FDJ United (ENXTPA:FDJU) Reports A Half Year Loss, Is It Still A Bargain?
Half year earnings shift investor focus to profitability pressures
FDJ United (ENXTPA:FDJU) has drawn fresh attention after its July 29, 2026 board meeting and half year earnings release, which showed weaker sales, lower revenue and a swing from profit to net loss.
See our latest analysis for FDJ United.
Since the half year figures were released, FDJ United’s share price has shown only a modest 1.5% 7 day share price return, while the 1 year total shareholder return has fallen 14.4%. This points to fading momentum as investors reassess earnings risk.
If this earnings setback has you reviewing your watchlist, it can help to look at other areas of the market and see what stands out, including 106 top founder-led companies
FDJ United still runs a sizeable gambling and payments business, yet the recent swing to a half year loss and weaker share performance has sharpened the question: Are investors now paying a fair price for that scale and history?
Most Popular Narrative: 11% Undervalued
FDJ United’s latest fair value narrative points to a value of €25.00 per share, compared with the last close of €22.26. That gap is framed through a discounted cash flow view that applies a 7.84% discount rate to future earnings and cash flows.
The strategic integration of Kindred, with full control over proprietary digital and sportsbook platforms (KSP) targeted by end-2026, is expected to streamline IT costs and enable product innovation, supporting both revenue growth and a multi-year improvement in net margins.
Want to understand why this fair value sits above today’s price? The core of the narrative is steady revenue growth, rising profit margins and a lower future earnings multiple than many peers. Curious which specific revenue and margin paths underpin that outcome, and how they feed into the 7.84% discount rate and long term earnings bridge to 2029?
Result: Fair Value of €25.00 (UNDERVALUED)
Have a read of the narrative in full and understand what's behind the forecasts.
However, FDJ United’s story can shift quickly if regulatory scrutiny tightens further or if higher integration and IT costs keep profit margins under pressure for longer.
Find out about the key risks to this FDJ United narrative.
Another view on FDJ United’s valuation
The first narrative for FDJ United leans on a fair value of €25.00 per share. The SWS DCF model is much more optimistic, with an estimated future cash flow value of €55.80 per share, which is very far above the current €22.26 price. Which set of assumptions do you find more realistic?
Look into how the SWS DCF model arrives at its fair value.
Next Steps
If this mix of pressure and optimism around FDJ United feels finely balanced, it may be worth acting promptly and reviewing the data yourself before sentiment shifts. You can weigh those potential upsides against the concerns by checking the 2 key rewards and 4 important warning signs
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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