La Française des Jeux : Q1 better than expected, confirmation of FY 2023 guidance pending the regulatory decisions (ANJ, EC)
>Q1 2023 stakes and revenues beat our forecasts - After the close yesterday FDJ published Q1 2023 revenues that beat our expectations, thanks mainly to lottery revenues. Stakes amounted to € 5,495m (ODDO BHF € 5,204m est.), up 8.6%, lifted by all segments (FDJ does not publish details on stakes by activity). Revenues amounted to € 662m (+8% on a reported basis but +5.3% pro forma, i.e. the upper end of the FY 2023 guidance range of +4-5%), 5% above our estimate (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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