Retailing Carrefour and Fnac Darty to test franchised Darty corners within two hypermarkets
Based on information leaked by trade unions, magazine Linéaires reported yesterday that Carrefour is about to test Darty corners under the franchise model, in two of its hypermarkets from September. As it makes sense and could be a win-win scenario for both Carrefour and Fnac Darty, in our core scenario, we believe c.50 units (av. size of 1,000m²) could be deployed within the next few years. It could allow: 1/ Carrefour to convert operating losses into rents (2%e of sales?) and; 2/ Fnac Darty to accelerate its development in France with an accretive store format (5.5%e EBIT margin vs. 3.6% for the group in 2017). Buy confirmed on both Carrefour (FV EUR22) and Fnac Darty (FV EUR108).
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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