EU CONSUMER CYCLICALS: La Francaise Des Jeux: 3Q results
Oct-15 16:23
(FDJFP; Baa1/NR/NR)
- 3Q revenue €864m (+29% y/y), ex. acquired Kindred, -3%, with -2% of that from higher gaming taxes in France.
- Online betting and gaming at €209m was down -16% y/y. YTD it is down -13% mainly on the stricter regulations in Netherlands and UK that has dropped revenue by -46% and -23% respectively (despite increase in number of players). Ex. these two markets revenue would be +2.5% YTD. The regulation changes are mainly around deposit and stake limits, which it has said is shifting revenue to unlicensed operators in the Netherlands (who now hold over > 50% share).
- FY guidance narrowed: revenue of >€3.7b (vs. €3.8b LY) and adj. EBITDA ~€900m (implies 24.3% margin). In line with consensus. Prior guidance was stable revenue and >24% EBITDA margin.
- Incorporates slight organic decline in 4Q entirely on French taxes. Within that stabilisation in online expected as it rolls over easier comps (regulation impact seen in 4Q last yr).
- FY results 19 Feb.
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