Reported Earnings • Jul 31
First half 2026 earnings released: €0.087 loss per share (vs €0.73 profit in 1H 2025) First half 2026 results: €0.087 loss per share (down from €0.73 profit in 1H 2025). Revenue: €1.78b (down 4.5% from 1H 2025). Net loss: €16.2m (down 112% from profit in 1H 2025). Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the Hospitality industry in Germany. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. New Risk • Jul 30
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Dividend per share is over 15x earnings per share. Cash payout ratio: 162% Dividend yield: 9.4% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Dividend per share is over 15x earnings per share. Cash payout ratio: 162% Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.7% net profit margin). Aankondiging • 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. Aankondiging • 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. Aankondiging • Feb 24
FDJ United, Annual General Meeting, Apr 23, 2026 FDJ United, Annual General Meeting, Apr 23, 2026. Aankondiging • 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 Aankondiging • 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. Aankondiging • 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 Aankondiging • 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 Aankondiging • 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 9.3% growth forecast for the Hospitality industry in Germany. 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. Buy Or Sell Opportunity • May 04
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 12% to €33.50. The fair value is estimated to be €41.98, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.3% over the last 3 years. Earnings per share has grown by 14%. For the next 3 years, revenue is forecast to grow by 4.9% per annum. Earnings are also forecast to grow by 4.9% per annum over the same time period. Upcoming Dividend • Apr 26
Upcoming dividend of €1.78 per share Eligible shareholders must have bought the stock before 03 May 2024. Payment date: 07 May 2024. Payout ratio is on the higher end at 80%, however this is supported by cash flows. Trailing yield: 5.2%. Within top quartile of German dividend payers (4.8%). Higher than average of industry peers (3.0%). Reported Earnings • Mar 25
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 8.5% growth forecast for the Hospitality industry in Germany. 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 2% 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 4.6%, 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 8.2% growth forecast for the Hospitality industry in Germany. 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. Aankondiging • 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. Aankondiging • 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 21% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be €41.58, 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 • Jul 31
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 12% growth forecast for the Hospitality industry in Germany. 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 4% 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 German dividend payers (4.6%). 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 8.9% growth forecast for the Hospitality industry in Germany. 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 7% per year, which means it is significantly lagging earnings growth. Aankondiging • 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 Aankondiging • 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 Valuation Update With 7 Day Price Move • Sep 21
Investor sentiment deteriorated over the past week After last week's 22% share price decline to €25.00, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 16x in the Hospitality industry in Europe. Total loss to shareholders of 43% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €34.79 per share. 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 702% growth forecast for the industry in Germany. Upcoming Dividend • Apr 27
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: 3.6%. Lower than top quartile of German dividend payers (4.0%). Higher than average of industry peers (1.8%). 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 112% growth forecast for the restaurants industry in Germany. 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 14
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 German dividend payers (3.2%). In line with average of industry peers (1.9%). Is New 90 Day High Low • Mar 03
New 90-day high: €38.68 The company is up 11% from its price of €34.79 on 03 December 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Hospitality industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €21.06 per share. 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 Germany. Is New 90 Day High Low • Jan 14
New 90-day high: €37.10 The company is up 9.0% from its price of €34.00 on 16 October 2020. The German market is up 10.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Hospitality industry, which is up 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €30.61 per share. Is New 90 Day High Low • Dec 30
New 90-day high: €36.45 The company is up 18% from its price of €30.95 on 01 October 2020. The German market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Hospitality industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €30.88 per share. Is New 90 Day High Low • Dec 10
New 90-day high: €35.52 The company is up 15% from its price of €30.82 on 11 September 2020. The German market is up 2.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Hospitality industry, which is up 18% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €25.99 per share. Is New 90 Day High Low • Nov 20
New 90-day high: €35.50 The company is up 14% from its price of €31.11 on 21 August 2020. The German market is up 2.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Hospitality industry, which is up 18% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €26.86 per share. Is New 90 Day High Low • Oct 10
New 90-day high: €32.25 The company is up 19% from its price of €27.20 on 10 July 2020. The German market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Hospitality industry, which is down 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €24.67 per share.