Carrefour S.A.

Carrefour is a distribution group based in France. Co. is engaged in retailing business, primarily in Europe (France, Belgium, Spain, Italy, Poland, and Romania); Asia (China, India, and Taiwan); and Latin America (Argentina and Brazil). Co. offers a variety of fresh produce, products from local suppliers and major-brand products. Co. operates Hypermarkets, Supermarkets, Convenience stores and Cash & Carry stores, as well as food and non-food e-commerce sites. Co. also offers services such as financial and insurance services, travel, entertainment, after-sales services, and leasing of commercial vehicles. As of Dec 31 2013 Co. operated 10,105 stores under its brand.
  • TickerCA
  • ISINFR0000120172
  • ExchangeEuronext Paris
  • SectorFood & Drug Retailers
  • CountryFrance

Analysts

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 16/10/2019 - Wirecard - EN

Wirecard (O/P): Affirms Compliance With All Audit Standards US Banks (JPMorgan, Citigroup, Wells Fargo And Goldman Sachs): 9M-19 Results Atlantia (O/P): Agrees To Get Involved In The Rescue Of Alitalia Casino (O/P On Short Term Bonds, M/P On Long Term Bonds): Sale Of Assets Valued At €465m, Including €327m Already Received Vilmorin - FY2018/19: EBITDA Of €322m (+8.5%) Carrefour (M/P): Sale Of Its Stake In Cargo Property Assets For €288m Evoca: €550m 7NC1 FRN Issue, Selecta (O/P) – Tap Of €150m On 2024 Notes

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 16/10/2019 - Wirecard - FR

Wirecard (Achat) : Affirme être en conformité avec toutes les normes d'audit Banques américaines (JPMorgan, Citigroup, Wells Fargo et Goldman Sachs) : Résultats 9M-19 Atlantia (Achat) : Accepte de s'impliquer dans le sauvetage d'Alitalia Casino (Achat souches courtes, Conserver souches longues) : Cessions des murs de plusieurs magasins valorisés à €465m, dont €327m déjà perçus Vilmorin - Exercice 2018/19 : EBITDA de €322m (+8,5%) Carrefour (Conserver) : Cède sa participation dans Cargo Property Assets pour €288m Evoca : Emission de €550...

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen
  • Timothy Rahill

Coffee, Croissants & Credit/Carrefour, AT&T and Philips

Carrefour: Pick your battle in Brazil; no impact on spreads

Bruno Cavalier ...
  • Charles Lepetitpas
  • François Maury
  • Georges Dieng
  • Laurence Hofmann
  • Michael Foundoukidis
  • Nicolas David

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/07/2019

Given still-fragile fundamentals for the industry and limited visibility, we think the recent auto supplier rally is premature. While 2019 should not have any more major unpleasant surprises in store, market expectations for 2020 still look too ambitious (~6%) in light of our scenario for production to decline further (-0.7%). On this basis, we are keeping to our cautious stance on auto suppliers. Within the segment, Plastic Omnium is still our Top Pick (Buy), while Valeo is our least...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 16/10/2019 - Wirecard - EN

Wirecard (O/P): Affirms Compliance With All Audit Standards US Banks (JPMorgan, Citigroup, Wells Fargo And Goldman Sachs): 9M-19 Results Atlantia (O/P): Agrees To Get Involved In The Rescue Of Alitalia Casino (O/P On Short Term Bonds, M/P On Long Term Bonds): Sale Of Assets Valued At €465m, Including €327m Already Received Vilmorin - FY2018/19: EBITDA Of €322m (+8.5%) Carrefour (M/P): Sale Of Its Stake In Cargo Property Assets For €288m Evoca: €550m 7NC1 FRN Issue, Selecta (O/P) – Tap Of €150m On 2024 Notes

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 16/10/2019 - Wirecard - FR

Wirecard (Achat) : Affirme être en conformité avec toutes les normes d'audit Banques américaines (JPMorgan, Citigroup, Wells Fargo et Goldman Sachs) : Résultats 9M-19 Atlantia (Achat) : Accepte de s'impliquer dans le sauvetage d'Alitalia Casino (Achat souches courtes, Conserver souches longues) : Cessions des murs de plusieurs magasins valorisés à €465m, dont €327m déjà perçus Vilmorin - Exercice 2018/19 : EBITDA de €322m (+8,5%) Carrefour (Conserver) : Cède sa participation dans Cargo Property Assets pour €288m Evoca : Emission de €550...

