Ankündigung • Apr 25
FDJ United Approves Board Changes At the Annual Ordinary and Extraordinary Shareholders’ Meeting held on 23 April 2026, the Board of FDJ United approved the appointment, upon proposal by the French State, of Mr. François Marion as director for a period of four years, replacing Mr. Didier Trutt whose term of office had expired. Ankündigung • Apr 24
FDJ United Approves Dividend for the Financial Year Ended 31 December 2025, Payable on 30 April, 2026 At the Annual Ordinary and Extraordinary Shareholders’ Meeting held on 23 April 2026, the Board of FDJ United approved dividend of €2.10 per share for the financial year ended 31 December 2025, to be paid on 30 April. Upcoming Dividend • Apr 21
Upcoming dividend of €2.10 per share Eligible shareholders must have bought the stock before 28 April 2026. Payment date: 30 April 2026. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 8.0%. Within top quartile of Austrian dividend payers (4.1%). Higher than average of industry peers (3.0%). Ankündigung • Feb 24
FDJ United, Annual General Meeting, Apr 23, 2026 FDJ United, Annual General Meeting, Apr 23, 2026. New Risk • Feb 21
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 39% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (118% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.8% net profit margin). Reported Earnings • Feb 21
Full year 2025 earnings released: EPS: €0.95 (vs €2.16 in FY 2024) Full year 2025 results: EPS: €0.95 (down from €2.16 in FY 2024). Revenue: €3.68b (up 20% from FY 2024). Net income: €175.9m (down 56% from FY 2024). Profit margin: 4.8% (down from 13% in FY 2024). Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Hospitality industry in Europe. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 13% per year, which means it is performing significantly worse than earnings. Ankündigung • Nov 19
FDJ United to Report First Half, 2026 Results on Jul 29, 2026 FDJ United announced that they will report first half, 2026 results on Jul 29, 2026 Ankündigung • Oct 16
FDJ United Provides Earnings Guidance for the Fourth Quarter and Full Year 2025 FDJ United provided earnings guidance for the fourth quarter and full year 2025. For the quarter, the company anticipates a slight decline in revenue compared to the fourth quarter of 2024.
For the year, the company expects Revenue to exceed 3.7 billion. Reported Earnings • Aug 01
First half 2025 earnings released: EPS: €0.73 (vs €1.15 in 1H 2024) First half 2025 results: EPS: €0.73 (down from €1.15 in 1H 2024). Revenue: €1.87b (up 31% from 1H 2024). Net income: €135.7m (down 36% from 1H 2024). Profit margin: 7.3% (down from 15% in 1H 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Hospitality industry in Europe. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. New Risk • Jul 31
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 9.2% Last year net profit margin: 17% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks High level of debt (118% net debt to equity). Dividend is not well covered by earnings (105% payout ratio). Profit margins are more than 30% lower than last year (9.2% net profit margin). Ankündigung • Apr 17
FDJ United, Annual General Meeting, May 22, 2025 FDJ United, Annual General Meeting, May 22, 2025. Location: 25 avenue victor cresson, issy les moulineaux France Ankündigung • Nov 21
La Française des Jeux Société anonyme has filed a Follow-on Equity Offering. La Française des Jeux Société anonyme has filed a Follow-on Equity Offering.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 4,073,436
Transaction Features: Subsequent Direct Listing Ankündigung • Oct 31
La Française des Jeux Société anonyme to Report First Half, 2025 Results on Jul 30, 2025 La Française des Jeux Société anonyme announced that they will report first half, 2025 results on Jul 30, 2025 Reported Earnings • Jul 28
First half 2024 earnings released: EPS: €1.15 (vs €0.95 in 1H 2023) First half 2024 results: EPS: €1.15 (up from €0.95 in 1H 2023). Revenue: €1.43b (up 11% from 1H 2023). Net income: €212.7m (up 18% from 1H 2023). Profit margin: 15% (in line with 1H 2023). Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Hospitality industry in Europe. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 26
Full year 2023 earnings released: EPS: €2.23 (vs €1.61 in FY 2022) Full year 2023 results: EPS: €2.23 (up from €1.61 in FY 2022). Revenue: €2.62b (up 6.5% from FY 2022). Net income: €425.1m (up 38% from FY 2022). Profit margin: 16% (up from 13% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.5% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Hospitality industry in Europe. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. New Risk • Mar 10
