External reports (aggregated public sources), Value Investors Club

Value Investors Club

External reports (aggregated public sources)

Equity Bottom-Up

<ul><li>FDJ is a high-quality, low-cyclical business with a government-granted monopoly in France and ownership of the Irish lottery</li><li>Despite impressive cash flow and EBITDA growth, the share price has remained unchanged for four years</li><li>FDJ's acquisition of Kindred at an attractive price is expected to boost its prospects, and the company trades at a reasonable multiple with consistent organic growth opportunities</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

FDJ is a high-quality, low-cyclical business with a government-granted monopoly in France and ownership of the Irish lotteryDespite impressive cash flow and EBITDA growth, the share price has remained unchanged for four yearsFDJ's acquisition of Kindred at an attractive price is expected to boost its prospects, and the company trades at a reasonable multiple with consistent organic growth opportunitiesThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Francaise De Jeux (FDJ) - Monday, Sep 9, 2024

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>We expected a blandiloquent but bletcherous bump for <a href="https://www.smartkarma.com/entities/t-k-toka-co-ltd" target="_blank" data-smartkarma-citation="entities:18678:1" rel="noopener">T&amp;K Toka Co Ltd (4636 JP)</a>.  We got bletcherous.</li>
<li>With the Hang Seng Index dipping below the 15,000 mark earlier this week, time to dust off some old school perspective with Benjamin Graham's Net Nets.</li>
<li>JIC CEO Yokoo reckons the <a href="https://www.smartkarma.com/entities/jsr-corp" target="_blank" data-smartkarma-citation="entities:17620:1" rel="noopener">JSR Corp (4185 JP)</a> deal to be done by March-end. Language is vague. If that means to start by then, that's still 30% annualised.</li>
</ul>


We expected a blandiloquent but bletcherous bump for T&amp;K Toka Co Ltd (4636 JP).  We got bletcherous.
With the Hang Seng Index dipping below the 15,000 mark earlier this week, time to dust off some old school perspective with Benjamin Graham's Net Nets.
JIC CEO Yokoo reckons the JSR Corp (4185 JP) deal to be done by March-end. Language is vague. If that means to start by then, that's still 30% annualised.


Last Week in Event SPACE: T&K TOKA, Liquidated HK Stocks, JSR, Orecorp, Brilliance Auto, Hollysys

European Event-Driven Analyst

Jesus Rodriguez Aguilar

<ul>
<li>
<a href="https://www.smartkarma.com/entities/la-francaise-des-jeux" target="_blank" data-smartkarma-citation="entities:28427:1" rel="noopener">La Francaise des Jeux (FDJ FP)</a> seeks scale in online gaming and betting through a recommended SEK 130 all-cash offer for <a href="https://www.smartkarma.com/entities/kindred-group-plc" target="_blank" data-smartkarma-citation="entities:35677:1" rel="noopener">Kindred Group (KINDSDB SS)</a>, 24% premium, SEK 27,951 million implied equity value.</li>
<li>Minimum  acceptance condition is &gt;90%, which considering irrevocables, requires acceptances from 86.1% of the float. At 8.1x EV/Fwd NTM EBITDA, the offer looks slightly cheap vs. the median of comparables. </li>
<li>Gross spread is 6.2%, partly due to 10+ months before settlement. Spread should tighten after the Kindred EGM. This deal appears to be a solid bet. Long Kindred.</li>
</ul>



La Francaise des Jeux (FDJ FP) seeks scale in online gaming and betting through a recommended SEK 130 all-cash offer for Kindred Group (KINDSDB SS), 24% premium, SEK 27,951 million implied equity value.
Minimum  acceptance condition is &gt;90%, which considering irrevocables, requires acceptances from 86.1% of the float. At 8.1x EV/Fwd NTM EBITDA, the offer looks slightly cheap vs. the median of comparables. 
Gross spread is 6.2%, partly due to 10+ months before settlement. Spread should tighten after the Kindred EGM. This deal appears to be a solid bet. Long Kindred.


