Fnac Darty: A Solid Company In A Fierce Environment

About: Fnac Darty SA (GRUPF)
by: Quentin Guimbert
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Quentin Guimbert
Long only, mid-cap, small-cap

In a competitive environment, expected revenue growth rates for the group look sluggish.

The group has track record in the execution of a sound operationnal strategy.

Sharp decline in the stock's price in 2018 represents an interesting entry point.

Investment thesis and presentation of the company:

FNAC-DARTY is a specialized French retailer existing both online and offline. The group is the result of Darty’s acquisition by FNAC in 2016. They have developed a multichannel