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.
Market ConditionsThe 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.
Regulation And Market ShareExits are far outpacing new entrants, and exits are not expected to materially slow in the coming years with elevated cost of capital, an increase in consumer protection/regulation, and market share consolidating amongst the larger players.