FDJ United stock: fair value
FDJU.PAThe fair value of FDJ United under our model is $91.00, the price is 74% below.
The fair value is an estimate from our model, not a price target.
Daily figure as of 13 Nov 2026
Valuation signal
Possible value trapIn our model the price counts as cheap below $75.83 and expensive above $113.74 (uncertainty low, based on the price swings of the past year).
Calculated with a cost of equity of 7.8%. At 8.8% the fair value would be $75.54, at 6.8% it would be $114.20.
Possible value trap: looks cheap, but high risk.
Where the number comes from
From the cash-flow model alone; after a one-off collapse in earnings there is no industry value.
Ten-year cash-flow model from smoothed free cash flow and its past growth until it reaches 2.8%. Discounted at 7.8% (floor: government bond yield 2.8% plus 5 percentage points, since beta 1 times the risk premium would give less); no analyst estimates were available.
Calculate with your own assumptionsThe calculation step by step
With these figures the cash flow model arrives at $91.00 per share: free cash flow for the next ten years, each year discounted to today at 7.8%, plus the terminal value for the years after. The table explains the calculation; it is not a recommendation.
Calculation as a table
| Year | Free cash flow | Source | Discount factor | Present value (discounted at 7.8%) |
|---|---|---|---|---|
| 2026 | $719.54M | extrapolated at 11.2% | 0.9278 | $667.61M |
| 2027 | $781.81M | extrapolated at 8.6% | 0.8608 | $673.02M |
| 2028 | $835.69M | extrapolated at 6.9% | 0.7987 | $667.47M |
| 2029 | $882.98M | extrapolated at 5.7% | 0.7410 | $654.33M |
| 2030 | $925.31M | extrapolated at 4.8% | 0.6876 | $636.21M |
| 2031 | $964.08M | extrapolated at 4.2% | 0.6379 | $615.02M |
| 2032 | $1B | extrapolated at 3.8% | 0.5919 | $592.12M |
| 2033 | $1.04B | extrapolated at 3.5% | 0.5492 | $568.45M |
| 2034 | $1.07B | extrapolated at 3.3% | 0.5095 | $544.63M |
| 2035 | $1.1B | extrapolated at 3.1% | 0.4727 | $521.07M |
| Step | Value |
|---|---|
| Sum of present values (ten years) | $6.14B |
| Terminal value: cash flow 2035 × (1 + 2.8%) / (7.8% − 2.8%) | $22.66B |
| Present value of terminal value (× 0.4727) | $10.71B |
| Equity value (sum plus present value of terminal value) | $16.85B |
| Shares (diluted) | 185.19M |
| Value per share (equity value divided by shares) | $91.00 |
| Fair value (from the cash flow model alone) | $91.00 |
The model uses free cash flow after interest, which belongs to shareholders, discounted at the cost of equity. Net debt is therefore not deducted again.
Data status and sources
- Score
- Daily value of 13 Nov 2026, recalculated nightly
- Price
- Closing price of 12 Nov 2026
- Latest annual report
- Fiscal year 2025, period end 31 Dec 2025
- Currency
- Amounts in US dollars, converted at the ECB reference rate of 12 Nov 2026 ($1 = €0.9024)
- Source
- Financial statements, ratios and prices from Financial Modeling Prep (FMP), based on the company's reports. MEQIRI calculates the score and fair value from them.
Mandatory disclosures for this rating
- ; time horizon around 12 months
- Rated Neutral, published since 7 Nov 2026 (in the score history since 18 Oct 2026)
- Valuation signal Fairly valued since 7 Nov 2026
- End-of-day prices, metrics cached for up to 24 hours
- Score and fair value are estimates from a disclosed model. They are not facts and not a price target.
- Produced by SSM Ventures UG (haftungsbeschränkt), responsible person Sven Brostmeyer, Managing Director, automatically according to the disclosed model.
- Not investment advice. Losses up to and including a total loss are possible. Personal circumstances are not considered.