BNP Paribas expects gradual recovery for electronics and home furnishing retail

Ceconomy AG

01/04/2025 14:28

** Exane BNP Paribas expects gradual normalisation for electronics retail and home furnishing markets, driven by an easing of the cost-of-living crisis, new innovations and an upcoming replacement cycle

** The broker starts France's Fnac Darty FNAC.PA with "outperform" on its leading market position in France, Italy, helped by the acquisition of Unieuro, and its attractive product mix

** It takes a more cautious view on Germany's Ceconomy CECG.DE and initiates it at "neutral" after a share rally has priced in a successful transformation plan

** Competition remains intense for France's Maisons du Monde MDM.PA, BNP Paribas says as it initiates the stock with "neutral"; it appreciates the management's focus on FCF but flags high leverage

 (Reporting by Simon Ferdinand Eibach)

 ((Simonferdinand.eibach@thomsonreuters.com))