FNAC DARTY

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.
  • TickerA1T95K
  • ISINFR0011476928
  • ExchangeEuronext Paris
  • SectorGeneral Retailers
  • CountryFrance

Analysts

Alfred Glaser ...
  • Aurelien Sivignon
  • Christophe Chaput
  • Delphine Brault
  • Emmanuel Matot
  • Geoffroy Michalet
  • Hela Zarrouk
  • Jean-François Granjon
  • Jeremy Garnier
  • Johanna Jourdain
  • Laurence Hofmann
  • Martial Descoutures
  • Nicolas Thorez
  • Oussema Denguir
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 10/18/2019

...

Christophe Chaput ...
  • Geoffroy Michalet

Fnac Darty : Q3 2019 sales in line with our expectations, but gross margin deteriorating

>Q3 sales contained no surprises - For its Q3, FNAC-DARTY reported sales of € 1,816m, growth of 3.7% incl. +1.7% LFL. These estimates are in line with our expectations (€ 1,817 million / +3.7% including +1.5% LFL) but slightly below the consensus (€1,831 million / +4.6% including +2.4% LFL).France (77% Q3 2019 sales): +2.8% of which +0.4% LFL. In a context of weak consumer spending (French banks data down -0.8% in Q3), FNAC-DARTY continues to outperform and gain ...

Alfred Glaser ...
  • Aurelien Sivignon
  • Christophe Chaput
  • Delphine Brault
  • Emmanuel Matot
  • Geoffroy Michalet
  • Hela Zarrouk
  • Jean-François Granjon
  • Jeremy Garnier
  • Johanna Jourdain
  • Laurence Hofmann
  • Martial Descoutures
  • Nicolas Thorez
  • Oussema Denguir
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 18/10/2019

...

Florent Thy-tine

FNAC DARTY - Q3 2019. A Bit Weak

FNAC DARTY - Q3 2019. A Bit Weak

Clement Genelot

FNAC DARTY: H2 will be tougher than anticipated in terms of gross margin | BUY | EUR92 vs. EUR95 (+55%)

FNAC DARTY - BUY | EUR92 vs. EUR95 (+55%) H2 will be tougher than anticipated in terms of gross margin Q3 sales broadly in line with expectations Gross margin still down c.70bp in Q3 Time to lower gross margin and EBIT margin estimates for 2019 Buy confirmed with FV lowered to EUR92

Anthony Giret

FNAC DARTY- 1H18 Comments

Fnac Darty has published another set of satisfactory results for 1H18, despite a slight decline in the top line. Sales decreased by 0.5% yoy to €3.2bn in H1, with LFL of -0.4%, due to theweak consumption environment in France, mainly in the competitive IT market (expected growth in household consumption spending for engineered goods is 1.4% for 2018, against 2.6% in 2017), and strikes in Q2. 

Anne-Barbara Nicco, CFA

Fnac Darty : The Carrefour option is also a catalyst for the credit

>Wednesday 05 July 2017 - Shareholders - Artemis - 24.7% - Knight Vinke - 11.6% - Vivendi - 11.3% - DNCA - 9.4% - Prudential - 4.9% - Free float - 38.0% - - Secondary market spreads - Issuer - Rating - Maturity - YTW - Fnac Darty - Ba2/BB - 2023 - 1.8% - Faurecia - Ba3 - 2023 - 1.7% - Rexel - Ba3/BB- - 2023 - 1.8% - Ardagh - Ba3/BB- - 2023 - 1.8% - - Indicative spreads - - / - Source: Bloomberg - Equity data - Recommendation: Buy - Target: € 75 - Equity analyst: Nicolas Kieffer - [email protected] - 33 (0)1 44 51 87 95 - ESG analyst: - - Corporate governance: -- - / - / - Alexandre Bompard a...

