Passat - Back to basics after failure in connected sports
New equity story linked to Echelon Fit fizzles outAt the end of 2022, the Group will attempt a new growth driver with the acquisition of the M6 Group's home-shopping activities (Best of TV).In our view, this is above all a defensive operation that will enable cost synergies and better absorption of structural costs, but which does not offer any prospects for organic growth, given that both companies are posting 2022 sales below 2016 levels.In H1, the decline in operating income was limited, with Best of TV's contribution offsetting the deterioration in results from the historical perimeter.The valuation is very low,Passat is engaged in the sale of products through video demonstration, catalogue and via television shows in Europe. In America, Co. sells its products through an exclusive partner which organizes advertising on TV.
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