Report
Clement Genelot

FNAC DARTY: Feedback from roadshow with management | BUY | EUR94 vs. EUR93

FNAC DARTY - BUY | EUR94 vs. EUR93 (+34%)
Feedback from roadshow with management

Towards a more dynamic top line growth in 2019
Still levers to improve the EBIT margin towards 4.5-5%
M&A is likely in 2019, otherwise a dividend will be paid in 2020
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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