Anne-Barbara Nicco, CFA

Fnac Darty : L’option Carrefour comme catalyste aussi sur le crédit

>Alexandre Bompard a annoncé son départ de la présidence de Fnac Darty pour succéder à Georges Plassat à la tête de Carrefour. - Dans son étude du 02/06/2017 « La clé de l’option Bompard : un scénario de fusion Carrefour & Fnac/Darty », notre équipe de recherche equities estimait que la clé de l’arrivée de Mr Bompard chez Carrefour serait l’accord du Conseil d’Administration de ce dernier pour un rapprochement entre Carrefour et le groupe Fnac Darty, une hypothèse séduisante sur le plan managérial et économique pour les deux groupes qui dépasseraient en France le géant Amazon. Un potentiel d’u...

Christophe Chaput ...
  • Geoffroy Michalet

Fnac Darty : Q3 2019 sales in line with our expectations, but gross margin deteriorating

>Q3 sales contained no surprises - For its Q3, FNAC-DARTY reported sales of € 1,816m, growth of 3.7% incl. +1.7% LFL. These estimates are in line with our expectations (€ 1,817 million / +3.7% including +1.5% LFL) but slightly below the consensus (€1,831 million / +4.6% including +2.4% LFL).France (77% Q3 2019 sales): +2.8% of which +0.4% LFL. In a context of weak consumer spending (French banks data down -0.8% in Q3), FNAC-DARTY continues to outperform and gain ...

Florent Thy-tine

FNAC DARTY - Q3 2019. A Bit Weak

FNAC DARTY - Q3 2019. A Bit Weak

Clement Genelot

FNAC DARTY: H2 will be tougher than anticipated in terms of gross margin | BUY | EUR92 vs. EUR95 (+55%)

FNAC DARTY - BUY | EUR92 vs. EUR95 (+55%) H2 will be tougher than anticipated in terms of gross margin Q3 sales broadly in line with expectations Gross margin still down c.70bp in Q3 Time to lower gross margin and EBIT margin estimates for 2019 Buy confirmed with FV lowered to EUR92

Florent Thy-tine

FNAC DARTY - T3 2019 (-) Un peu faible

FNAC DARTY - T3 2019 (-) Un peu faible

Christophe Chaput ...
  • Geoffroy Michalet

Fnac Darty : CA T3 en ligne avec nos attentes, mais la marge brute se dégrade

>CA T3 sans surprise - Au titre de son T3, FNAC-DARTY a publié hier soir un CA de 1 816 M€, en croissance de 3.7% dont +1.7% LFL. Ces estimations ressortent en ligne avec nos attentes (1 817 M€ / + 3.7% dont +1.5% LFL) mais un peu en dessous du consensus (1 831 M€ / +4.6% dont +2.4% LFL).FRANCE (77% CA T3) : en croissance de 2.8% dont +0.4% LFL. Dans un contexte de consommation faible (données banques de France en recul de -0.8% sur le T3), FNAC-DARTY continue de...

1 director sold

A director at Fnac Darty sold 11,873 shares at 59.981EUR and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board me...

Alfred Glaser ...
  • Aurelien Sivignon
  • Christophe Chaput
  • Delphine Brault
  • Emmanuel Matot
  • Geoffroy Michalet
  • Hela Zarrouk
  • Jean-François Granjon
  • Jeremy Garnier
  • Johanna Jourdain
  • Laurence Hofmann
  • Martial Descoutures
  • Nicolas Thorez
  • Oussema Denguir
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 10/18/2019

...

Alfred Glaser ...
  • Aurelien Sivignon
  • Christophe Chaput
  • Delphine Brault
  • Emmanuel Matot
  • Geoffroy Michalet
  • Hela Zarrouk
  • Jean-François Granjon
  • Jeremy Garnier
  • Johanna Jourdain
  • Laurence Hofmann
  • Martial Descoutures
  • Nicolas Thorez
  • Oussema Denguir
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 18/10/2019

...

Christophe Chaput ...
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Geoffroy Michalet
  • Hana Maalej
  • Jeremy Garnier
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 10/11/2019

Although there are questions about whether the group's French telecoms business (32% of revenues) has reached maturity, we are expecting it to show organic growth north of 12% out to 2021. Based on relatively cautious estimates for the international business, consolidated organic growth should average 14% per annum over 2019-2021, to which M&A and subcontracting deals must be added. Amid today’s market turbulence, the current share price is an insufficient reflection of the group’s bu...

