MAISONS DU MONDE: No warning for 2018, but an engaging outlook for 2019 will be needed | NEUTRAL | EUR34 vs. EUR33
MAISONS DU MONDE - NEUTRAL | EUR34 vs. EUR33 (+63%)No warning for 2018, but an engaging outlook for 2019 will be needed
Reassuring Q4 sales as the guidance will be met
2018 EBITDA should also reach c.EUR145m
FV raised from EUR33 to EUR34 due to DCF roll-over
Neutral confirmed
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.
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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