FDJ/Kindred: Consolidation Is Back in Online Gaming

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>2023 gameplan remains unchanged; we see limited upside from here for ACWI-US, and we expect a rangebound year of trading on ACWI-US with $93 capping upside and $75-77 capping downside</li>
<li>We also remain overweight Europe/UK, we want to add exposure on pullbacks to China/Hong Kong/EM, and overweight non-U.S. equities (MSCI ACWI ex-US) relative to MSCI ACWI</li>
<li>We highlight buy ideas within Technology, Communications, and Consumer Discretionary. The UK/Europe and Hong Kong/China continue to make up the majority of our buy recommendations</li>
</ul>


2023 gameplan remains unchanged; we see limited upside from here for ACWI-US, and we expect a rangebound year of trading on ACWI-US with $93 capping upside and $75-77 capping downside
We also remain overweight Europe/UK, we want to add exposure on pullbacks to China/Hong Kong/EM, and overweight non-U.S. equities (MSCI ACWI ex-US) relative to MSCI ACWI
We highlight buy ideas within Technology, Communications, and Consumer Discretionary. The UK/Europe and Hong Kong/China continue to make up the majority of our buy recommendations


Major Top on U.S. Dollar; Overweight Non-U.S. And Europe/UK; Buys in Tech, Comm., Discretionary

<ul>
<li>Major breakouts for UK's FTSE 100, STOXX Europe 50, and Germany's DAX (among others) continue to support our belief that non-U.S. equities are likely to outperform in the months/years ahead.</li>
<li>We continue to recommend adding exposure to China/Hong Kong, and to add exposure/remain overweight Europe and the UK; these remain our favorite areas to invest in the year ahead.</li>
<li>The UK/Europe and Hong Kong/China make up the majority of today's individual stock buy recommendations. Industrials, Materials, and Consumer Discretionary Sectors are all bullish and highlighted today -- add exposure.</li>
</ul>


Major breakouts for UK's FTSE 100, STOXX Europe 50, and Germany's DAX (among others) continue to support our belief that non-U.S. equities are likely to outperform in the months/years ahead.
We continue to recommend adding exposure to China/Hong Kong, and to add exposure/remain overweight Europe and the UK; these remain our favorite areas to invest in the year ahead.
The UK/Europe and Hong Kong/China make up the majority of today's individual stock buy recommendations. Industrials, Materials, and Consumer Discretionary Sectors are all bullish and highlighted today -- add exposure.


UK's FTSE 100, STOXX Europe 50 Breaking Out; Non-U.S. Outperformance to Continue, Buys in Cyclicals

France

La Francaise des Jeux provides gaming equipment. The Company specializes in lottery services. La Francaise des Jeux serves customers in France.

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La Francaise des Jeux (FDJ FP)

Francaise De Jeux (FDJ) - Monday, Sep 9, 2024

FDJ is a high-quality, low-cyclical business with a government-granted monopoly in France and ownership of the Irish lottery

Value Investors Club

Last Week in Event SPACE: T&K TOKA, Liquidated HK Stocks, JSR, Orecorp, Brilliance Auto, Hollysys

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

FDJ/Kindred: Consolidation Is Back in Online Gaming

La Francaise des Jeux makes a cash offer for Kindred Group to expand in online gaming and betting, offering a 24% premium and a slightly cheap...

Jesus Rodriguez Aguilar

Major Top on U.S. Dollar; Overweight Non-U.S. And Europe/UK; Buys in Tech, Comm., Discretionary

The $DXY broke below 5-year support at $103, signaling a major top in place. This is bullish for risk assets, and is another sign suggesting the...

Vermilion Research

UK's FTSE 100, STOXX Europe 50 Breaking Out; Non-U.S. Outperformance to Continue, Buys in Cyclicals

Recent major breakouts for the FTSE 100, STOXX Europe 50, and Germany's DAX (among others) continue to support our belief that non-U.S. equities...

Vermilion Research

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52-week Range

Market Cap (USDm)

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Francaise De Jeux (FDJ) - Monday, Sep 9, 2024

FDJ is a high-quality, low-cyclical business with a government-granted monopoly in France and ownership of the Irish lottery

Value Investors Club

Last Week in Event SPACE: T&K TOKA, Liquidated HK Stocks, JSR, Orecorp, Brilliance Auto, Hollysys

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

FDJ/Kindred: Consolidation Is Back in Online Gaming

​La Francaise des Jeux makes a cash offer for Kindred Group to expand in online gaming and betting, offering a 24% premium and a slightly cheap...

Jesus Rodriguez Aguilar

Major Top on U.S. Dollar; Overweight Non-U.S. And Europe/UK; Buys in Tech, Comm., Discretionary

The $DXY broke below 5-year support at $103, signaling a major top in place. This is bullish for risk assets, and is another sign suggesting the...

Vermilion Research

UK's FTSE 100, STOXX Europe 50 Breaking Out; Non-U.S. Outperformance to Continue, Buys in Cyclicals

Recent major breakouts for the FTSE 100, STOXX Europe 50, and Germany's DAX (among others) continue to support our belief that non-U.S. equities...

Vermilion Research

La Francaise des Jeux makes a cash offer for Kindred Group to expand in online gaming and betting, offering a 24% premium and a slightly cheap...