La Française des Jeux : 2019 results higher than forecast, growth outlook for players’ stakes slightly raised for 2020
>2019 results higher than forecast, greater tax impact - FDJ has reported a solid set of 2019 results, higher than our forecast. Players’ stakes reached € 17.24bn (ODDO BHF € 17.02bn), up 9%, driven by the lottery (+7.2%) and sports betting (+16.1%), pointing to +12.5% in Q4. Revenue was up 8.5% to € 1,956m, 3% lower than estimates (ODDO BHF: € 2.0bn). Adjusted EBITDA (factoring in new tax arrangements and long cycles) of € 422m was 12% higher than our forecasts (ODDO...La Francaise des Jeux is a France-based semi-public company that operates lottery and online games. The Company operates under the commercial brand name, FDJ, and provides scratch games, sports betting and draw games via a network of 35,800 points of sale (as of December 31, 2010), including LOTO points of sale, tobacconists and newsagents. The Company's scratch games include 1, 2 and 3 euros games; sports betting include the brand names, ParionsSport and ParionsWeb; and draw-based games include LOTO, Euro Millions, Rapido, Keno and others. The Company is also active in the online poker market with the website Barrierepoker.fr, which is jointly-owned with Groupe Lucien Barriere. The Company owns various subsidiaries, including Pacifique des Jeux and FDJ Developpement for the distribution in French overseas territory; Societe de Gestion de l'Echappee, which manages the Company-sponsored professional cycling team; Francaise de Motivation, Francaise d'Images, Lotsys and LVS.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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