La Française des Jeux : Strong H1 results and 2021 guidance fully achievable, but newsflow on the EC investigation likely to weigh in the coming months
>H1 results above our expectations - FDJ has reported strong H1 2021 results, above our expectations. Stakes came in at € 9,159m (ODDO BHF € 9,082m), up 8% vs H1 2019, including a very strong rebound in sports betting (+25% vs H1 2019) supported by the very favourable comparison base (-39% in H1 2020) and the Euro football tournament. This implies a 64% increase in stakes in Q2 (ODDO BHF +61%e), or +11.5% vs H1 2019. Revenue was € 1,082m, 2.6% 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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