Fnac Darty SA (FNAC.PA) | Investment Case

1. Company Snapshot

1.a. Company Description

Fnac Darty SA engages in the retail of entertainment and leisure products, consumer electronics, and domestic appliances in France and Switzerland, Belgium and Luxembourg, and the Iberian Peninsula.The company offers consumer electronics, including desktop computers, laptops, tablets, software, printers, e-readers, telephones and office products, and accessories, as well as various connected products; cameras and photography accessories; televisions and video accessories, such as DVD players, Blu-Ray players, and other accessories; and audio items and accessories comprising MP3 players, headphones, docking stations, and related accessories.It also provides editorial products that include hard copy and digital books; discs comprising music CDs, and video DVDs, and Blu-Ray discs; video games and gaming consoles; and gadgets, T-shirts, musical instruments, and others.

In addition, the company offers refrigerators/freezers, cooking equipment, dishwashers, and washing machines/dryers; vacuum cleaners, food processors, and body care and water/air treatment appliances; and kitchen units, home and design products, games and toys, urban mobility, stationery, and wellbeing products.Further, it provides warranty extension, product insurance sale, repair-related subscription sale, after-sale, and delivery and installation services; rental services for consumer electronics and delivery services; ticketing and gift boxes; and membership cards for the company's loyalty programs.The company sells its products through its stores and e-commerce websites.

It operates 957 points of sale, including 390 franchises.The company was founded in 1954 and is headquartered in Ivry-sur-Seine, France.

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1.b. Last Insights on FNAC

Fnac Darty's recent performance was driven by a 2.1% increase in revenue in Q2 2025 and a 0.7% LFL growth in H1 2025. The company's gross margin rate rose by 60 bps, reaching 28.9% in H1 2025. The growth in online business was significant, with an almost 8% increase. Additionally, the company's operating margin is expected to grow by +15 bps in 2025. The implementation of the share buyback program, which was amended to increase the maximum amount to be purchased, is also a positive factor.

1.c. Company Highlights

Last Price	28.4
Change Percentage	-1.56%
Open	28.85
Previous Close	28.85
Market Cap ( Millions)	833
Volume	18192
Year High	35.4
Year Low	23.6
M A 50	28.34
M A 200	29.67

FCF Yield	22.16%
Dividend Yield	3.52%
ROE	1.46%
Debt / Equity	181.06%
Net Debt / EBIDTA	456.45%
Price To Book	0.55
Price Earnings Ratio	36.38
Price To FCF	4.51
Price To sales	0.09
EV / EBITDA	6.17

2. Transcript Summary

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3. NewsRoom

Should JD.com’s (JD) Ceconomy Bid and Margin Strain Require Action From Investors?

Dec -04

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Fnac Darty: Number of shares and voting rights as of November, 30 2025

Dec -01

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Paris on alert as China’s JD.com targets French retailer Fnac Darty

Nov -25

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Fnac Darty: Number of shares and voting rights as of October, 31 2025

Nov -03

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Fnac Darty: LFL revenue up +1.6% in Q3 2025 and +1.0% in 9M 2025

Oct -22

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Fnac Darty: Number of shares and voting rights as of September, 30 2025

Oct -03

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Inaugural Ivalua TechX Event Unites Procurement and Technology Leaders

Oct -03

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Does Recent Fnac Darty Rebound Signal an Improved Outlook for 2025?

Sep -21

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (2.29%)

6. Segments

Consumer Electronics

Expected Growth: 3%

Fnac Darty SA's 3% growth in Consumer Electronics is driven by increasing demand for gaming consoles, smart home devices, and high-end smartphones. Additionally, the company's strong online presence, competitive pricing, and loyalty programs contribute to its market share gain. Furthermore, the rise of e-sports and streaming services fuels demand for high-performance gaming PCs and accessories.

Domestic Appliances

Expected Growth: 1.5%

Fnac Darty SA's 1.5% growth in Domestic Appliances is driven by increasing demand for smart home devices, energy-efficient products, and online sales growth. Additionally, the company's strong brand portfolio, including Fnac and Darty, contributes to its market share. Furthermore, the rise of the French economy and consumer spending also support the segment's growth.

Editorial Products

Expected Growth: 1.2%

Fnac Darty SA's Editorial Products segment growth of 1.2% is driven by increasing demand for online content, expansion of e-book offerings, and strategic partnerships with publishers. Additionally, the company's focus on omnichannel retailing and investments in digital platforms have enhanced customer experience, contributing to the segment's growth.

