FNAC DARTY: 4% dividend yield might not be enough to recreate momentum | NEUTRAL | EUR61(+42%)
FNAC DARTY - NEUTRAL | EUR61(+42%)4% dividend yield might not be enough to recreate momentum
FY LfL decelerates to 0.7%
EBIT margin down 30bp to 4.0%
FCF remains healthy at EUR173m
Neutral reiterated despite a EUR1.5/share dividend payment
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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