Fnac Darty - Extremely low valuation and a growing speculative dimension
Good earnings and cash flow resilience in 2023 in an inflationary and difficult household spending environmentThe Group is financially robust enough to face the next semesters, which are also expected to be economically complex, without major difficultiesValuation is very low at less than 0.1x EV/Sales, less than 2.5x EBITDA or even less than 0.5x Price-to-Book ratio, i.e. a discount of more than 50% to historical multiples since 2018 (after the merger, and the first collapse of the stock price when the market seemed to have stopped believing in the synergies between Fnac and Darty post-merger)Billionaire Daniel Kretinsky raised his stakeFnac 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.
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