TP ICAP - Europe - Morning CreditUpdate 03/10/2019 - AIB Group - EN

AIB Group (O/P): New Issue Of An AT1 Security Hema (U/P) - H1-19: Only €10m Available On Its Credit Line CK Hutchison Group Telecom: New Issues (Correction) Brexit: British Prime Minister's New Plan Mediobanca (O/P): Delfin, Which Recently Acquired 6.9% Of Mediobanca, Could Increase Its Stake To More Than 10% Apicil Prevoyance: Issued A Tier 2 10Y Denominated In Euros Ado Properties (U/P): S&P Affirms Its BBB- Rating But Lowers Its Outlook To Negative

TP ICAP - Europe - Morning CreditUpdate 03/10/2019 - AIB Group - FR

  AIB Group (Achat) : Nouvelle émission d’un titre AT1 Hema (Vente) - S1-19 : Ne dispose plus que de €10m disponibles sur sa ligne de crédit CK Hutchison Group Telecom: Nouvelles émissions (correctif) Brexit : Nouveau plan du premier ministre britannique Mediobanca (Achat) : Delfin, qui a récemment acquis 6,9% de Mediobanca pourrait monter jusqu’à plus de 10% du capital Apicil Prévoyance : Emission d'un Tier 2 10A libellé en euros Ado Properties (Vente) : S&P confirme la note BBB- mais abaisse sa perspective à négative  

Bruno Cavalier ...
  • Charles Lepetitpas
  • François Maury
  • Georges Dieng
  • Laurence Hofmann
  • Michael Foundoukidis
  • Nicolas David

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/07/2019

Given still-fragile fundamentals for the industry and limited visibility, we think the recent auto supplier rally is premature. While 2019 should not have any more major unpleasant surprises in store, market expectations for 2020 still look too ambitious (~6%) in light of our scenario for production to decline further (-0.7%). On this basis, we are keeping to our cautious stance on auto suppliers. Within the segment, Plastic Omnium is still our Top Pick (Buy), while Valeo is our least...

Bruno Cavalier ...
  • Charles Lepetitpas
  • François Maury
  • Georges Dieng
  • Laurence Hofmann
  • Michael Foundoukidis
  • Nicolas David

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 07/10/2019

...

Laurence Hofmann

Carrefour : Q3 2019 sales preview: sequential slowdown expected largely due to the transformation plan

>Q3 2019: sequential slowdown anticipated at +1.8% organic vs +3.2% in Q2 2019 - Carrefour is due to publish its Q3 2019 sales on 22 October after the market close. We forecast consolidated sales of € 20.1bn, +0.3% on a reported basis. Organic growth and l-f-l growth, respectively, +1.8% and +1.9%, are set for a marked sequential slowdown vs Q2 (+3.2% and +3.4% on a l-f-l basis). The group will be impacted by unflattering comparison bases (Q3 2018) notably in France,...

Laurence Hofmann

Carrefour : Ventes du T3 2019e : ralentissement séquentiel escompté en large partie dû au plan de transformation

>T3 2019 : ralentissement séquentiel escompté à +1.8%e en organique vs +3.2% au T2 2019 - Carrefour publiera ses ventes du T3 2019, le 22 octobre après le marché. Nous tablons sur un chiffre d’affaires consolidé de 20.1 Md€, +0.3% en déclaré. La croissance organique et en LFL, respectivement de +1.8% et +1.9%, devrait subir un net ralentissement séquentiel par rapport au T2 (+3.2% en organique et +3.4% en LFL). Le groupe sera impacté par des bases de comparaison (le T...

