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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
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