The Point for Europe

研报英文原文证据摘录

The Point for Europe

GSK PLC (GSK.L) - Renewed rating. Neutral/£21 TP. Nuvalent good but more

needed

We have renewed our rating on GSK after a period of Rating Suspended with a

Neutral rating and £21 TP and update our model for the recently closed £7.1bn

Nuvalent acquisition. We see the deal as strategically and financially sensible,

giving access to two assets in ALK+ (neladalkib) and ROS+ (Jideytro/zidesamtinib)

NSCLC with forecast $4bn and $2bn peak sales potential, respectively. We see the

deal as 1-2% dilutive to 26-28E EPS, and 3-6% accretive 29-31E with greater

accretion post-31E launch of neladalkib in 1L ALK+ NSCLC (drives $3.5bn of our

combined c$6bn peak sales estimates). However, with the deal only lifting our 27-

30E EPS CAGR to +1% from -1% and continued forecast revenue/EPS declines

post 2029E, we feel there is more to go in the GSK pipeline rebuild story. Neutral.

Graham Parry | Amy Y Mao | Leolie Telford-Cooke Ph.D. | Jelena Milovic | Mahesh Mohankumar

European Gaming - 2Q26 Preview: World Cup momentum supports solid Handle

growth for FLTR and ENT

We preview 2Q26 results for FLTR (5 Aug) and ENT (BetMGM 28 Jul; ENT 13 Aug).

Our 2Q26e Flutter Adj. EBITDA forecasts are below VA cons for US (-10% below, 1%

annualized) and International (-2%). Following minor estimate changes, our TP is

unchanged at £70; Sell. For FLTR, we believe market making for prediction markets

could represent a c$130m EBITDA opportunity based on Kalshi’s Jun-26 Volume.

For Entain, our 2Q26e Online EBITDA forecasts are 2.5% ahead of company-

compiled cons and 0.8% ahead for Retail EBITDA. Our SOTP-based TP falls to £10

(from £10.5); Buy.

Monique Pollard | Jamie Bass | Elizabeth Moore | Vandita Sood

RELX PLC (REL.L) - Positive H1 reinforces confidence in organic sustainability