Jean-Christophe Dourret

Carrefour : Carrefour - 30 Sep 2019

...

1 director sold

A director at Carrefour sold 2,478,155 shares at 14.780EUR and the significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board m...

Bruno Cavalier ...
  • Laurence Hofmann
  • Stephane Houri
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/16/2019

The conditions (macroeconomic, hike in interest rates) for a value vs growth outperformance are not aligned in the long term. That said, a marked repositioning was attempted at the beginning of September. This was triggered by the fear of an increase in yields linked to a lack of aggressiveness in the stance taken by central banks. The ECB managed to wipe out this movement. That leaves the Fed (18 Sept.) which could spearhead a tactical reactivation. It would appear prudent to reduce ...

Bruno Cavalier ...
  • Laurence Hofmann
  • Stephane Houri
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 16/09/2019

Les conditions (macroéconomie, remontée des taux) d’une surperformance value vs growth ne sont pas réunies à long terme. Pourtant, début septembre, un repositionnement brutal a été tenté. En cause la crainte d’une remontée des rendements liée à un manque d’agressivité des banques centrales. La BCE a été au rendez-vous annihilant ce mouvement. Reste la FED (18/9) qui pourrait être à l’origine de sa réactivation tactique. Il parait avisé de réduire la duration de son portefeuille en che...

Bruno Cavalier ...
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Laurence Hofmann
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon
  • Veysel Taze
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/01/2019

The trade truce is a powerful (albeit transitory) positive event for the markets. If we assume that the risk premium retraces an estimated 50% of its increase since the beginning of May, then the indices should record an increase of around 3%. But watch out, gravity will regain its natural ascendency. Overall growth continues to slow and so does EPS growth. Issues relating to the cycle will resurface and, paradoxically, the appeasing of trade tensions could remove from the Fed an argu...

Bruno Cavalier ...
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Laurence Hofmann
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon
  • Veysel Taze
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 01/07/2019

La trêve décidée est un évènement positif puissant mais transitoire pour les marchés. Si l’on estime que la prime de risque retrace 50% de son augmentation depuis début mai, les indices devraient enregistrer une hausse de l’ordre de 3%. Mais attention, la gravité va reprendre ses droits. La croissance globale poursuit son ralentissement et celle des BPA aussi. Les questions relatives au cycle vont refaire surface et paradoxalement l’apaisement commercial pourrait ôter à la FED un argu...

Alfred Glaser ...
  • Bruno Cavalier
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • François Maury
  • Geoffroy Michalet
  • Georges Dieng
  • Laurence Hofmann

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/24/2019

The IEA has devised a scenario for decarbonising the cement industry in line with the 2°C target. While the global trajectory seems plausible, the considerable weighting of carbon capture raises questions. European cement makers are lagging behind but have the wherewithal to make a significant contribution to the industry’s low-carbon transition. Cf. report published this morning. - ...

A double requalification allows CARREFOUR SA to improve to Positive

CARREFOUR SA (FR), a company active in the Food Retailers & Wholesalers industry, has received a double requalification by the independent financial analyst theScreener. Its fundamental valuation is now 4 out of 4 stars while its market behaviour can be considered as defensive. theScreener believes that the gain of a star(s) and an improvement in the market risk perception allows upgrading the general evaluation to Positive. As of the analysis date September 10, 2019, the closing price was EUR 16.89 and its potential was estimated at EUR 18.13.

