FDJ United (ENXTPA:FDJU) Valuation in Focus as Q3 Growth Faces Online Segment and Regulatory Challenges

FDJ United (ENXTPA:FDJU) released its third-quarter results, marking a 29% increase in revenue compared to last year. Even with this growth, investors remain watchful because of challenges in online betting and higher taxes.

See our latest analysis for FDJ United.

Despite headline revenue growth, FDJ United’s share price has faced heavy pressure this year, falling 28% year-to-date with a one-year total shareholder return of -23.2%. The selloff intensified after mixed quarterly results and cautious new guidance. While the company expects to exceed €3.7 billion in revenue for 2025, persistent weakness in the online segment and ongoing regulatory headwinds have weighed on investor sentiment, deflating momentum in the short term and putting long-term performance into sharp focus.

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With shares now trading at a considerable discount to analyst price targets, but with headwinds still clouding future earnings, the key question is whether FDJ United presents a value opportunity or if the market has already accounted for near-term risks and long-term growth.

Most Popular Narrative: 22.9% Undervalued

Compared to FDJ United’s last close at €26.54, the most widely followed narrative sees fair value at €34.41. This broader estimate, shaped by consensus expectations and a discount rate of 9.03%, puts the current share price in a different light and helps explain what is driving analyst conviction.

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 unlock the backstory of this bullish price estimate? Analysts are focusing on digital integration, cost efficiency, and a projected margin increase. Which underlying figures drive this optimism, and are they ambitious or achievable? Only the full narrative reveals what is fueling this re-rating.

Result: Fair Value of €34.41 (UNDERVALUED)

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

However, persistent regulatory tightening and shifts in player preferences toward unregulated platforms could quickly challenge FDJ United’s growth outlook and valuation case.

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 deeper into the numbers, it’s easy to draw your own conclusions in just a few minutes, so why not 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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