Fnac Darty: Oddo BHF still a seller

(CercleFinance.com) - Oddo BHF maintains its underperform rating on Fnac Darty shares, with an unchanged target price of E30 (cp: E33.
8, -3.5%).

Last night, Fnac Darty published Q1 sales of E1,781m, just above the consensus.

The quarter was marked by a complicated economic environment and consumer trends that are moving towards "trading down", although this is not yet significant, notes the analyst notes.

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 near term, due to a weak macro environment and poor consumer sentiment, which is naturally reflected in the share's valuation of 8.7x 2023e P/E and 5.4x 2023 EV/EBIT.


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