Special Situations
FDJ FP: Newly Listed French Lottery has Further Upside After Strong Opening
Yesterday’s listing of France’s 52% stake in the state lottery company, Française des Jeux (FDJ FP), was met with great anticipation as the share price soared over 16% on its first day of trading. As Europe’s second largest lottery (the fourth largest worldwide) and due to its stable fundamentals, attractive dividend payments, and a long-term exclusivity deal, we add FDJ to our watchlist for a better entry point ahead of its semi-annual earnings next year.

  • FDJ FP Jumped +16% on First Day of Trading / Outperformed the CAC Index's Return of -0.2%
  • Strong Dividend History / Favorable Market Growth Ahead (Even After Listing Rally)
  • Organic & Inorganic Expansion Contributes to FDJ's Top-Line
  • Positive Outlook: Exclusive Rights for 25 Years Provides Earnings Visibility / UEFA Euro 2020
  • Lower Leverage Compared to Peers / French Govt. Retained Approx. 20% / FDJ FP Added to Watchlist
To continue reading this article and to gain access to other
proprietary research please subscribe to :
Special Situations
Institutional Investors:
To subscribe please call us:    USA: +1 (973) 867 7760    UK: +44 (0) 845 459 7103
or click to subscribe to Edge research
Individual Investors:
Click to subscribe to Special Situations Lite
To discuss any upcoming notes or for any urgent
assistance, please contact Jonathan Morgan
+44 (0) 845 459 7103