欧洲互联网_2026 年泛欧展望演示文稿-European Internet_ Pan-European Road Ahead 2026

Summary of Key Points from the Conference Call Companies and Industries Involved - Prosus: Focus on AI exposure and share buyback program - Entain: Discussion on M&A potential and performance in the US market - Hacksaw: Emphasis on revenue growth and operational performance - Delivery Hero: Competitive landscape in food delivery - Meituan: Expansion into MENA and Brazil - Flutter Entertainment: Entry into prediction markets Core Insights and Arguments Prosus - Target Price: €74 with an expected total return (ETR) of 40% [3] - AI Exposure: Prosus's investments in AI through Tencent and its Ventures arm are expected to drive performance in 2026 [3] - Share Buyback Program: Increased buyback pace to approximately $655 million per month from $329 million in November 2025, with funding options expanding [3] Entain - Target Price: £11.5 with an ETR of ~50% [7] - M&A Discussions: Strong performance of BetMGM in the US is reigniting talks about potential offers from MGM Resorts for Entain or its stake in BetMGM [7] - Tax Impacts: Anticipated increases in UK iGaming and Online Sports Betting taxes in April 2026 and April 2027, respectively, but strong top-line performance is expected to continue [7] Hacksaw - Target Price: SEK108 with an ETR of ~75% [15] - Revenue Growth: Expected to maintain over 30% growth per annum, with EBIT margins above 80% [15] - Capital Allocation: Plans to return at least 75% of net profit to shareholders through dividends and/or buybacks [15] Delivery Hero - Competitive Landscape: The food delivery segment is experiencing changes due to consolidation and market expansion, particularly with Meituan's rapid international expansion [31] - Growth Projections: Expected year-over-year GMV growth of 12% in the MENA segment, down from 22% in 2025, with EBITDA growth projected at -1% [31] Meituan - Market Expansion: Rapid expansion into MENA and Brazil is impacting competitors like Delivery Hero and iFood [31] Flutter Entertainment - Prediction Markets: Flutter plans to enter the prediction markets with its FanDuel predict app, targeting states not currently regulated for online sports betting, potentially contributing positively to Adj. EBITDA by FY28e [22] Other Important Insights - Market Trends: The emergence of sports event contracts in the US is expected to remain a key topic in 2026, with varying strategies among competitors [22] - Competitive Intensity: Increased competition in the food delivery market is anticipated to affect growth rates and profitability for existing players [31] - Investment Ratings: Citi Research's ratings distribution shows a significant percentage of "Buy" recommendations, indicating a generally positive outlook across covered companies [55] This summary encapsulates the critical insights and projections discussed in the conference call, highlighting the strategic directions and financial expectations for the involved companies and industries.