FNAC DARTY - Too expensive in spite of satisfactory H2 and strong credit profile
Fnac Darty has published satisfactory 2H17 results on all fronts - Darty integration, top line, margins, and free cash flow. In H2, LFL sales increased by 3.1% yoy, with Q4 slowing down (+0.4%) after the exceptional but unsustainable 5.8% in Q3. This good performance was achieved amid challenging markets in spite of the better French macro, which drove market share gains. Management indicated that Black Friday was a success for the group, and it helped mitigate the Christmas seasonality with another peak period.
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Spread Research is France's first Rating Agency, registered by ESMA (European Securities and Markets Authority) and a leading European Independent Credit Research firm, founded in 2004 and based in Lyon, France. Our experienced team offer key research services using a wide range of investment strategies and research methodologies for the High Yield, Emerging Markets, Convertibles and Loan Markets.
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