MAISONS DU MONDE: Q2 could be at least twice as bad as Q1 | NEUTRAL | EUR13
MAISONS DU MONDE - NEUTRAL | EUR13Q2 could be at least twice as bad as Q1
Q1 growth only down 13%, better than expected…
…but it doesn’t question our anticipation for -26% in Q2
All is about controlling OPEX and CAPEX to limit cash burn
Dividend unsurprisingly cut, Neutral reiterated
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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