Christophe Chaput ...
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Geoffroy Michalet
  • Hana Maalej
  • Jeremy Garnier
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 11/10/2019

Alors que se pose la question de la maturité de l’activité Télécoms France (32% du CA), nous anticipons une croissance org >12% d’ici 2021e. Avec des estimations relativement prudentes sur l’International, la croissance org. groupe devrait se situer à 14% en moyenne par an sur 2019/2021e, à laquelle s’ajouteront le M&A et les « deals ». Dans un contexte boursier agité, le cours actuel sous-valorise le groupe dans son périmètre actuel (11.0 €) et encore plus le potentiel de futures opé...

Benoit Valleaux ...
  • Christophe Chaput
  • Emmanuel Matot
  • Geoffroy Michalet
  • Hana Maalej
  • Hela Zarrouk
  • Jean-François Granjon
  • Jeremy Garnier
  • Johanna Jourdain
  • Martial Descoutures
  • Nicolas Thorez
  • Pierre Corby
  • Roland Pfaender

ODDO BHF Small & MIDCAP MORNING NEWS - 04/17/2019

At 9.7x 2020e EBITDA the market is yet to factor in Voltalia’s short-term growth targets (1 GW at end-2020). However, at only eighteen months from this deadline, the majority of the projects that will be necessary to achieve this target are under already construction and the pipeline of 6.2 GW guarantees continued growth beyond 2020. After two years of stock market stability we think that the short-term acceleration in installed capacity will lead to a revaluation in the multiples and...

Thanks to a better fundamental star rating, FNAC DARTY SA sees an upgrade to Neutral

The independent financial analyst theScreener just awarded an improved star rating to FNAC DARTY SA (FR), active in the Specialty Retailers industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 2 out of 4 possible stars. With regard to its market behaviour, it remains unchanged and can be qualified as moderately risky. theScreener considers that these elements allow slightly upgrading its rating to Neutral. As of the analysis date July 2, 2019, the closing price was EUR 66.60 and its expected value was estimated at EUR 68.53.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Fnac Darty : € 650m senior notes remastered

Fnac Darty announced the launch of a € 650m senior notes offering in two tranches: i) € 300m maturing in 2024 (NC2) and € 350m maturing in 2026 (NC3). The objective is to fully redeem Fnac Darty’s outstanding € 650m 3.25% 2023 senior notes. - >An early redemption using the make-whole premium - The Fnac Darty 2023 notes are not callable before 30 September 2019 at 101.625%. An early redemption implies using the make-whole premium (Bund+50bp), giving a redemption price ...

Fnac Darty : Back dans les bacs

Fnac Darty lance une nouvelle émission obligataire de 650 m EUR en deux tranches : i) 300 m EUR de maturité 2024 (NC2) et ii) 350 m EUR de maturité 2026 (NC3). L’objectif est de rembourser l’intégralité des obligations Fnac Darty existantes, soit 650 m EUR de maturité 2023 et de coupon 3.25%. - >Un rachat anticipé via la prime de make-whole - Les obligations Fnac Darty 2023 ne sont callable qu’à partir du 30/09/19 (à 101.625%). Les rembourser par anticipation avant ce...

Anne-Barbara Nicco, CFA

Fnac Darty : Vers un upgrade l’an prochain

A la suite de la publication des résultats S1 2018, nous conservons notre avis crédit Positif sur la signature. Malgré un attrait spéculatif moindre à court terme (Carrefour, Ceconomy), les performances stand alone en termes de progression de la marge opérationnelle et de génération de cash devraient, selon nous, permettre à la société de retrouver une situation de cash net fin 2018 et de probablement bénéficier d’un upgrade de son rating début 2019. - - >Le prix de l’oblig...

