Fnac Darty : A stellar performance of the notes since the issuance
In view of the strong outperformance delivered by Fnac Darty's 2024 and 2026 senior notes since their issuance at the end of April (+3.5 pts and +5.8 pts), we are taking advantage of the group's H1 2019 earnings release to reassess the attractiveness of the notes. Even if we maintain our stable credit opinion, we must admit that with a 0.5% YTW on the 2024 notes and a 1% YTW on the 2026 notes the potential for outperformance looks smaller. We are thus lowering our recommendation ...Fnac 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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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