A Look at FDJ United (ENXTPA:FDJU) Valuation After New Kambi Group Sportsbook Partnership

FDJ United (ENXTPA:FDJU) has expanded its partnership with Kambi Group, gaining broader access to a wide range of pre-match and live sports odds. This move is part of FDJ United’s ongoing push to bring its sportsbook capabilities fully in house.

See our latest analysis for FDJ United.

FDJ United’s strategic push to take control of its sportsbook platform comes at a turbulent time for the share price, with a 1-month share price return of -11.68% and a sharp -37.12% year-to-date drop. Despite the boost from recent news, long-term total shareholder returns remain firmly negative. This points to persistent challenges and a need for sustained momentum to reverse the trend.

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So with shares trading at a significant discount to both analyst targets and intrinsic value, the real question is whether investors are looking at a bargain or if the market has already factored in the company's growth prospects.

Most Popular Narrative: 31.4% Undervalued

FDJ United’s widely-followed valuation narrative places its fair value at €33.93, a clear premium to its latest closing price of €23.28. This sparks debate about whether the market is overlooking the company’s earnings power and margin recovery potential over the next cycle.

Ongoing cost rationalization, including the impact of performance plans and anticipated reductions in external IT spending post 2026, is expected to drive recurring EBITDA margin expansion and stronger earnings growth over the medium to long term.

Read the complete narrative.

Want to see what’s fueling this big gap in fair value? The most popular narrative is built on bullish expectations for sharper earnings growth, margin expansion, and robust operational progress. Discover which ambitious projections shape these numbers and what future scenario analysts are betting on next.

Result: Fair Value of €33.93 (UNDERVALUED)

Have a read of the narrative in full and understand what's behind the forecasts.

However, tougher regulations across key markets and rising costs from digital expansion may quickly challenge the company’s optimistic outlook in the future.

Find out about the key risks to this FDJ United narrative.

Build Your Own FDJ United Narrative

If you see things differently or want to dig into the numbers yourself, you can easily craft a personal take in just a few minutes, and Do it your way.

A great starting point for your FDJ United research is our analysis highlighting 4 key rewards and 3 important warning signs that could impact your investment decision.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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