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (21% accrual ratio). Minor Risk Dividend is not well covered by cash flows (112% cash payout ratio). Declared Dividend • Feb 19
Dividend increased to €1.78 Dividend of €1.78 is 30% higher than last year. Ex-date: 3rd May 2024 Payment date: 7th May 2024 Dividend yield will be 4.5%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by both earnings (79% earnings payout ratio) and cash flows (52% cash payout ratio). The dividend has increased by an average of 32% per year over the past 4 years and payments have been stable during that time. EPS is expected to grow by 13% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 18
Full year 2023 earnings released: EPS: €2.23 (vs €1.61 in FY 2022) Full year 2023 results: EPS: €2.23 (up from €1.61 in FY 2022). Revenue: €2.62b (up 6.5% from FY 2022). Net income: €425.1m (up 38% from FY 2022). Profit margin: 16% (up from 13% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Hospitality industry in Europe. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Ankündigung • Nov 05
La Française des Jeux Société anonyme (ENXTPA:FDJ) completed the acquisition of Premier Lotteries Ireland Limited from Teachers' Private Capital, An Post Limited and An Post Pension Fund. La Française des Jeux Société anonyme (ENXTPA:FDJ) signed an agreement to acquire Premier Lotteries Ireland Limited from Teachers' Private Capital, An Post Limited and An Post Pension Fund for an enterprise value of €350 million on July 27, 2023. The completion of this transaction remains subject to customary conditions precedent, including the Irish national lottery regulator's approval, which is expected to come in the second half of 2023.As on October 3, 2023, the Irish lottery regulator gave approval for the deal. The transaction is expected to be finalized in early November. Katherine Moir and Nicola Hemsley of Clifford Chance advised La Française and A&L Goodbody advised on certain Irish law aspects of the transaction. Andreas McConnell, Anna Hickey, Inez Cullen and Sean McElligott of Philip Lee Solicitors acted as legal advisors to the senior management team of Premier Lotteries Ireland. Richard Johnson, Helen Buchanan, Alex Potter and Deirdre Trapp from Freshfields Bruckhaus Deringer LLP acted as legal advisors to Teachers' Private Capital. Madeline McDonnell, Kate McKenna from Matheson Ormsby Prentice acted as legal advisors to An Post Limited in the transaction. La Française des Jeux Société anonyme (ENXTPA:FDJ) completed the acquisition of Premier Lotteries Ireland Limited from Teachers' Private Capital, An Post Limited and An Post Pension Fund on November 3, 2023. Ankündigung • Oct 01
La Française des Jeux Société anonyme (ENXTPA:FDJ) completed the acquisition of ZEturf Limited for enterprise value of €175 million. La Française des Jeux Société anonyme (ENXTPA:FDJ) entered into an agreement to acquire ZEturf Limited on November 17, 2022. The transaction puts the ZEturf group’s value at €175 million. Additional consideration may be paid depending on performance in 2023. The transaction will be accretive for the contribution margin of FDJ’s Sports Betting & Online Gaming BU from 2024. It is expected to close in the second half of 2023, once the conditions precedent have been met, including approval by the French Competition Authority. The ZEturf group has around a hundred employees and generated nearly €50 million in revenue in 2021. As of September 15, 2023, The Competition Authority authorizes the FDJ to buy ZEturf with some conditions. In this transaction Mayer Brown served as legal counsel and Messier Maris et Associés S.C.A as financial advisor to FDJ. Mark Lautier , Rachel Drago, Mark Abela, Ruth Vella, Catherine Baflast, Soledad Pascual, Arielle Ohayon-Cohen, Julie Givernaud, Stéphane Henrion, Ludivine Coupé, David Ferry, Victoria Muscat, Michael Borg, Aurélie Cluzel-d'Andlau, Pauline Guilbaud d'Humières, Inès Rivoallan, Mark Lautier, Ruth Vella and Stefania Marie Farrugia of PwC Société d'Avocats advised FDJ on the transaction. Sophie Cornette de Saint Cyr of Bredin Prat & Associes acted as legal advisor to shareholders of the ZEturf / ZEbet. Mayer Brown LLP acted as legal advisor to La Française des Jeux Société anonyme (ENXTPA:FDJ).
