FNAC DARTY: Conference call feedback: cost inflation to cut margin improvement by half in 2022 | BUY | EUR60 vs. EUR64
FNAC DARTY - BUY | EUR60 vs. EUR64Conference call feedback: cost inflation to cut margin improvement by half in 2022
FY 2022 to be another year of growth thanks to inflation/premiumization
EBIT margin improvement set to be more limited because of cost inflation
FCF set to drop slightly YoY
TP lowered from EUR64 to EUR60
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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