FDJ reported flat Q3 20 revenue even though stakes grew 6%. Importantly, stake growth suggests activity above the pre-pandemic levels, which, along with the incremental momentum in online, were key takeaways. Management also re-instated guidance, and now expects FY20 stake/revenue to decline by 6%/7%, respectively, and an EBITDA margin of 21%. We do not expect any significant change to our estimates, as the more than expected decline in the top line will be offset by a better than expected EBITD ....
15 Oct 2020
Strong Q3, but pandemic risks still lurk
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Strong Q3, but pandemic risks still lurk
La Francaise des Jeux SA (FDJ:PAR) | 0 0 0.0%
- Published:
15 Oct 2020 -
Author:
Virendra Chauhan -
Pages:
3
FDJ reported flat Q3 20 revenue even though stakes grew 6%. Importantly, stake growth suggests activity above the pre-pandemic levels, which, along with the incremental momentum in online, were key takeaways. Management also re-instated guidance, and now expects FY20 stake/revenue to decline by 6%/7%, respectively, and an EBITDA margin of 21%. We do not expect any significant change to our estimates, as the more than expected decline in the top line will be offset by a better than expected EBITD ....