La Française des Jeux Société anonyme (ENXTPA:FDJ) completed the acquisition of ZEturf Limited on September 29, 2023. Buying Opportunity • Aug 17
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be €41.73, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 23%. For the next 3 years, revenue is forecast to grow by 4.0% per annum. Earnings is also forecast to grow by 8.6% per annum over the same time period. Reported Earnings • Aug 01
First half 2023 earnings released: EPS: €0.95 (vs €0.84 in 1H 2022) First half 2023 results: EPS: €0.95 (up from €0.84 in 1H 2022). Revenue: €1.29b (up 6.3% from 1H 2022). Net income: €181.0m (up 14% from 1H 2022). Profit margin: 14% (in line with 1H 2022). Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 8.9% growth forecast for the Hospitality industry in Europe. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 28
Upcoming dividend of €1.37 per share at 3.5% yield Eligible shareholders must have bought the stock before 05 May 2023. Payment date: 09 May 2023. Payout ratio and cash payout ratio are on the higher end at 85% and 76% respectively. Trailing yield: 3.5%. Lower than top quartile of Austrian dividend payers (5.1%). Higher than average of industry peers (2.2%). Reported Earnings • Feb 16
Full year 2022 earnings released: EPS: €1.61 (vs €1.54 in FY 2021) Full year 2022 results: EPS: €1.61 (up from €1.54 in FY 2021). Revenue: €2.46b (up 9.1% from FY 2021). Net income: €307.9m (up 4.7% from FY 2021). Profit margin: 13% (in line with FY 2021). Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the Hospitality industry in Europe. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Ankündigung • Nov 25
La Française des Jeux Société anonyme to Report First Half, 2023 Results on Jul 27, 2023 La Française des Jeux Société anonyme announced that they will report first half, 2023 results on Jul 27, 2023 Ankündigung • Nov 17
La Française des Jeux Société anonyme (ENXTPA:FDJ) entered into an agreement to acquire ZEturf Limited. La Française des Jeux Société anonyme (ENXTPA:FDJ) entered into an agreement to acquire ZEturf Limited on November 17, 2022. The transaction puts the ZEturf group’s value at €175 million. Additional consideration may be paid depending on performance in 2023. The transaction will be accretive for the contribution margin of FDJ’s Sports Betting & Online Gaming BU from 2024. It is expected to close in the second half of 2023, once the conditions precedent have been met, including approval by the French Competition Authority. The ZEturf group has around a hundred employees and generated nearly €50 million in revenue in 2021. In this transaction Mayer Brown served as legal counsel and Messier & Associés as financial advisor to FDJ. Ankündigung • Oct 14
La Française des Jeux Société anonyme to Report Fiscal Year 2022 Results on Feb 15, 2023 La Française des Jeux Société anonyme announced that they will report fiscal year 2022 results at 9:00 AM, Central European Standard Time on Feb 15, 2023 Ankündigung • Sep 20
FDJ Enters Into Exclusive Negotiations For Acquisition Of ZEturf Group La Française des Jeux Société anonyme (ENXTPA:FDJ) announced that it has entered into exclusive negotiations to acquire ZEturf group. This acquisition is part of FDJ Group’s strategy to bolster its presence in France’s competitive online gaming market, notably in areas where it does not yet operate, horse-race betting and poker. Founded in 2001, ZEturf group operates in the online horse-race betting market and in the online sports betting market under the ZEbet brand. ZEturf has around one hundred employees and recorded nearly €800 million in bets in 2021, including more than €100 million in B2B bets1. Online horse-race betting accounts for more than 50% of ZEturf’s B2C bets, making it France’s second-largest operator in this segment, with a market share of around 20%. ZEturf also operates in the Netherlands, Belgium and Spain. This transaction will be subject to approval by the relevant authorities. Buying Opportunity • Aug 05
Now 21% undervalued Over the last 90 days, the stock is up 2.4%. The fair value is estimated to be €43.69, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.7% over the last 3 years. Earnings per share has grown by 34%. Revenue is forecast to grow by 6.2% in 2 years. Earnings is forecast to grow by 15% in the next 2 years. Reported Earnings • Aug 02
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down €145.7m from profit in 1H 2021). Profit margin: (down from 14% in 1H 2021). The decrease in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 2.3%, compared to a 36% growth forecast for the industry in Austria. Buying Opportunity • Jun 30
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 6.0%. The fair value is estimated to be €41.20, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.8% over the last 3 years. Earnings per share has grown by 28%. For the next 3 years, revenue is forecast to grow by 3.7% per annum. Earnings is also forecast to grow by 6.7% per annum over the same time period. Buying Opportunity • Jun 13
