Report
Clement Genelot

Fnac Darty: beyond soft core 2025 guidance, what to expect from June strategic plan?

Post-FY, we have lifted our PT from EUR28 to EUR30 to reflect a MSD to HSD EPS raise (o/w DD Unieuro integration boost partly mitigated by softer core business). We expect the June CMD to focus on FCF generation with services, new businesses and Unieuro synergies fuelling margin recovery. Beyond a
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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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