Report
Clement Genelot

Specialized Retailing: 2021: a lose-lose scenario for French specialized retailers

Specialized Retailing
2021: a lose-lose scenario for French specialized retailers

High risks ahead in Q1…
…with unattractive prospects for the remaining of 2021 regardless of how Covid situation develops
Valuation back to pre-Covid levels with risks of estimates downgrades
Fnac Darty: downgraded to Sell from Neutral
Maisons du Monde: downgraded to Neutral from Buy
Ceconomy: still a Buy
Underlyings
Fnac Darty SA

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.

Maisons du Monde SA

Maisons du Monde offers a range of decoration and furnishing items in a variety of styles and themes. At end-2016, Co. operated a network of 288 stores in seven countries, France, Italy, Spain, Belgium, Luxembourg, Germany, and Switzerland. It also operates an e-commerce platform available in 11 countries. Co.'s product offering contains approximately 16,000 stock-keeping units available in a range of prices. The offer falls into two categories: decorative products, such as household textiles, tableware and kitchenware, mirrors and picture; and furniture, such as beds, tables, chairs, armchairs and sofas, cupboards, bookshelves, junior furniture and outdoor furniture.

Provider
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

Other Reports on these Companies
Other Reports from Bryan Garnier

ResearchPool Subscriptions

Get the most out of your insights

Get in touch