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be €40.67, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.8% over the last 3 years. Earnings per share has grown by 28%. For the next 3 years, revenue is forecast to grow by 3.7% per annum. Earnings is also forecast to grow by 6.7% per annum over the same time period. Upcoming Dividend • Apr 28
Upcoming dividend of €1.24 per share Eligible shareholders must have bought the stock before 02 May 2022. Payment date: 04 May 2022. Payout ratio is on the higher end at 80%, however this is supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of Austrian dividend payers (4.9%). Higher than average of industry peers (1.8%). Ankündigung • Apr 27
FDJ Group Approves Dividend for the Financial Year Ended 31 December 2021, Payable on 4 May 2022 FDJ Group at its Annual Ordinary and Extraordinary General Meeting held on 26 April 2022 approved appropriation of earnings for the financial year ended 31 December 2021 and payment of a dividend of 1.24 euros per share, which will be payable as from 4 May 2022. Reported Earnings • Feb 17
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: €1.54 (up from €1.12 in FY 2020). Revenue: €2.26b (up 18% from FY 2020). Net income: €294.2m (up 38% from FY 2020). Profit margin: 13% (up from 11% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.8%. Over the next year, revenue is forecast to grow 3.0%, compared to a 48% growth forecast for the restaurants industry in Austria. Reported Earnings • Aug 02
First half 2021 earnings released: EPS €0.26 (vs €0.26 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: €1.08b (up 27% from 1H 2020). Net income: €145.7m (up 190% from 1H 2020). Profit margin: 14% (up from 5.9% in 1H 2020). The increase in margin was driven by higher revenue. Upcoming Dividend • Jun 15
Upcoming dividend of €0.90 per share Eligible shareholders must have bought the stock before 21 June 2021. Payment date: 23 June 2021. Trailing yield: 1.8%. Lower than top quartile of Austrian dividend payers (3.2%). Higher than average of industry peers (1.4%). Reported Earnings • Feb 18
Full year 2020 earnings released The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: €1.92b (down 1.8% from FY 2019). Net income: €213.7m (up 61% from FY 2019). Profit margin: 11% (up from 6.8% in FY 2019). The increase in margin was driven by lower expenses. Analyst Estimate Surprise Post Earnings • Feb 18
Revenue beats expectations Revenue exceeded analyst estimates by 3.4%. Over the next year, revenue is forecast to grow 10%, compared to a 28% growth forecast for the Hospitality industry in Austria. Is New 90 Day High Low • Feb 13
New 90-day high: €38.46 The company is up 15% from its price of €33.45 on 13 November 2020. The Austrian market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is up 16% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €28.00 per share. Is New 90 Day High Low • Dec 30
New 90-day high: €37.21 The company is up 20% from its price of €31.13 on 01 October 2020. The Austrian market is up 29% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is up 25% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €31.33 per share. Is New 90 Day High Low • Dec 08
New 90-day high: €35.75 The company is up 16% from its price of €30.86 on 09 September 2020. The Austrian market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is up 23% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €26.67 per share. Ankündigung • Nov 25
La Française des Jeux Société anonyme to Report First Half, 2021 Results on Jul 29, 2021 La Française des Jeux Société anonyme announced that they will report first half, 2021 results on Jul 29, 2021 Is New 90 Day High Low • Nov 20
New 90-day high: €35.66 The company is up 14% from its price of €31.30 on 21 August 2020. The Austrian market is up 12% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Hospitality industry, which is also up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €26.74 per share. Ankündigung • Oct 15
La Française des Jeux Société anonyme to Report Fiscal Year 2020 Results on Feb 12, 2021 La Française des Jeux Société anonyme announced that they will report fiscal year 2020 results at 9:00 AM, Romance Standard Time on Feb 12, 2021 Is New 90 Day High Low • Oct 14
New 90-day high: €33.41 The company is up 23% from its price of €27.22 on 16 July 2020. The Austrian market is down 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Hospitality industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €25.14 per share. Is New 90 Day High Low • Sep 28
New 90-day high: €32.51 The company is up 17% from its price of €27.89 on 26 June 2020. The Austrian market is down 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Hospitality industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €19.39 per share. 