Anne-Barbara Nicco, CFA

Fnac Darty : Heading towards an upgrade next year

Following the release of H1 2018 results, we maintain our Positive credit opinion on the issuer. Despite a less speculative appeal in the short term (Carrefour, Ceconomy), the company's stand-alone performances in terms of operating margin growth and cash generation should enable it regain a net cash position at the end of 2018 and probably benefit from a rating upgrade in early 2019. - - >The 3.25% 2023 FNACFP senior notes’ price remained unchanged after the release of int...

Clement Genelot

Retail & E.commerce: Consumer Q2 2019 Top Pick List: Fnac Darty

Retail & E.commerce Consumer Q2 2019 Top Pick List: Fnac Darty Looking back at Q1: post-Yellow Vests rebound and short-squeeze What we see for Q2: first signs of improving retail environment in France Fnac Darty: buy resilient prospects at a discount

Florian Béchaz

Fnac - Assemblée générale des actionnaires du 23 mai 2019

Cette année la société propose de modifier ses statuts pour permettre la mise en place d'un échelonnement des mandats des membres du conseil. De ce fait, la société propose 3 renouvellements et 3 nominations. Au regard de la bonne indépendance du conseil, la quasi-totalité de ces résolutions seront soutenues à l'exception de celle de Daniela Weber-Rey du fait de son taux de participation faible et non expliqué. Par ailleurs la société propose d'augmenter la rémunération fixe d'Enrique Martinez de 200 000 € ce qui implique une hausse potentielle de sa rémunération totale de 55%; De plus cette ...

Jehanne Leroy

Proxy Report - 18/05/2018

Le nouveau second actionnaire (SFAM) propose deux candidatures en résolutions externes (A et B), non agrées par le conseil d'administration. SFAM est aussi partenaire commercial de FNAC DARTY (assurance de mobiles et produits multimédia). Le conseil a échangé et discuté avec le nouveau premier actionnaire, Ceconomy, arrivé en juillet 2017 et exerçant certaines activités concurrentes à l'étranger, afin de trouver des candidatures indépendantes au conseil. Ainsi Ceconomy a proposé Mesdames Weber-Rey, Delphine Mousseau et Caroline Grégoire Sainte Marie comme administratrices indépendantes. Par a...

SRI Quantitative KPIs

Les analyses Gaïa sont des analyses ESG (Environnement, Social, Gouvernance) dediees aux entreprises de tailles intermediaires (PME, ETI) françaises. Elles presentent 120 indicateurs quantitatifs sur les trois derniers exercices.

Matthieu DRIOL

Analyse court terme - GROUPE FNAC : La reprise est une consolidation.

La tendance de fond est clairement orientée à la baisse. Le MACD est négatif, il confirme cette tendance. La reprise est une consolidation qui va buter sur 69,50 € prochainement. Le prochain objectif est à 55,00 €, puis 52,70 €. Le franchissement de 84,60 € remettrait en cause la suite de la baisse.

Matthieu DRIOL

Short term view - GROUPE FNAC : Rising consolidation.

The background trend is clearly bearish. The negative MACD confirms the trend. The rise is a consolidation that will soon bump against the level at €69.50. The next target is at €55.00, then €52.70. Passing €84.60 would question the continuation of the fall.

Matthieu DRIOL

Short term view - GROUPE FNAC : Rising consolidation.

The background trend is clearly bearish. The negative MACD confirms the trend. The rise is a consolidation that will soon bump against the level at €69.50. The next target is at €55.00, then €52.70. Passing €84.60 would question the continuation of the fall.

Matthieu DRIOL

Analyse court terme - GROUPE FNAC : La reprise est une consolidation.

La tendance de fond est clairement orientée à la baisse. Le MACD est négatif, il confirme cette tendance. La reprise est une consolidation qui va buter sur 69,50 € prochainement. Le prochain objectif est à 55,00 €, puis 52,70 €. Le franchissement de 84,60 € remettrait en cause la suite de la baisse.

Valérie GASTALDY

Analyse moyen terme - GROUPE FNAC : Le mouvement se poursuit.

La tendance est baissière. Le mouvement se poursuit. Le prochain objectif est à 54,30 €, puis 46,00 €. Le franchissement de 70,00 € remettrait en cause la suite de la baisse.

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