FDJ United (FDJU.PA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+404.4%

€109.41

vs €21.69 price

Levered DCF

€120.23

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.36

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	24.86×	17.23×	14.73×	23.34×	25.29×	33.4×	34.04×	25.51×
P/B	4.49×	5.78×	5.85×	7.75×	8.97×	10.22×	8×	7.69×
P/S	1.19×	2.24×	2.39×	2.91×	3.3×	3.72×	2.33×	2.41×
EV / EBITDA	6.74×	10.63×	8.75×	12.07×	13.43×	17.31×	13.9×	13.05×
Gross margin	32.9%	55.4%	46.9%	42.3%	41.4%	40.6%	39.1%	38.9%
Operating margin	15.4%	17.2%	19.9%	18.7%	17.4%	16.9%	9.6%	14.2%
Net margin	4.8%	13.0%	16.2%	12.5%	13.0%	11.1%	6.8%	9.5%
Current ratio	0.64×	0.72×	0.79×	0.8×	0.75×	0.89×	0.67×	0.7×
Debt / equity	2.32×	1.96×	0.4×	0.51×	0.63×	0.78×	0.5×	0.18×
Interest coverage	6.32×	13.08×	76.63×	46.38×	65.5×	55.05×	62.9×	33.78×
Dividend yield	8.7%	4.8%	4.0%	3.2%	2.2%	1.2%	2.6%	2.9%
Payout ratio	215.3%	82.4%	59.6%	74.5%	56.7%	39.0%	88.9%	74.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	18.0%	33.5%	39.7%	33.3%	35.5%	30.6%	23.4%	30.2%
Return on invested capital	9.2%	10.2%	22.9%	22.0%	19.0%	16.8%	12.0%	19.3%
Return on assets	3.0%	6.1%	11.3%	9.2%	9.2%	7.3%	4.7%	7.7%
Free cash flow yield	11.3%	6.2%	8.0%	4.2%	7.0%	3.2%	3.0%	3.5%
Earnings yield	4.0%	5.8%	6.8%	4.3%	4.0%	3.0%	2.9%	3.9%
Enterprise value	€6B	€8.5B	€6.2B	€7.1B	€7.4B	€7B	€4.6B	€4.3B
Net debt / EBITDA	1.8×	2.06×	-0.16×	-0.08×	-0.15×	-0.32×	0.25×	-0.19×
Cash conversion cycle (days)	-9	-85	-107	-37	-37	-18	-28	-29