FNAC DARTY | BUY Coverage initiated, EUR104 | The Contract of Confidence
In the past, investors bought into a recovery story that is now completed. Today, in a low-growth market, we believe that the group’s operating excellence (16% EPS CAGR over 2017/20e and PEG of 0.8x) justifies that investors still show an interest in a stock which is down 17% since January! We initiate coverage with a Buy rating (FV EUR104).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.
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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