CECONOMY |NEUTRAL, EUR10.4| Let the Storm Pass
The recent independence gained by Ceconomy has armed it for a recovery that will nevertheless take time to materialise. In the shorter term, numerous risks weighing on 2018 prompt us to remain cautious. We are therefore initiating coverage of Ceconomy with a Neutral recommendation (FV of EUR10.4), despite a high theoretical upside, and continue to favour Fnac Darty (Buy, FV of EUR108), which seems to boast a more suitable business model and better momentum in view of the potential partnerships to expect.Metro is a holding company. Through its subsidiaries, Co. is engaged in retail and wholesale. Co.'s operations are divided into four divisions: Metro Cash & Carry, Real, Media-Saturn and Galeria Kaufhof. The Metro Cash & Carry division operates in the cash and carry sector in Europe, Asia and Africa. The Real division is a hypermarket operator in Germany where it operates both stationary stores and an online store. The Media-Saturn division provides an assortment of brand products in consumer electronics retailing. The Galeria Kaufhof division operates department stores in Germany and Belgium. Co. is also a property manager through METRO PROPERTIES GmbH & Co. KG.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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