FNAC DARTY SELL | EUR48 Mind the 17% gap between CS and 2021 EBIT guidance
FNAC DARTY SELL | EUR48 Mind the 17% gap between CS and 2021 EBIT guidanceMuch stronger than expected Christmas season
EBIT margin decline limited to 120bp in 2020
First 2021 guidance pointing to a 17% gap vs CS
2021 guidance validates our scenario and our Sell rating
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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