Report
Clement Genelot

FNAC DARTY | Armed and Ready to Draw | BUY, EUR95 vs. EUR93

UPDATE | FNAC DARTY | Armed and Ready to Draw

Fnac Darty is better armed with a new growth/profitability profile… Following the recent integration of WeFix, BilletReduc, PC Clinic and Nature et Découvertes, we expect a more appealing growth/profitability profile including more services (c.9%e of sales by 2020) and new categories (c.6%e). This adjustment will be crucial in a deflationary consumer electronics market.
Underlying
Fnac Darty SA

Fnac Darty is engaged in the leisure and entertainment, technology, and household appliances retail market in France and a player on markets in other countries where it operates such as Spain, Portugal, Belgium, the Netherlands and Switzerland. Fnac Darty also has franchise operations in Morocco, Qatar and Ivory Coast.

Provider
Bryan Garnier
Bryan Garnier

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.

Analysts
Clement Genelot

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