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FNAC-Darty 3Q18: Soft Cell

Worth Watching: 18 Oct 2018, 11:36 PM ET - FNAC-Darty 3Q18 saw a -2.2% decline in y-o-y reported sales and -2.3% decline in y-o-y LFL sales across the group against a tough comp. LFL sales growth for the YTD now falls to -1.1% from -0.4% at the half year point. At group level, managemen ..
Focused

FNAC 2Q18: Swallows and Amazons

Worth Watching: 15 Aug 2018, 9:55 PM ET - FNAC 2Q18 had as its main talking points the failure of the World Cup to act as the usual positive catalyst and the gloomy French back drop. These negatives were offset by the cost story and more strategically, an update on the various tie-ups th ..

Euro HY Conference 2018: Relative Value Panel

Transcript: 27 Jun 2018, 9:21 PM ET - What is the biggest threat to European HY credit: Italy, Brexit, EM, commodities, tech or Donald Trump? 

February 2018 Europe Company Recommendation Change

Euro Recommendation Changes: 28 Feb 2018, 11:31 PM ET - Our monthly report provides executive summaries for the twenty-one companies recommendation changes made on European companies during the month of February.
Focused

FNAC-Darty FY17: Electropop

Earnings Note: 22 Feb 2018, 8:14 PM ET - Solid 4Q and FY17 from FNAC-Darty as synergies from the successful integration and commercial initiatives were able to navigate an increasingly competitive backdrop. Following the correction on the bonds from Oct we shift our rec to a Hold.

Euro HY Consumer Outlook 2018

Sector Outlook: 16 Jan 2018, 9:00 PM ET - We take a look at the key themes in play in evaluating prospects in the Euro HY Consumer space and aim to provide a fundamental framework to analyse available investment options within our coverage universe.

October 2017 Europe Company Recommendation Changes

Euro Recommendation Changes: 31 Oct 2017, 11:11 PM ET - Our monthly report provides executive summaries for the ten companies recommendation changes made on European companies during the month of October.
Focused

Fnac-Darty: Solid 3Q, but Grab a Flash Sell

Worth Watching: 20 Oct 2017, 12:14 PM ET - Fnac-Darty (Ba2/BB) reported a strong set of numbers underpinned by the return to growth in sales after a soft 1H17 and an upward-revision to synergies expected from the Fnac-Darty integration for FY17E, up from ~€65 mn (50% of €130 mn) to €78 ..

European Consumer: 2017 YTD New IG Issuance

Sector Outlook: 28 Sep 2017, 11:41 PM ET - New issuance in IG European food & bev/HPC, a consolidating sector, is down year to date on 2016 whereas new issuance in IG European retail, a sector attempting deleverage, is up.   
Focused

FNAC-DARTY: 1H17 - Metro AG Makes a Snack of FNAC

Worth Watching: 26 Jul 2017, 11:43 AM ET - FNAC-DARTY (Ba2/BB): The big news around FNAC-DARTY's 1H17 related to its shareholding structure with 1H17 numbers feeling a bit like a placeholder with a soft top line explained away by the comparison with the TV replacement cycle-fuelled 1H16 ..

Euro HY Conference 2017: Travel Services Transcript

Transcript: 20 Jun 2017, 7:47 PM ET - In this article, we transcribe our Travel Services presentation for CreditSights' Euro High Yield Conference, in which we laid out our views on the European Travel Services space and took a closer look at Travelex.
Focused

French Fancies: French HY Retail Election Picks

Sector Analysis: 26 Mar 2017, 10:26 PM ET - Ahead of the upcoming French Presidential elections in April/May 2017, we assess RV in the performing French HY retail peer group. We evaluate the defensive qualities of the peers to understand resilience in the event 2017 gets difficult.
Focused

Fnac-Darty FY16: Ménage à Deux

Earnings Note: 15 Mar 2017, 2:25 PM ET - FNACFP reported decent FY16 results with a big boost in 1H from TV sales due to the digital switchover in France. The balance sheet acts as a reassuring buffer while economic sluggishness in France suggests 2017 will not be a stellar yr.

Stonegate FY16: More Bolt-Ons

HY Note: 24 Jan 2017, 5:38 AM ET - We review STGATE FY16 results through the prism of the most recent bolt-ons.

CreditSights 12th Annual European Conference

Announcement: 29 Nov 2016, 8:54 PM ET - Download our Conference Mobile App for our upcoming event on Friday 9th December 2016.
Focused

Fnac: Darty Helps Soft 3Q16 Trading Update

Worth Watching: 21 Oct 2016, 5:21 AM ET - Fnac (Ba2/BB) released its first trading update following its acquisition of Darty with 3Q16 combined group sales down 2.6% YoY on a LFL basis (-2.9% including the FX effect) largely driven by sluggish consumer spend in France, where the group ..

Tales from the Trails: € HY Healthcare & Services

Sector Analysis: 11 Oct 2016, 10:24 PM ET - We highlight key takeaways and themes from a recent road trip with investors where we discussed companies within our Euro high yield healthcare and support services coverage.
Focused

HY Note: Fnac Launches €650 mn 7yr Notes

HY Note: 21 Sep 2016, 8:12 AM ET - Fnac is in the market with €650 mn 7-yr senior unsecured notes to fund its acquisition of Darty. While acknowledging healthy demand, we are not enthusiastic buyers of the new issue and assign a M/P on the credit.

Taking a Back Seat on UK Retailers

Sector Analysis: 11 Jul 2016, 10:20 PM ET - Following the plunge in UK consumer confidence amidst Brexit-related economic and political uncertainty, we take a more defensive position on UK high yield retailers. We shift to Hold from Buy on NEWLOK (1L and subs) and Iceland (1L)

US Retail: 4Q15 Roundup

Sector Analysis: 01 Apr 2016, 3:00 AM ET - We provide an update on operating metrics and earnings trends in the US Retail universe in the wake of a rocky-for-some fourth quarter.

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