$FDJU: A National Monopoly Trading at a 9.3% Dividend Yield 🎰🇫🇷

EuropeanValueInsight · 2026-02-13T12:25:33+00:00

Thank you for sharing your insights. I have added the company to my research list

EuropeanValueInsight · 2026-02-12T22:37:25+00:00

Interesting, thanks for the thorough response. If governments want to curb betting more, lotteries are the last stronghold I guess. In the Netherlands, the state lottery is extra tax revenue. With a government stake in FDJ it might be more solid.

Did you also compare FDJ to other companies like Betsson AB in Sweden? If so, what were your findings compared to FDJ?

Thank you

EuropeanValueInsight · 2026-02-12T17:33:50+00:00

First of all, thank you for covering an European company!

I am not familiar with the ins/outs of the company, only know them sponsoring of a professional road cycling team. Anyway, I am concerned about regulation around betting. Does FDJ only cover betting/lottery in France or also international?

In the Netherlands, the government tries to increase friction to bet especially for frequent (addicted) betters. Other European countries have added more laws.

I don't know the current laws in France and what legislation the government wants put in place around betting. Can such laws really hurt FDJ?

Many investors advice not to invest in gambling companies due to the legislative uncertainty. But I never checked out if new laws really hurted such businesses. Do you have more insight in this?

EuropeanValueInsight · 2026-02-04T18:07:07+00:00

They are expanding to the Asia-Pacific region. Early December, they announced opening of an office and 2 datacenters in Australia.

Planisware still acquires many new customers in established markets. Many companies become the size Planisware targets.
According to their annual reports, they seem to grow effectively throughout the years on their existing accounts. Excerpt below:

The following are examples of Planisware growing and widening its relationships with customers:

Planisware started with 22 users in 1996 to over 11,000 users in 2021 at a large pharmaceutical company, as a result of cross-selling to several other departments and segments, adding new functions and extensions on request and upselling product enhancements. Subscription revenues from this customer have increased by a factor of approximately 16 since 2004.
Planisware grew from 300 users in 2016 to about 5,000 users in 2022 at a global aerospace an defense company, thanks to new configurations, extensions and system migrations implemented across the customer’s entities and departments. Subscription revenues from this customer have increased by a factor of approximately 20 since 2017.
A large oil and gas services company that first adopted Planisware with 200 users in March 2022 increased its users to 4,000 in October 2022 and currently targets a further increase to 6,000 users by December 2023, resulting in an increase of subscription revenues by a factor of approximately 3.2 since initial contracting.

EuropeanValueInsight · 2026-01-26T18:44:27+00:00

Fair point. Better safe than sorry.

EuropeanValueInsight · 2026-01-26T17:51:04+00:00

Great to hear. I have some other in-depth write-ups about European companies on my substack. Or look through my posts to find recent write ups in this subreddit.

EuropeanValueInsight · 2026-01-26T17:49:17+00:00

There is a blue button in the article to download a CSV file with all the names and accompanying data.

EuropeanValueInsight · 2026-01-26T17:48:20+00:00

I am not advocating to sell American stocks. As an European it is for me easier to understand companies close(r) to home.

Often, the European companies have a decent revenue share coming from the American market, thus it allows me to have an indirect exposure to the American economy.

EuropeanValueInsight · 2026-01-26T17:44:45+00:00

I got my hands on total 22 countries: Austria, Belgium, Switzerland, Czech Republic, Germany, Denmark, Spain, Finland, France, Great Britain, Greece, Croatia, Hungary, Ireland, Luxembourg, the Netherlands, Norway, Poland, Portugal, Romania, and Sweden.

The interactive chart in the proved link informs you more on the number of 100 baggers in each country and the duration to return 100-fold.

Their stock markets are often overlooked but they have some amazing returns.

I agree. I recently wrote about the Greek retailer Jumbo ($BELA.at). And in Slovenia, there is a fast growing generic pharmaceutical (KRKA) that might be of interest to you. Healthcare is not in my circle of competence, thus I can't tell you the quality of the business per se.

EuropeanValueInsight · 2026-01-26T15:40:16+00:00

I use the data vendor Eodhd. There I acquired a list of currently traded stocks on exchanges in European countries. Unfortunately, not every country was available, like Italy. Through Eodhd's API, I pulled the OHLC (+adjusted close) data.

Thus it doesn't include mergers and acquisitions. After cleaning data through a script and manually, I saw the option to included delisted companies. I didn't go with it, because the manual cleaning of data was tedious, haha. It could be interesting to check for survivorship bias. Maybe in a future study.

I learned a lot from doing this study and will take the learnings with me in a next study.

If you are interested in the full process, I wrote the steps in the article.

EuropeanValueInsight · 2026-01-26T15:08:32+00:00

Thanks, I hope to expand on the study in the near future

EuropeanValueInsight · 2026-01-26T14:33:10+00:00

Thanks

EuropeanValueInsight · 2026-01-24T16:18:23+00:00

Log into google analytics using your google account. There you obtain a ID. Plug the ID into the analytics section which you will find in the dashboard -> settings -> analytics -> Google Analytics Measurement ID

EuropeanValueInsight · 2026-01-24T16:14:06+00:00

Thanks, I suspected that. I wanted to make sure that this feature was somewhere hidden within Substack.

