Mr Bricolage SA - A change of business model which should help us to tackle the difficult months ahead
Significantly lower H1 results, but still largely positive balance sheet that allows us to look to the future with confidenceLimited visibility, but a business model that should enable us to weather any situation from now onA very low valuation, but also a low outlook for revaluationBuy opinion confirmed, but target price lowered to €11We'll have to be patient before a re-rating, given the minimalist communication.MR Bricolage SA. Mr Bricolage S.A. is a France-based company that specializes in the provision of do-it-yourself household improvement and garden products under two brands, Mr Bricolage and Catena. The Company is organized around three pivotal companies, Societe Mr Bricolage, which is both the parent company and owns the listing and purchasing center; Sadef, which is the main managerial company for the integrated shops, and TLS , which covers the logistics activities. In France, the Company operates 422 Mr Bricolage stores and 131 Catena stores. Mr Bricolage is also present in the French overseas territories, as well as in Belgium, Spain, Madagascar, Argentina, Uruguay, Bulgaria and Morocco. In May 15, 2013, it announced that it sold its shop in Saumur on March 30, 2013.
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