Post-strong Q1 results with Tesco handling Asda even better than expected and slightly higher food inflation, we have lifted our FY25/26-27/28 FCF estimates by 5% and our PT from 387p to 418p. Although the stock has recovered from its April dip and is back at an all-time high since 2015 at 397p and
Continuing on from its previous plan, Fnac Darty has presented a 2030 strategic plan skewed towards the development of subscription services and the catch-up of Unieuro. We welcome this focus on services in a saturated market where growth and profitability can no longer rely on devices, but expect
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