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Operates France's national lottery and sports betting, and online gaming brands across Europe via Kindred Group.
Operates France's national lottery and sports betting, and online gaming brands across Europe via Kindred Group.
Its exclusive state licence to run the French lottery, scratch cards and retail sports betting gives a steady base, while online sports betting and gaming face open competition across Europe. Buying Kindred, the owner of Unibet, widened that online business well beyond France. The French state remains a shareholder after privatising the company in 2019.
Moat: wide (regulatory licence, brand, network effects). Exclusive French lottery licence plus a large European online gaming footprint after the Kindred acquisition.
Headquarters: Boulogne-Billancourt, France · Founded: 1933 · Employees: 5,755
Size FDJ United (FDJU.PA) is a France Consumer Discretionary company (Casinos/Gaming) with a market value of $4.49B, the 69th largest of 206 France companies the cockpit tracks. Shares closed at €21.68 on 6 Nov 2026.
Performance Over six months the shares fell 5.3%, against -13.2% for the median peer and -0.4% for the France market (cap-weighted) — 6th highest of 18 in its peer set.
Growth Revenue grew 2.5% over the last twelve months (peer median +4.0%); the operating margin is 14.6% (peer median 17.3%).
Valuation It trades at 10.6× forward earnings against a peer median of 12.0× (7th cheapest of 17).
Price implies For today's price to make sense, revenue must grow about -3% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is -17 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 9.3 points above its cost of capital (7.1% WACC).
Credit FDJ United has 3 bonds outstanding ($1.67B), rated Baa1 by the agencies and trading like BBB at a weighted spread of 126 bp.
Next results Next results expected around 18 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €3.59B | €3.68B | €3.07B | €2.62B | €2.46B |
| Revenue growth | — | +20% | +17% | +7% | — |
| Gross profit | €1.17B | €1.21B | €1.03B | €1.14B | €1.04B |
| EBITDA | €865M | €902M | €792M | €657M | €590M |
| Net income | €24.0M | €176M | €399M | €425M | €308M |
| Free cash flow | €173M | €496M | €396M | €491M | €300M |
| Capital expenditure | €173M | €269M | €150M | €125M | €104M |
| Total debt | n/a | €2.29B | €2.43B | €429M | €468M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| FDJ United FDJU.PA | $4.49B | -5% | +3% | 15% | 10.6× | -2.8% |
| Entain ENT.L | $4.05B | -11% | 0% | 11% | 8.9× | 3.2% |
| Flutter Entertainment FLUT | $14.2B | -19% | +12% | 2% | 14.3× | 26.3% |
| Lottomatica LTMC.MI | $7.17B | +4% | +4% | 21% | 15.4× | -1.4% |
| Betsson BETS-B.ST | $1.34B | +10% | 0% | 14% | 10.4× | -18.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | FDJU.PA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.5% | +2.3% | 9th highest of 18 |
| 6-month return | -5.3% | -13.2% | 6th highest of 18 |
| Distance from 52-week high | -18.9% | -37.3% | 4th highest of 18 |
| Revenue growth (TTM) | +2.5% | +4.0% | 7th lowest of 18 |
| Operating margin | 14.6% | 17.3% | 7th lowest of 18 |
| Forward P/E | 10.6× | 12.0× | 7th cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | -2.8% | 2.1% | 4th least demanding of 15 |
| Growth delivered (Del g) | +13.9% | +26.8% | 2nd lowest of 15 |
| Hurdle (Req g minus delivered) | -16.7 pp | -22.2 pp | 5th most demanding of 15 |
| ROIC minus cost of capital | +9.3 pp | +6.5 pp | 7th highest of 18 |
| EV / EBITDA | 6.7× | 8.2× | 5th cheapest of 17 |
| Net debt / EBITDA | 2.1× | 3.1× | 6th least indebted of 18 |
| Bond spread | 126 bp | 218 bp | 2nd tightest of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| FDJ United FDJU.PA | France | $4.49B | -5% | +3% | 15% | 10.6× | -2.8% | +13.9% |
| MGM China 2282.HK | Hong Kong | $4.85B | -12% | +11% | 31% | 9.3× | -3.1% | +48.5% |
| Entain ENT.L | United Kingdom | $4.05B | -11% | 0% | 11% | 8.9× | 3.2% | +8.1% |
| Boyd Gaming BYD | United States | $5.41B | -11% | 0% | 19% | 10.1× | n/a | n/a |
| Super Group (SGHC) SGHC | United States | $5.77B | -13% | +14% | 23% | 11.7× | -0.2% | +16.6% |
| Caesars Entertainment CZR | United States | $5.96B | +4% | +3% | 17% | n/a | 5.8% | +25.9% |
| Light & Wonder, Inc. Shs Chess Depository Interests Repr 1 Sh LNW.AX | Australia | $6.22B | +1% | 0% | 27% | 9.4× | -8.5% | +15.8% |
| Wynn Macau 1128.HK | Hong Kong | $2.99B | -24% | +9% | 29% | 8.7× | -2.4% | +31.1% |
| Rush Street Interactive RSI | United States | $2.83B | -56% | +39% | 11% | 16.9× | 13.5% | +32.4% |
| Lottomatica LTMC.MI | Italy | $7.17B | +4% | +4% | 21% | 15.4× | -1.4% | +42.7% |
| MGM Resorts MGM | United States | $8.18B | -17% | +3% | 6% | 24.0× | 16.0% | +27.7% |
| Wynn Resorts WYNN | United States | $8.56B | -19% | +6% | 16% | 20.8× | 1.7% | +27.8% |
| PENN Entertainment PENN | United States | $2.34B | +4% | +6% | 6% | 12.3× | 15.2% | +14.2% |
| Kangwonland 035250.KS | South Korea | $2.13B | -16% | +2% | 15% | 11.0× | n/a | n/a |
| Brightstar Lottery BRSL | United States | $1.82B | -24% | +1% | 25% | 15.2× | n/a | n/a |
| Sands China 1928.HK | Hong Kong | $11.4B | -30% | +9% | 26% | 12.9× | 2.5% | +34.0% |
| Flutter Entertainment FLUT | United States | $14.2B | -19% | +12% | 2% | 14.3× | 26.3% | +23.7% |
| Betsson BETS-B.ST | Sweden | $1.34B | +10% | 0% | 14% | 10.4× | -18.0% | +15.7% |
FDJ United has 3 bonds outstanding with $1.67B face value. The agencies rate it Baa1; its bonds trade like BBB. Weighted yield 4.39%, a spread of 126 bp over government bonds.