FDJ United (ENXTPA:FDJU): Valuation Check After J.P. Morgan’s Rare Double Downgrade and Regulatory Setback

FDJ United (ENXTPA:FDJU) just took a rare double downgrade from J.P. Morgan, as fresh tax hikes and tighter rules in the UK and Netherlands squeeze its online betting profits and cloud earnings expectations.

See our latest analysis for FDJ United.

The downgrade comes after a challenging stretch, with the share price down roughly 8 percent over the past month and around 38 percent year to date. This signals that momentum has clearly turned against the stock, despite earlier growth in earnings.

If this regulatory development has you rethinking where you take risk, it could be worth scanning fast growing stocks with high insider ownership as a way to uncover other potentially compelling ideas.

Yet with the share price severely de‑rated against both its own history and analysts’ targets, the key question now is whether FDJ United is quietly undervalued, or if the market is already pricing in weaker growth.

Most Popular Narrative Narrative: 32.3% Undervalued

Compared to the last close at €22.98, the most followed narrative sees fair value closer to €33.93, framing the downgrade against a still-upbeat long term story.

The strategic integration of Kindred, with full control over proprietary digital and sportsbook platforms (KSP) targeted by end-2026, is expected to streamline IT costs and enable product innovation, supporting both revenue growth and a multi-year improvement in net margins.

Read the complete narrative.

Want to see what happens when higher digital margins, rising earnings, and a richer future multiple collide in one model? The growth math behind this call might surprise you.

Result: Fair Value of €33.93 (UNDERVALUED)

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

However, persistent regulatory pressure and rising integration costs could overwhelm efficiency gains, which may cap margins and undermine the long term upside case.

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

Build Your Own FDJ United Narrative

If you see the story differently, or just want to dig into the numbers yourself, you can build a personalised view in under three minutes: Do it your way.

A great starting point for your FDJ United research is our analysis highlighting 3 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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