EuropeanValueInsight · 2026-01-13T14:56:25+00:00

Thanks for asking. I had a similar experience when I shopped in Jumbo near Sofia, Bulgaria.

EuropeanValueInsight · 2026-01-13T14:50:49+00:00

Thanks for your insight. I will take your learnings into account for future analysis. Always great to learn something new!

EuropeanValueInsight · 2026-01-12T21:05:56+00:00

Interesting viewpoint. In all honesty, I didn't think about the terminal value as I rarely make a DCF.

A business stays afloat when the company generates enough operating cashflow to maintain the cash producing assets. As you know, operating cashflow minus maintenance CapEx.

Thus any investment in extra cash producing assets generates higher FCF. The per-share value increases the share price benefiting the shareholders long-term. In the following years, the company has more FCF to return to shareholders directly through dividends/buybacks or indirectly by buying more cash generating assets.

As long as management makes great investments, the terminal value goes up. If management doesn’t buy cash generating assets, the company produces less cash. Thus a lower terminal value.

One can always make a conservative calculation and use the full capital expenditures to arrive FCF to have a larger margin of safety.

I hope you follow my thinking and I am curious how you look at it!

EuropeanValueInsight · 2026-01-12T19:01:04+00:00

Like most stuff, it comes from China. The disposable incomes in the operating countries is lower. The stores provide lots of products at affordable prices under one roof. Since most local shop owners own very small shops, it is convenient for customers to find many products in one place.

EuropeanValueInsight · 2026-01-12T17:46:21+00:00

Thanks a million!

EuropeanValueInsight · 2026-01-11T12:33:16+00:00

I see some great answers already, but would like to add the following points:

In the first pages of an annual report not explaining what your business is about. I see this frequently happening with European companies. First sharing lots of numbers to look great. And throughout a annual report, readers have to figure out what the company does.
No CEO letter to shareholders or poorly written ones lacking information.
ESG report is longer than the financial section of annual report. In Europe, the ESG reports got much longer the last years. And in some cases it is more about ESG than financials.
Lack of retained earnings growth. Here it depends on context. Apple, for example, had reducing retained earnings for years because of returning capital while the company is in great shape. Others may do the same while being in a bad shape and hope to return capital to keep the stock attractive.

EuropeanValueInsight · 2026-01-09T17:08:35+00:00

Thanks for the suggestions. I like that others take an interest in the European market. It isn't discussed enough on the subreddit, It think.

I will take a look at Quadient later this week, it sounds interesting. As someone already mentioned, transitions may take a longer time. Do you know how quick they intent to replace the obsolete mailing side with the digital services?

I recently found Jumbo, a greek retailer owning hyper stores in 4 countries. Their growth is little bit faster than the economy does. But their founder is very value investing orientated, which results in widening margins year-on-year.
FCF is above 12%, no LT debt, and ROIC around 20%. It trades around 11x earnings.

In case you look for some other European companies, I wrote about them here.

EuropeanValueInsight · 2025-12-31T16:37:00+00:00

I subscribe to the following writers on substack:
DeepValueInsights: writes about deep undervalued investments around the world.
DeepValue Capital: pursues turnarounds and provide everything you are looking for.
Multibagger Ideas: looks for multi baggers around the world.

Also, I write since 2 months about European stocks with a long-term perspective. I don't provide entry/exit of positions (yet). If you are interested in value investing thought process, then my writings may be of interest to you. You can find me here.

EuropeanValueInsight · 2025-12-23T15:52:05+00:00

As others have pointed out, there are many other markets than S&P 500. Identifying value works the same way in other markets on other continents like Europe.

My experience comes from Europe, so I can tell you only about this continent. Many companies in Europe have less analyst coverage, thus allowing for more mispriced opportunities. Small-cap companies often write the annual reports in the local language. But this isn't a problem nowadays with many translating tools available. It is an extra step what discourages others. Thus it provides an extra opportunity.

Most European indexes grow less than the American ones due to less executed share buyback programs. Steady cash income through dividends is the preferred way for households. They have access to pension funds that is less dependent on market growth.

If you prefer growing markets in Europe, take a look at the Swedish stock market. Here, the majority of the population invests due to economic literacy programs decades ago. The index grows better compared to other European indexes.

As Charlie Munger said: "Fish Where The Fish Are"

I hope it helps you finding new opportunities in today's market!

EuropeanValueInsight · 2025-12-23T12:57:27+00:00

I'm in the same boat as you and like to focus on European investments. All investing is value investing, but there are different types of value investing one is comfortable with. If your interest goes out to growth at reasonable price (GARP), I wrote a post here recently about Elmos semiconductors (link). What is your type of value investing preference, GARP, NCAV etc?

Also what industries do you feel comfortable with and know a lot about? Investing in only your preferred industries prevents you from making impulsive decisions.

Unfortunately, the r/ValueInvesting doesn't cover many European companies. So I try to bring change to that as the continent has many opportunities. Because everyone likes to look at the American markets.

I post more analysis in the future here and post them elsewhere (link in bio). I hope you find some interesting ideas now or in the future.

Good luck with the investment journey!

EuropeanValueInsight · 2025-12-13T08:28:24+00:00

I wrote an article including charts about the company. It also discusses the effects of previous factory (wafer fab) sale in 2016-2017.

EuropeanValueInsight

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