FDJ: Kindred takeover bid and annual sales hailed
This offer, at a price corresponding to an enterprise value of 2.6 billion euros for Kindred, is unanimously recommended by the target company's board of directors. It will open on February 19 for a maximum period of nine months.
We see this as a positive step, given the scale it would give to FDJ's online activities, particularly in a highly competitive market where building brands organically is extremely difficult," says Stifel.
Also highlighting FDJ's above-consensus sales and EBITDA margin on the back of a solid fourth-quarter performance, the broker maintains its 'buy' recommendation and €38 target on the stock.
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