FNAC DARTY: Q1 surprisingly resilient, FY margins to hold but uncertainties about topline | BUY | EUR60
FNAC DARTY - BUY | EUR60Q1 surprisingly resilient, FY margins to hold but uncertainties about topline
Q1 sales only down 2%, better than expected and especially in France
Profitability is holding for now
Buy reiterated but forget the M&A speculation
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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