(FDJU) FDJ United - PA
Sector: Consumer Cyclical | Industry: Gambling | Exchange: PA (France) | Market Cap: 4.304m EUR | Total Return: -18.1% in 12m
Avg Turnover: 12.7M
Qual. Beats: 0
Rev. Trend: 62.0%
Warnings
Below Avwap Earnings
Tailwinds
No distinct edge detected
FDJ United (FDJU), formerly La Française des Jeux, is a French gambling operator managing a diversified portfolio across lottery, sports betting, and online gaming. The company operates through a hybrid model, combining a state-granted monopoly on physical lottery draws and instant games with competitive online segments including poker and horse-race betting.
The business leverages an extensive physical point-of-sale network for payment services and retail distribution, while its B2B division and the acquisition of Relax Gaming provide technological infrastructure for international gambling products. In the European gambling sector, regulatory frameworks often grant exclusive rights for lottery operations to a single entity to ensure consumer protection and tax revenue stability.
Investors should consult ValueRay for further analysis of the companys market position. FDJ United remains headquartered in Boulogne-Billancourt and continues its expansion into international B2B solutions alongside its core domestic retail operations.
- European regulatory shifts impact monopoly status and lottery concession profitability
- Kindred Group acquisition accelerates international digital revenue and market share
- French consumer spending fluctuations influence retail lottery and sports betting volume
- Online casino legalization in France presents major domestic growth opportunity
- Integration of Relax Gaming B2B services improves software licensing margins
| Net Income: 1.29b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.16 > 0.02 and ΔFCF/TA 3.76 > 1.0 |
| NWC/Revenue: -14.32% < 20% (prev -14.67%; Δ 0.35% < -1%) |
| CFO/TA 0.23 > 3% & CFO 1.34b > Net Income 1.29b |
| Net Debt (1.80b) to EBITDA (2.11b): 0.86 < 3 |
| Current Ratio: 0.64 > 1.5 & < 3 |
| Outstanding Shares: last quarter (186.5m) vs 12m ago -2.14% < -2% |
| Gross Margin: 60.46% > 18% (prev 44.44%; Δ 16.02% > 0.5%) |
| Asset Turnover: 100.7% > 50% (prev 80.81%; Δ 19.86% > 0%) |
| Interest Coverage Ratio: 19.81 > 6 (EBIT TTM 1.77b / Interest Expense TTM 89.5m) |
| A: -0.15 (Total Current Assets 1.58b - Total Current Liabilities 2.48b) / Total Assets 5.84b |
| B: 0.15 (Retained Earnings 904.9m / Total Assets 5.84b) |
| C: 0.29 (EBIT TTM 1.77b / Avg Total Assets 6.20b) |
| D: 0.20 (Book Value of Equity 974.8m / Total Liabilities 4.86b) |
| Altman-Z'' = 1.63 = BB |
| DSRI: 0.44 (Receivables 447.2m/859.0m, Revenue 6.24b/5.30b) |
| GMI: 0.73 (GM 44.44% / 60.46%) |
| AQI: 1.05 (AQ_t 0.65 / AQ_t-1 0.62) |
| SGI: 1.18 (Revenue 6.24b / 5.30b) |
| TATA: -0.01 (NI 1.29b - CFO 1.34b) / TA 5.84b) |
| Beneish M = -3.57 (Cap -4..+1) = AAA |
As of June 23, 2026, the stock is trading at EUR 22.20 with a total of 541,086 shares traded. Over the past week, the price has changed by +0.39%, over one month by +3.34%, over three months by +2.12% and over the past year by -18.09%.
Current recommended Stop Loss: 21.70 (which is 2.3% or 1.2 ATR below the current price).
FDJ United has no consensus analysts rating.
P/E Trailing = 24.5474
P/E Forward = 9.4429
P/S = 1.1705
P/B = 4.4156
Revenue TTM = 6.24b EUR
EBIT TTM = 1.77b EUR
EBITDA TTM = 2.11b EUR
Long Term Debt = 2.02b EUR (from longTermDebt, last quarter)
Short Term Debt = 185.2m EUR (from shortTermDebt, last quarter)
Debt = 2.47b EUR (from shortLongTermDebtTotal, last quarter) + Leases 101.4m
Net Debt = 1.80b EUR (calculated: Debt 2.47b - CCE 663.8m)
Enterprise Value = 6.11b EUR (4.30b + Debt 2.47b - CCE 663.8m)
Interest Coverage Ratio = 19.81 (Ebit TTM 1.77b / Interest Expense TTM 89.5m)
EV/FCF = 6.62x (Enterprise Value 6.11b / FCF TTM 923.2m)
FCF Yield = 15.11% (FCF TTM 923.2m / Enterprise Value 6.11b)
FCF Margin = 14.80% (FCF TTM 923.2m / Revenue TTM 6.24b)
Net Margin = 20.63% (Net Income TTM 1.29b / Revenue TTM 6.24b)
Gross Margin = 60.46% ((Revenue TTM 6.24b - Cost of Revenue TTM 2.47b) / Revenue TTM)
Gross Margin QoQ = 33.55% (prev 32.29%)
Tobins Q-Ratio = 1.05 (Enterprise Value 6.11b / Total Assets 5.84b)
Interest Expense / Debt = 3.63% (Interest Expense 89.5m / Debt 2.47b)
Taxrate = 49.88% (39.9m / 80.0m)
NOPAT = 888.8m (EBIT 1.77b * (1 - 49.88%))
Current Ratio = 0.64 (Total Current Assets 1.58b / Total Current Liabilities 2.48b)
Debt / Equity = 2.53 (Debt 2.47b / totalStockholderEquity, last quarter 974.8m)
Debt / EBITDA = 0.86 (Net Debt 1.80b / EBITDA 2.11b)
Debt / FCF = 1.95 (Net Debt 1.80b / FCF TTM 923.2m)
Total Stockholder Equity = 1.02b (last 4 quarters mean from totalStockholderEquity)
RoA = 20.77% (Net Income 1.29b / Total Assets 5.84b)
RoE = 126.4% (Net Income TTM 1.29b / Total Stockholder Equity 1.02b)
RoCE = 58.36% (EBIT 1.77b / Capital Employed (Equity 1.02b + L.T.Debt 2.02b))
RoIC = 27.48% (NOPAT 888.8m / Invested Capital 3.23b)
WACC = 5.30% (E(4.30b)/V(6.77b) * Re(7.29%) + D(2.47b)/V(6.77b) * Rd(3.63%) * (1-Tc(0.50)))
Discount Rate = 7.29% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -67.42 | Cagr: -1.04%
[DCF] Terminal Value 77.97% ; FCFF base≈870.1m ; Y1≈997.4m ; Y5≈1.47b
[DCF] Fair Price = 109.9 (EV 22.1b - Net Debt 1.80b = Equity 20.3b / Shares 184.6m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 0.0 | # QB: 0
Revenue Correlation: 62.01 | Revenue CAGR: 9.24% | SUE: N/A | # QB: 0
EPS current Year (2026-12-31): EPS=2.35 | Chg30d=-1.38% | Revisions=-71% | GrowthEPS=-10.5% | GrowthRev=-0.5%
EPS next Year (2027-12-31): EPS=2.70 | Chg30d=-1.35% | Revisions=-71% | GrowthEPS=+14.7% | GrowthRev=+3.7%
[Analyst] Revisions Ratio: -71%