Fnac Darty: EBIT miss, FCF beat and limited downside risk from now on
Following a mixed FY publication (EBIT miss, vague EBIT guidance, FCF beat), we now feel that downside risk is limited with the consensus rebasing at last and cash generation helping to set a floor. Upgrade from Sell to Neutral as the lack of short-term M&A speculation and uncertainties around
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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