Carrefour

Carrefour

Carrefour

Carrefour

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen
  • Timothy Rahill

Coffee, Croissants & Credit/Carrefour, AT&T and Philips

Carrefour: Pick your battle in Brazil; no impact on spreads

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/Carrefour, KPN and Enel

Fitch downgrades Carrefour to BBB, stable outlook

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/Carrefour

Carrefour sells stake in China business

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/Carrefour, UniCredit, DT, Enel, ArcelorMittal

Carrefour (CAFP) is considering options for its business in China, according to Bloomberg reports. People familiar with the matter said that Carrefour could sell the business for US$1bn, but may also opt to only divest a stake or not sell altogether. A spokesperson for Carrefour denied that a sale is on the table. A full sale of the China business would decrease net adjusted leverage by just over 0.1x to 2.2x, which we don't see as material for spread development. (For full stories, download report)

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/Carrefour, Barclays, Swedbank, AT&T, Telia, Vattenfall and Iberdrola

Carrefour (CAFP) reported first quarter sales yesterday evening, which we view as broadly neutral for spreads. Group sales were up 2.7% organically to €20bn, in line with consensus. This compares to +0.4% in 1Q18 and +1.9% in 4Q18. On a reported basis, however, sales fell 3% on the back of a.o. a 3.4% currency drag and a timing effect related to the late Easter, partially offset by store openings (+1.2%). Carrefour confirms the targets of its 2022 plan: a €2.8bn reductions in costs, €5bn in food e-commerce sales, €5bn in organic sales and €500m worth of disposals of non-strategic real esta...

Clement Genelot

RETAIL & E.COMMERCE espite press reports, we still consider a bid of Casino by Carrefour very unlikely

Carrefour denied but is said to be preparing a bid on Casino according to BFM Strategically, it would make sense for Carrefour… …even if the share price reaction would be negative We believe M. Naouri or Rallye’s creditors would not be interested

Clement Genelot

Retail & E.commerce | Carrefour and Casino in LatAm: It’s a Match!

SECTOR | Retail & E.commerce | Carrefour and Casino in LatAm: It’s a Match! Carrefour and Casino's interests can converge in Latin America. Casino’s ongoing reorganization of its Latam entities will transform GPA and Exito into two more liquid assets by end-2019. Although not confirmed by Casino, the next natural step from 2020 would be to sell both Exito (EUR3.0bn e EV), with little interest from Carrefour, and then GPA (EUR7.7bn e EV), with greater interest from Carrefour.

Clement Genelot

Retail & E-commerce | E-commerce: le mal nécessaire de l’alimentaire

SECTOR | Retail & E-commerce | E-commerce: le mal nécessaire de l’alimentaire La distribution alimentaire devient de plus en plus perméable au e-commerce et la concurrence lorgne sur les centres-villes. Les consommateurs, habitués aux standards des géants du e-commerce, réclament désormais davantage de praticité même dans leurs courses alimentaires. Les distributeurs couvrent les zones rurales grâce aux drives mais l’enjeu du e-commerce alimentaire réside dans les zones urbaines. Une refonte de leur offre est nécessaire s’ils veulent préserver leurs positions en centre-ville.

Clement Genelot

Retail & E.commerce | E-commerce: the Necessary Evil of Food

SECTOR | Retail & E.commerce | E-commerce: the Necessary Evil of Food Food retailing is becoming increasingly permeable to e-commerce and competition is watching over city centres. Consumers, used to the standards of e-commerce giants, are now demanding more convenience even in their food shopping. Retailers cover rural areas well with drives, but the challenge of food e-commerce lies in urban areas. A redesign of their offer is necessary if they want to preserve their positions in city centres.

MarketLine Department

Metro AG - Strategy, SWOT and Corporate Finance Report

Metro AG - Strategy, SWOT and Corporate Finance Report Summary Metro AG - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights METRO AG (METRO) is a wholesale and retail operating company. It offers various food and non-food products under the METRO and Makro brand names. The company offers its products and services to hotel and restaurants, catering companies, indepe...

Jehanne Leroy

Carrefour - Assemblée Générale des actionnaires du 14 juin 2019

RémunérationsLa société est l’une des rares du CAC 40 à ne pas communiquer le taux de réalisations de chacun des financiers du bonus annuel attribué à son premier dirigeant. De la même façon, elle est l’une des rares à ne mesurer les conditions de performance des plans de rémunération « long-terme » (versés en numéraire) que sur 2 ans. Ces éléments, ainsi que les montants attribués (7,3 M€, soit 156% de la médiane des rémunérations totales des dirigeants du CAC40, 211% de la médiane des rémunérations totales des dirigeants du secteur Retail du MSCI Europe et 350 SMICs), expliquent notre recomm...

