative to markets like the UK or Australia. In U.S. sports betting, Flutter operates through FanDuel, which shares a duopoly with DraftKings, where on average they maintain around 70% market share across regulated states. FanDuel and Draftkings enjoy scaled economics; when a new state opens up, they're able to promote aggressively (and efficiently) and advertise with larger partners, allowing them to gain market share. It's also well known that these two operators have leading and refined products for consumers. I currently view Flutter shares as approaching a buying opportunity, with shares down 49% from ATHs and 40% from 12 months ago. Sentiment has deteriorated due to weaker-than-expected Q2/Q3 results and louder concerns from analysts/investors over prediction markets eating into sports betting handle. Management also communicated a $320m EBITDA headwind in 2026 from higher UK gambling and sports betting tax duties. This prompted se...
Key Points In 2017, Warren Buffett predicted that the Dow Jones Industrial Average would hit 1 million within a hundred years. This would represent a gain of 4,179% from its level at the time. His prediction will almost surely come true -- but there's an even better way than the Dow to tap into the market's powerful upward bias. 10 stocks we like better than Dow Jones Industrial Average › Legendar...
Key Points In 2017, Warren Buffett predicted that the Dow Jones Industrial Average would hit 1 million within a hundred years. This would represent a gain of 4,179% from its level at the time. His prediction will almost surely come true -- but there's an even better way than the Dow to tap into the market's powerful upward bias. 10 stocks we like better than Dow Jones Industrial Average › Legendary investor Warren Buffett rarely makes predictions on market movements. He once quipped that while forecasts tell you nothing about the future, they can tell you "a great deal about the forecaster." Even so, he made a striking market prediction in September 2017. At a party for the 100th anniversary of Forbes, Buffett predicted that the Dow Jones Industrial Average (DJINDICES: ^DJI) would reach 1 million within 100 years. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue » At the time, the Dow stood at 22,370, meaning that it would need to rise by 4,179% to hit 1 million. Amid all the wildcards, including "unknown unknowns" like a once-in-a-century pandemic, inflation reaching 40-year highs, and 2022 marking the worst year for stocks since 2008, how could Buffett be so sure? Buffett's prediction isn't as bold as it seems For all of the uncertainties ahead, it's worth nothing that the Dow rang in the 20th century at 66.08 and closed at 11,497. This 17,299% rise occurred despite numerous disasters, including two World Wars, the Great Depression, the Cuban Missile Crisis, and the "stagflation" of the 1970s in which unemployment surged while inflation hit nearly 15%. Speaking of inflation, how did the Dow's return compare to price changes? The Bureau of Labor Statistics began gathering data for its Consumer Price Index (CPI) in 1913. In the following 87 years, CPI rose by 1,582%.The Dow returned 14,490% in that time frame, beating inflation by nearly 10-to-1. Buffett's forecast might seem conserv...
DarioGaona/E+ via Getty Images By Charlotte de Montpellier , Senior Economist, France and Switzerland Manufacturing output fell in France in December by 0.8%, compared with +0.5% in November. The decline is mainly due to weaker production in transport equipment (which accounts for 13% of French manufacturing output), and more specifically in the aerospace sector, where the sharp drop in December o...
DarioGaona/E+ via Getty Images By Charlotte de Montpellier , Senior Economist, France and Switzerland Manufacturing output fell in France in December by 0.8%, compared with +0.5% in November. The decline is mainly due to weaker production in transport equipment (which accounts for 13% of French manufacturing output), and more specifically in the aerospace sector, where the sharp drop in December offset the increases of the previous three months. Volatility in production is quite typical in this sector, and the decline is not in itself a concern. In fact, over one year, the production of transport equipment is still up by 12.4%. In December, coke production also fell by 0.9% over the month. All other industrial sectors saw an increase in output. Overall, December’s decline is therefore not worrying and does not alter our forecast of a cyclical improvement in industry in the first half of 2026, supported by the European recovery and the German stimulus plan. The improvement in business sentiment is an encouraging sign. Better activity prospects and improving order books should lead to higher industrial production in the coming months. Rising defence spending will continue to support the sector, and aerospace production should remain an important driver of growth. Nevertheless, the recent appreciation of the euro could weigh on exports and therefore on economic activity, particularly in France. The European Central Bank estimates that a further 4.3% increase in the euro relative to the dollar reduces eurozone GDP growth by 0.1pp. In addition, the high tax burden faced by companies may act as a constraint. In recent business surveys, investment intentions remain very weak. All in all, the outlook for 2026 is moderately positive, with GDP growth expected to be around 1% after 0.9% in 2025. Content Disclaimer This publication has been prepared by ING solely for information purposes irrespective of a particular user's means, financial situation or investment objectives. Th...
Chinese President Xi Jinping holds a video meeting with Russian President Vladimir Putin at the Great Hall of the People in Beijing on the afternoon of Feb. 4. Photo: Liu Bin/Xinhua Chinese President Xi Jinping conducted a dual-track of high-stakes diplomacy Wednesday, holding a video summit with Russian President Vladimir Putin and a separate phone call with U.S. President Donald Trump, as Beijin...
Chinese President Xi Jinping holds a video meeting with Russian President Vladimir Putin at the Great Hall of the People in Beijing on the afternoon of Feb. 4. Photo: Liu Bin/Xinhua Chinese President Xi Jinping conducted a dual-track of high-stakes diplomacy Wednesday, holding a video summit with Russian President Vladimir Putin and a separate phone call with U.S. President Donald Trump, as Beijing attempts to navigate an increasingly fractured global order. During the video conference with the Russian leader, Xi noted that their two meetings over the past year have steered Sino-Russian relations into a new phase. He highlighted the countries’ joint commemoration of the 80th anniversary of the victory against fascism, showcasing a determination to defend the outcomes of World War II and international justice.
