External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

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

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tabcorp-holdings-ltd" target="_blank" data-smartkarma-citation="entities:6837:1" rel="noopener">Tabcorp Ltd (TAH AU)</a>’s demerger to create two standalone companies listed on the ASX, The Lottery Corporation and New Tabcorp, was approved today.</li>
<li>Subject to the scheme approved by the Court, the Lottery Corporation will trade on a deferred settlement basis on 24 May and a normal settlement basis on 2 June.</li>
<li>Peer derating due to the market sell-off results in a lower SoTP valuation of A$5.62 per share, which is still a 13% upside to the last close.</li>
</ul>



Tabcorp Ltd (TAH AU)’s demerger to create two standalone companies listed on the ASX, The Lottery Corporation and New Tabcorp, was approved today.
Subject to the scheme approved by the Court, the Lottery Corporation will trade on a deferred settlement basis on 24 May and a normal settlement basis on 2 June.
Peer derating due to the market sell-off results in a lower SoTP valuation of A$5.62 per share, which is still a 13% upside to the last close.


Tabcorp’s Demerger Approved Paving the Way to Unlock Value

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tabcorp-holdings-ltd" target="_blank" data-smartkarma-citation="entities:6837:1" rel="noopener">Tabcorp Ltd (TAH AU)</a>’s demerger will create two standalone companies listed on the ASX - The Lottery Corporation and New Tabcorp</li>
<li>The scheme meeting to approve the demerger will be held on 12 May at 10.00 am. The Lottery Corporation will trade on a normal settlement basis on 2 June.</li>
<li>This transaction aims to unlock value. Our SoTP valuation is A$6.13 per share, which is a 14% upside to the last close price of A$5.39 per share.</li>
</ul>



Tabcorp Ltd (TAH AU)’s demerger will create two standalone companies listed on the ASX - The Lottery Corporation and New Tabcorp
The scheme meeting to approve the demerger will be held on 12 May at 10.00 am. The Lottery Corporation will trade on a normal settlement basis on 2 June.
This transaction aims to unlock value. Our SoTP valuation is A$6.13 per share, which is a 14% upside to the last close price of A$5.39 per share.


Tabcorp’s Valuation Discovery into the Demerger

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 (VIC)

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

Tabcorp’s Demerger Approved Paving the Way to Unlock Value

The demerger was overwhelming approved. Peer derating due to the market sell-off results in a lower SoTP valuation of A$5.62, a 13% upside to the...

Arun George

Tabcorp’s Valuation Discovery into the Demerger

The scheme meeting to approve the demerger will be held on 12 May at 10.00 am. Our SoTP valuation is A$6.13 per share, which is a 14% upside to the...

Arun George

Price Gauge

52-week Range

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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 (VIC)

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

Tabcorp’s Demerger Approved Paving the Way to Unlock Value

The demerger was overwhelming approved. Peer derating due to the market sell-off results in a lower SoTP valuation of A$5.62, a 13% upside to the...

Arun George

Tabcorp’s Valuation Discovery into the Demerger

The scheme meeting to approve the demerger will be held on 12 May at 10.00 am. Our SoTP valuation is A$6.13 per share, which is a 14% upside to the...

Arun George

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...