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 British dividend payers (5.8%). Higher than average of industry peers (2.6%). Tillkännagivande • Feb 24
FDJ United, Annual General Meeting, Apr 23, 2026 FDJ United, Annual General Meeting, Apr 23, 2026. New Risk • Feb 22
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 154% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (154% net debt to equity). Dividend is not well covered by earnings (221% 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 20
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 6.2% growth forecast for the Hospitality industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 12% per year. Tillkännagivande • 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 Tillkännagivande • 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 6.0% growth forecast for the Hospitality industry in the United Kingdom. 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 8% 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). Upcoming Dividend • May 20
Upcoming dividend of €2.05 per share Eligible shareholders must have bought the stock before 27 May 2025. Payment date: 03 June 2025. Payout ratio and cash payout ratio are on the higher end at 95% and 89% respectively. Trailing yield: 6.2%. Within top quartile of British dividend payers (5.7%). Higher than average of industry peers (2.0%). Reported Earnings • May 02
Full year 2024 earnings released: EPS: €2.16 (vs €2.23 in FY 2023) Full year 2024 results: EPS: €2.16 (down from €2.23 in FY 2023). Revenue: €3.07b (up 17% from FY 2023). Net income: €398.8m (down 6.2% from FY 2023). Profit margin: 13% (down from 16% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Hospitality industry in the United Kingdom. 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 3% per year, which means it is significantly lagging earnings. Tillkännagivande • 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 Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to €30.91, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 14x in the Hospitality industry in the United Kingdom. Total loss to shareholders of 4.2% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €49.47 per share. New Risk • Mar 09
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 133% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (133% net debt to equity). Dividend is not well covered by earnings (95% payout ratio). Reported Earnings • Mar 08
Full year 2024 earnings released: EPS: €2.16 (vs €2.23 in FY 2023) Full year 2024 results: EPS: €2.16 (down from €2.23 in FY 2023). Revenue: €3.07b (up 17% from FY 2023). Net income: €398.8m (down 6.2% from FY 2023). Profit margin: 13% (down from 16% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Hospitality industry in the United Kingdom. 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 1% per year, which means it is significantly lagging earnings. Tillkännagivande • 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 Buy Or Sell Opportunity • Nov 13
Now 21% undervalued Over the last 90 days, the stock has risen 9.3% to €39.28. The fair value is estimated to be €49.63, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.8% over the last 3 years. Earnings per share has grown by 16%. Revenue is forecast to grow by 11% in 2 years. Earnings are forecast to grow by 6.5% in the next 2 years. Tillkännagivande • 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 6.0% growth forecast for the Hospitality industry in the United Kingdom. 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 29
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 14% to €33.29. The fair value is estimated to be €42.21, 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 5.0% 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%. Lower than top quartile of British dividend payers (5.9%). Higher than average of industry peers (2.1%). 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 7.3% growth forecast for the Hospitality industry in the United Kingdom. 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 18
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 17
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 7.7% growth forecast for the Hospitality industry in the United Kingdom. Buy Or Sell Opportunity • Jan 24
Now 21% undervalued Over the last 90 days, the stock has risen 19% to €36.21. The fair value is estimated to be €45.68, 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 5.9% per annum. Earnings are also forecast to grow by 9.4% per annum over the same time period. Tillkännagivande • 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. Tillkännagivande • 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. 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 8.7% growth forecast for the Hospitality industry in the United Kingdom. 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 British dividend payers (5.8%). Higher than average of industry peers (1.7%). Reported Earnings • Mar 22
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 4.0% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Hospitality industry in the United Kingdom. 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 9.5% growth forecast for the Hospitality industry in the United Kingdom. Tillkännagivande • 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 Tillkännagivande • 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 Buying Opportunity • Aug 23
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 1.6%. The fair value is estimated to be €42.80, 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 27% growth forecast for the industry in the United Kingdom. Buying Opportunity • Jul 01
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be €40.83, 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 14
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be €40.20, 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. 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 British dividend payers (4.6%). Higher than average of industry peers (1.0%). 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 39% growth forecast for the restaurants industry in the United Kingdom. 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. 
