FNAC DARTY : Oddo BHF confirms its analysis on the stock
April 21, 2023 at 05:19 am EDT
Share
Oddo BHF maintains its Underperform rating on Fnac Darty shares, with an unchanged target price of 30 euros.
Last night, Fnac Darty reported Q1 sales of 1781 ME, slightly above consensus.
The quarter was marked by a complicated economic environment and consumer expectations moving towards a trading down, albeit not yet significant," notes the analyst.
Fnac Darty also announced an agreement with MediaMarktConnect, a subsidiary of Ceconomy, to acquire 100% of their operations in Portugal.
Oddo BHF says it remains cautious in the short term due to a weak macro environment and sluggish consumer spending, which is naturally reflected in the valuation at 8.7x PE 2023e and 5.4x VE/EBIT 2023.
Copyright (c) 2023 CercleFinance.com. All rights reserved. The information and analyses published by Cercle Finance are intended solely as decision-making aids for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.
Fnac Darty is No. 1 in France for distribution of cultural and leisure products. The group's activity is organized into 4 divisions:
- distribution of cultural and IT products and consumer electronics: books, toys, gaming consoles, music CDs, telephones, IT products (computers, tablets, peripherals, software, etc.), hi-fi products (televisions, stereo systems, DVD readers and recorders), cameras and video recorders, MP3 players, DVD films, household appliances, etc. The company operates through a network of stores (owned nearly 1,000 points of sale as of the end of 2023 worldwide) and via the Internet;
- sales of photo developing services;
- distribution of event tickets: concerts, theater productions, operas, expositions, circuses, museums, etc.;
- travel sales (Fnac Voyages).
Net sales are distributed geographically as follows: France and Switzerland (82.7%), Iberian Peninsula (9.3%), Belgium and Luxembourg (8%).
FNAC DARTY 