Other Products and Services

Expected Growth: 2.5%

Fnac Darty SA's 2.5% growth in Other Products and Services is driven by increasing demand for consumer electronics, expansion of e-commerce platforms, and strategic partnerships with suppliers. Additionally, the company's focus on omnichannel retailing and investments in digital transformation have contributed to the growth.

7. Detailed Products

Electronics

Fnac Darty SA offers a wide range of electronic products including TVs, laptops, smartphones, tablets, and gaming consoles from top brands.

Home Appliances

The company sells a variety of home appliances such as refrigerators, washing machines, air conditioners, and kitchen utensils from well-known brands.

Cultural Products

Fnac Darty SA offers a range of cultural products including books, music, DVDs, and video games.

Services

The company provides various services such as installation, maintenance, and repair of electronic devices and home appliances.

E-books and Digital Content

Fnac Darty SA offers a selection of e-books, digital music, and video streaming services.

8. Fnac Darty SA's Porter Forces

Forces Ranking

Threat Of Substitutes

Fnac Darty SA operates in the retail industry, where substitutes are readily available. However, the company's strong brand presence and diversified product offerings mitigate the threat of substitutes to some extent.

Bargaining Power Of Customers

Fnac Darty SA operates in a highly competitive market, where customers have numerous options. The company's customers have significant bargaining power, which can lead to price sensitivity and reduced profitability.

Bargaining Power Of Suppliers

Fnac Darty SA has a diversified supplier base, which reduces the bargaining power of individual suppliers. The company's scale of operations also gives it negotiating power with suppliers.

Threat Of New Entrants

While there are barriers to entry in the retail industry, new entrants can still disrupt the market. Fnac Darty SA's established brand presence and scale of operations provide some protection against new entrants.

Intensity Of Rivalry

The retail industry is highly competitive, with numerous players vying for market share. Fnac Darty SA faces intense competition from both online and offline retailers, which can lead to pricing pressure and reduced profitability.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	43.44%
Debt Cost	3.95%
Equity Weight	56.56%
Equity Cost	11.44%
WACC	8.18%
Leverage	76.81%

11. Quality Control: Fnac Darty SA passed 4 out of 9 key points

Strong Liquidity

Low Deb

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Card Factory

A-Score: 5.4/10

Value: 8.5

Growth: 4.2

Quality: 6.5

Yield: 3.8

Momentum: 6.0

Volatility: 3.3

1-Year Total Return ->

Pets at Home

A-Score: 5.2/10

Value: 7.8

Growth: 4.9

Quality: 5.8

Yield: 7.5

Momentum: 1.0

Volatility: 4.3

1-Year Total Return ->

Halfords

A-Score: 5.1/10

Value: 9.1

Growth: 3.1

Quality: 3.1

Yield: 7.5

Momentum: 4.0

Volatility: 3.7

1-Year Total Return ->

Matas

A-Score: 5.0/10

Value: 6.4

Growth: 6.2

Quality: 3.5

Yield: 2.5

Momentum: 5.0

Volatility: 6.7

1-Year Total Return ->

Fnac Darty

A-Score: 4.6/10

Value: 7.6

Growth: 2.7

Quality: 1.6

Yield: 6.2

Momentum: 5.5

Volatility: 4.3

1-Year Total Return ->

IVS Group

A-Score: 3.0/10

Value: 3.1

Growth: 2.9

Quality: 2.5

Yield: 1.2

Momentum: 5.0

Volatility: 3.3

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

-6.86%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

8.18%

Fnac Darty SA - FR0011476928

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on FNAC

1.c. Company Highlights

Cheaper

Lower Quality

Higher Yield

Average Growth

Average Quality

Medium Volatility

Stable Momentum

Lower Growth

Fairly Valued

Average Yield

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (2.29%)

6. Segments

Consumer Electronics

Expected Growth: 3%

Domestic Appliances

Expected Growth: 1.5%

Editorial Products

Expected Growth: 1.2%

Other Products and Services

Expected Growth: 2.5%

7. Detailed Products

Electronics

Home Appliances

Cultural Products

Services

E-books and Digital Content

8. Fnac Darty SA's Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Fnac Darty SA passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

28.4$

Current Price

28.4$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA