Fnac Darty: model update post-warning
Post-Q3 and profit warning, we have cut our FY 2023-25 estimates by c.9% and our PT from EUR27 to EUR21. We now sit in line with the FY 2023 EBIT guidance and below the FY 2021-24 cumulative FCF guidance. Despite being undeniably cheap at 7x PE, we remain cautious with a reiterated Sell rating and
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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