Home Earnings Analysis Consumer  Summary FDJ United faces significant tax headwinds across France, the UK, and the Netherlands, pressuring revenue despite modest GGR growth. Q3 FY25 saw GGR rise 1% to €2.1B, but revenue fell over 3% to €895M, highlighting the impact of rising taxes on the take rate. FY26 guidance points to a slight revenue decline and EBITDA margin of 23–24%, with management expecting €786–820M EBITDA and a resilient +7% dividend yield. I maintain a negative 'Hold' rating, seeing FDJ as a bond proxy with limited upside, fair value at $26–32, and regulatory risks largely priced in. olrat/iStock Editorial via Getty Images Could the ' three-headed tax monster ' be the Fall of the Bastille for FDJ United ( LFDJF )?…