Expert Corporate Governance Service (ECGS)

Carrefour - AGM and EGM 14 June 2019

ITEM 14: the Company is one of the rarest CAC 40 companies not to disclose individual achievement rates of annual bonus criteria. Likewise, it is one of the rarest to measure performance criteria of LTI plans only over a 2-year period. These elements, added to amounts granted (€7.3 M in 2018, i.e. 156% of the CAC 40 median, 211% of the Retail sector of the MSCI Europe median and 350 times the French minimum wage vs our limit of 240 times (€5 M)) justify our negative voting recommendation on item 14.  ITEM 15: Overall, the 2019 remuneration policy does not respect our Guidelines on several mat...

Carrefour – Proxinvest Corporate Governance Rating ® : D

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Jehanne Leroy

Proxy Report - 15/06/2018

Since July 18, 2017, Alexandre Bompard is Chairman and CEO of the Company, replacing Georges Plassat who retired. His termination package comprises a termination agreement amounting to €3,975,000, his pension plan (€517,810 per year) and his not yet vested performance shares previously granted (€2,525,600 as of December 29, 2017), i.e. a total amount of €7,018,410. Alexandre Bompard received a total amount of €5.2 M for 5.5 months in office. This level of remuneration hardly impairs the social cohesion considering that voluntary leave plans were implemented, that most hypermarkets will now be ...

Jehanne Leroy

Proxy Report - 15/06/2018

Depuis le 18 juillet 2017, Alexandre Bompard est Président-Directeur Général de la Société, remplaçant Georges Plassat, parti à la retraite. Le package de départ de M. Plassat comprend non seulement une indemnité de départ de 3 975 000 €, mais aussi le maintien des actions gratuites non proratisées à l’inverse des recommandations de Proxinvest et du HCGE, assujetties à des conditions de performance, attribuées et non encore acquises (d’une valeur au 31 décembre 2017 de 2 525 600 €), soit au total 6,5 M€. Il percevra par ailleurs une retraite supplémentaire de 517 810€ par an alors qu’il n’aura...

Valérie GASTALDY

Short term view - CARREFOUR SA : The background trend is clearly bullish.

The background trend is clearly bullish. Prices are still making progress but there is less power in the movement. The next resistance is at €16.980. Breaking below the support at €14.900 would invalidate the trend.

Valérie GASTALDY

Analyse court terme - CARREFOUR SA : La tendance de fond est clairement orientée à la hausse.

La tendance de fond est clairement orientée à la hausse. Les cours progressent encore, mais le mouvement montre moins de puissance. La prochaine résistance est à 16,980 €. La rupture du support à 14,900 € invaliderait cette tendance.

Valérie GASTALDY

Analyse court terme - CARREFOUR SA : La tendance de fond est clairement orientée à la hausse.

La tendance de fond est clairement orientée à la hausse. Les cours progressent encore, mais le mouvement montre moins de puissance. La prochaine résistance est à 16,980 €. La rupture du support à 14,900 € invaliderait cette tendance.

Valérie GASTALDY

Short term view - CARREFOUR SA : The background trend is clearly bullish.

The background trend is clearly bullish. Prices are still making progress but there is less power in the movement. The next resistance is at €16.980. Breaking below the support at €14.900 would invalidate the trend.

Valérie GASTALDY

Analyse moyen terme - CARREFOUR SA : Le rebond gagne en vigueur.

La tendance est baissière. Le rebond gagne en vigueur. Il est probable que cette reprise s'achève sur la résistance à 16,700 € et que les prix baissent à nouveau vers 12,955 €. La tendance de fond serait remise en cause en cas de franchissement de 19,183 €.

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