FNAC DARTY: The recent derating seems unjustified to us
FNAC DARTY: (BUY, Fair Value EUR108 (+29%))The recent derating seems unjustified to us
Fnac Darty’s share price has followed an erratic downward course since the beginning of the year and is now at -18% YTD. This derating seems unjustified to us as the market’s concerns must be seen in perspective given the ongoing relaunch of the group’s growth (FIFA World Cup, redesigning of product mix) and the removal of barriers which prevented the announcement of certain partnerships. Fnac Darty’s operating excellence still makes it a stock to play in a partnership and M&A approach in our view. Buy confirmed (FV EUR108).
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.
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