La Française des Jeux : Solid 2020 results publication with another positive surprise from the margin, unlikely to be fully repeated in 2021
>No guidance on 2021 yet but initial indications on the margin - Given the pandemic context that is keeping uncertainty levels high, FDJ has provided no guidance on 2021 at this stage. Nonetheless, during the conference call the group gave some initial indications, notably on the EBITDA margin. We understand that the 2021 margin should come in above than that of 2019 (20.6%) but below that of 2020 (22.2%). The latter cannot be considered as a starting point as it sign...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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