(News Bulletin 247) – Oddo BHF maintains its underperformance rating on the Fnac Darty share, with an unchanged price target of 30 euros.
Yesterday evening, Fnac Darty published a turnover of 1781 ME for the 1st quarter, slightly above the consensus.
‘The quarter is marked by a complicated economic environment and consumer expectations which are moving towards a trading down, although it is 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 indicates to remain cautious in the short term due to a weak macro environment and ill-oriented consumption, which is naturally reflected in the valuation at 8.7x PE 2023e and 5.4x EV/EBIT 2023.
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