GXO Logistics ( GXO ) announced a contract renewal and expansion in the U.K. with BAE Systems ( BAESY ). The six-year agreement will take the partnership into its third decade and further support BAE Systems in the development of Type 26 frigates. GXO will provide warehousing solutions and materials handling at BAE Systems’ Scotstoun and Govan shipyards on the River Clyde in Glasgow, Scotland. Add...
GXO Logistics ( GXO ) announced a contract renewal and expansion in the U.K. with BAE Systems ( BAESY ). The six-year agreement will take the partnership into its third decade and further support BAE Systems in the development of Type 26 frigates. GXO will provide warehousing solutions and materials handling at BAE Systems’ Scotstoun and Govan shipyards on the River Clyde in Glasgow, Scotland. Additionally, inbound to manufacturing and outbound volumes will be managed across an estate of warehousing facilities in the Central Belt of Scotland. Additional support for inbound and outbound transport operations will be coordinated via GXO’s 4PL Control Tower for defense supply chains, and integrated technology solutions will provide enhanced visibility and coordination of inventory movements. The agreement with BAE Systems follows GXO’s acquisition of Wincanton, which strengthened the company’s capabilities and expanded its presence in strategic verticals, including aerospace and defense. Source: Press Release More on GXO Logistics, BAE Systems plc GXO Logistics Promises A Return Below That Of Treasuries And Can't Finance Its Growth From Earnings BAE Systems: Underperformance Isn't What It Seems; Here's The Real Story BAE Systems: The Overvaluation Is Clear BAE Systems workers in Northwest England set to strike over pay dispute Rising military budgets are reshaping Europe’s defense industry
Mizuho Financial Group Inc. has gone from the bottom to the top of the list of Japan’s three biggest banks in price-to-book ratio, as it turns around its balance sheet and boosts investor returns. The Tokyo-based bank saw the ratio of its market value to net assets rebound to 1.57 on Thursday, surpassing Mitsubishi UFJ Financial Group Inc. ’s 1.52, Bloomberg-compiled data show. It also exceeded Su...
Mizuho Financial Group Inc. has gone from the bottom to the top of the list of Japan’s three biggest banks in price-to-book ratio, as it turns around its balance sheet and boosts investor returns. The Tokyo-based bank saw the ratio of its market value to net assets rebound to 1.57 on Thursday, surpassing Mitsubishi UFJ Financial Group Inc. ’s 1.52, Bloomberg-compiled data show. It also exceeded Sumitomo Mitsui Financial Group Inc. ’s 1.38 on the same day. These developments mark a sharp recovery for Mizuho from its tumble to the lowest of the three, to as weak as 0.703 on April 7 after US President Donald Trump’s “Liberation Day” tariffs battered investor sentiment and drove its share price down. The Tokyo Stock Exchange has made PBR one of its key indicators, asking listed companies to aim for a 1 or more as a measure of financial health. “Compared with MUFG and Sumitomo Mitsui, Mizuho is managing its bond portfolio well,” said Hideyasu Ban , a senior analyst at Bloomberg Intelligence. “There is also hope that Mizuho may not incur losses even if it streamlines low-yield bonds in order to improve future yields.” Mizuho said on Monday that it would increase its share buyback program, the only one of the top three to do so. “In the short term, their stance on share buybacks is having an impact,” Ban said.
Alphabet’s Q4 2025 revenue was up by 18% year-over-year to $113.8bn. Credit: Markus Mainka/Shutterstock.com. Google’s parent company Alphabet reported a net income of $34.5bn for the fourth quarter of 2025 (Q4 2025), a 30% increase from $26.5bn in the same period of 2024. Alphabet’s revenue for Q4 2025 was $113.8bn, up 18% from $96.5bn in Q4 2024. Operating income for the quarter rose to $35.9bn, ...
Alphabet’s Q4 2025 revenue was up by 18% year-over-year to $113.8bn. Credit: Markus Mainka/Shutterstock.com. Google’s parent company Alphabet reported a net income of $34.5bn for the fourth quarter of 2025 (Q4 2025), a 30% increase from $26.5bn in the same period of 2024. Alphabet’s revenue for Q4 2025 was $113.8bn, up 18% from $96.5bn in Q4 2024. Operating income for the quarter rose to $35.9bn, reflecting a 16% increase from the previous year’s $31.0bn. Access deeper industry intelligence Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise. Find out more The diluted net income per share reached $2.82, a 31% increase from $2.15 in Q4 2024. For the full year 2025, Alphabet’s net income totalled $132.2bn, marking a 32% increase from $100.1bn in 2024. The annual revenue was $402.8bn, a 15% rise from $350bn the previous year. Operating income for the year was $129bn, up 15% from $112.4bn in 2024. The diluted net income per share for 2025 was $10.81, a 34% increase from $8.04 in 2024. In terms of segment results for Q4 2025, Google Services generated $95.9bn in revenue, a 14% increase from $84.1bn in Q4 2024. YouTube’s performance in Q4 2025 showed a 9% increase in ads revenue, reaching $11.4bn compared to $10.5bn in Q4 2024. GlobalData Strategic Intelligence US Tariffs are shifting - will you react or anticipate? Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis. By GlobalData Learn more about Strategic Intelligence Google Cloud’s revenue surged by 48%, reaching $17.7bn, compared to $12bn in the previous year, driven by demand for AI products. Meanwhile, revenue from Google Advertising for Q4 2025 was $82.3bn, marking a 14% increase from $72.5bn in Q4 2024. However, Other Bets saw a decline, with revenue decreasing by 8% to $370m from $400m in Q4 2024. Other Bets is made up of businesses such as Calico, CapitalG, GFiber, GV, Verily, Waymo, Wing, and Google X, among oth...