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

João Calado ...
  • Kamilė Bertašiūtė

BiG Research Flash Note: Carrefour

Carrefour is a French food retailer established in 1959 and headquartered in Boulogne-Billancourt, France. The company operates in segments of hypermarkets, supermarkets, convenience stores and cash & carry. It is present in Europe (France, Spain, Belgium, Poland, Romania, Italy), South America (Argentina, Brazil) and Asia (China, Taiwan) having total of 12 thousand stores. Africa and Middle East are covered by franchising stores or through partnerships. The biggest revenue generating market is France, which makes 47% of total sales. Carrefour reported €75 billion in annual sales in 2018 and i...

Carrefour

Clement Genelot

CARREFOUR: EBIT margin finally stabilizing in France | BUY | EUR21 vs. EUR20 (+17%)

CARREFOUR - BUY | EUR21 vs. EUR20 (+17%) EBIT margin finally stabilizing in France Positive surprise on LfL driven by all regions EBIT margin finally stabilizing at both France and group level A sustainable trend over H2 to us We continue to bet on cost-cutting and margin improvement

João Calado ...
  • Kamilė Bertašiūtė

BiG Research Flash Note: Carrefour

Carrefour is a French food retailer established in 1959 and headquartered in Boulogne-Billancourt, France. The company operates in segments of hypermarkets, supermarkets, convenience stores and cash & carry. It is present in Europe (France, Spain, Belgium, Poland, Romania, Italy), South America (Argentina, Brazil) and Asia (China, Taiwan) having total of 12 thousand stores. Africa and Middle East are covered by franchising stores or through partnerships. The biggest revenue generating market is France, which makes 47% of total sales. Carrefour reported €75 billion in annual sales in 2018 and i...

Clement Genelot

CARREFOUR: EBIT margin finally stabilizing in France | BUY | EUR21 vs. EUR20 (+17%)

CARREFOUR - BUY | EUR21 vs. EUR20 (+17%) EBIT margin finally stabilizing in France Positive surprise on LfL driven by all regions EBIT margin finally stabilizing at both France and group level A sustainable trend over H2 to us We continue to bet on cost-cutting and margin improvement

Ioannis Pontikis

Morningstar | Execution and a Radical Change in Culture Will Determine Carrefour's Turnaround Plan Success

Carrefour provides exposure to global food retail with a high European weighting (75% of sales), mostly in the mature and competitive western part of the continent: France, Spain, Italy, and Belgium. However, it is highly exposed to the large hypermarket format (more than 50% of total European sales), which is in structural decline in mature markets. This is because of consumer behaviour shifts and demographic trends (less waste, lower family formation rates, smaller families), which have contributed to the structural growth of convenience over one-stop shops, with shoppers preferring more fre...

Ioannis Pontikis

Execution and a Radical Change in Culture Will Determine Carrefour's Turnaround Plan Success

Carrefour reported first-quarter sales with like-for-like group sales up 2.7% at constant exchange rates; sales in France were up 1%, supported by food (up 2% like for like). Management reiterated guidance of EUR 2.8 billion in cost reductions, EUR 500 million in disposal of real estate assets, EUR 5 billion of food e-commerce sales, and EUR 5 billion of organic sales. Given this broadly in-line print, we maintain our EUR 17.90 fair value estimate and no-moat rating. Management said it is too ea...

Jean-Christophe Dourret

Carrefour : Carrefour - 15 Jul 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 ...
  • 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. - ...

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

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 24/06/2019

L’AIE a construit un scénario de décarbonation de l’industrie du ciment en ligne avec l’objectif 2°. Si la trajectoire globale apparaît plausible, le poids considérable de la capture carbone interroge. Les cimentiers européens, en retard, disposent d’atouts pour s’affirmer dans la transition bas-carbone de l’industrie. - Cf. étude publiée ce matin. - ...

Anis Zgaya ...
  • Christophe-Raphaël Ganet
  • Fehmi Ben Naamane
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Khaled Ben Amor
  • Laurence Hofmann
  • Louis Boujard
  • Matthias Desmarais
  • Michael Foundoukidis
  • Olfa Taamallah
  • Philippe Ourpatian
  • Rémi Adam
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/15/2019

...

Carrefour

Carrefour

Carrefour

Carrefour

Carrefour

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...

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

Coffee, Croissants & Credit/AB InBev, Carrefour and Engie

AB InBev (ABIBB) published its FY18 report card this morning, which we view as a mild positive for spreads. Revenue was up 5.3% in organic terms in 4Q18 to US$14,250m (consensus: +4.4%), taking FY18 growth to 4.8%. Revenue growth was driven mostly by pricing as revenue per hectolitre grew 4.7% (constant geographic basis), while total volumes increased by only 0.3% (both FY18). Own beer volumes were up 0.8%. Normalized EBITDA grew 7.9% in the full year with a 118bp margin expansion. This metric increased 10% organically in 4Q, a strong beat of the +6.5% consensus estimate.

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...

MarketLine Department

Cencosud SA - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Cencosud SA Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Cencosud SA since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Highlights ...

MarketLine Department

Poslovni sistem Mercator, d.d. - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Poslovni sistem Mercator, d.d. Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Poslovni sistem Mercator, d.d. since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its c...

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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