FNAC DARTY NEUTRAL | EUR46 Trading statement confirming our EBIT expectations
Sales in May up 0.5% with noticeable release of pent-up demandH1 EBIT at -EUR54/74m
EUR900m in cash at end of May
Neutral reiterated with FV of EUR46
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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