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

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.

1 director bought

A director at Carrefour bought 181,785 shares at 16.814EUR and the significance rating of the trade was 100/100. 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 ...

Fatma Agnès Hamdani ...
  • Florent Laroche-Joubert
  • Johanna Jourdain
  • Laurence Hofmann
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Olivier Lebrun
  • Pierre Tegner
  • Pierre Corby

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/09/2019

...

Fatma Agnès Hamdani ...
  • Florent Laroche-Joubert
  • Johanna Jourdain
  • Laurence Hofmann
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Olivier Lebrun
  • Pierre Tegner
  • Pierre Corby

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 09/04/2019

...

Laurence Hofmann

Carrefour : Preview of Q1 2019 sales: satisfactory for food, challenging for non-food

>Decent Q1 2019 with support from LatAm – France flat LFL - Carrefour is due to report its Q1 2019 sales on Wednesday 24 April after market. We forecast consolidated sales of € 20bn including VAT, -3% on a reported basis with a forex impact of -3.3%, a calendar impact of -1.6% and a petrol impact of -0.5%. The organic (+2% est. vs +1.4% in Q4 2018) and LFL (+1.7% est. vs +1.1% in Q4 2018) performances should be decent despite the still-marked competition and the gene...

Laurence Hofmann

Carrefour : Preview des ventes du T1 2019 : satisfaisantes en alimentaire, challenging en non alimentaire

>Un T1 2019 correct avec un Latam en support – France flat en LFL - Carrefour publiera ses ventes du T1 2019, le mercredi 24 avril (après clôture). Nous tablons sur un CA consolidé TTC de 20 Md€, -3.2% en déclaré compte tenu d’un impact changes de -3.4%e, d’un impact calendaire de -1.6%e et d’un effet essence à -0.5%e. Les performances organiques (+1.9%e vs +1.4% au T4 2018) et LFL (+1.6% vs +1.1% au T4 2018) devraient être correctes, en dépit d'un contexte concurren...

Christian Guyot

INVEST SECURITIES - CARREFOUR : Les limites du plan de transformation - NEUTRE, OC 16€ (vs 15,4€)

Clement Genelot

CARREFOUR: Group and France margin might have reached a low point | BUY | EUR21

CARREFOUR - BUY | EUR21(+17%) Group and France margin might have reached a low point France at the heart of disappointment for 2018 EBIT France’s growth and profitability profile could improve in 2019 The cost-side of the strategic plan remains well on track Buy confirmed, FV EUR21

Laurence Hofmann

Carrefour : L’inflexion est en cours, nous maintenons notre opinion positive sur le titre

>Résultats 2018 : corrects en dépit de la France - Comme guidé lors de la publication des ventes du T4 2018, l’EBIT courant 2018 s’est inscrit à 1 938 M€ (avant IAS 29), -3.4% en déclaré et -2.6% en organique, avec une marge consolidé stable à 2.55%. Post IAS 29, EBIT courant de 1 905 M€ (-5% en déclaré).Comme escompté, la performance opérationnelle au Latam (800 M€ en EBIT, +11.9% en déclaré et +33.8% en organique, marge +125 pb à 5.71%) a joué un rôle prépondé...

1 director bought

A director at Carrefour bought 181,785 shares at 16.814EUR and the significance rating of the trade was 100/100. 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 ...

Fatma Agnès Hamdani ...
  • Florent Laroche-Joubert
  • Johanna Jourdain
  • Laurence Hofmann
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Olivier Lebrun
  • Pierre Tegner
  • Pierre Corby

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/09/2019

...

Fatma Agnès Hamdani ...
  • Florent Laroche-Joubert
  • Johanna Jourdain
  • Laurence Hofmann
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Olivier Lebrun
  • Pierre Tegner
  • Pierre Corby

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 09/04/2019

...

Ahmed Ben Salem ...
  • Alain William
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Christophe Chaput
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • Jerôme Bodin
  • Laurence Hofmann
  • Louis Boujard
  • Matthias Desmarais
  • Olfa Taamallah
  • Olivier Lebrun
  • Philippe Ourpatian
  • Pierre Tegner
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/01/2019

Unlike CEO pay, the average remuneration paid to the chairs of the boards of directors of the large cap companies covered by ODDO BHF increased by 4.9% between 2013 and 2017. The disparities between companies stem mainly from national contexts and widely differing perceptions of the role of the board chair depending on the countries, though for certain stocks the ownership structure and sector situation may have an influence. Cf. Report published last evening. - ...

Ahmed Ben Salem ...
  • Alain William
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Christophe Chaput
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • Jerôme Bodin
  • Laurence Hofmann
  • Louis Boujard
  • Matthias Desmarais
  • Olfa Taamallah
  • Olivier Lebrun
  • Philippe Ourpatian
  • Pierre Tegner
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 01/03/2019

Contrairement aux rémunérations de CEO, la moyenne des sommes versées aux présidents de conseil d’administration dans les large caps suivies chez Oddo BHF a connu une hausse de 4.9% entre 2013 et 2017. Les disparités entre les sociétés relèvent principalement de contextes nationaux et d’une perception du rôle de président(e) très différents selon les pays, même si la situation actionnariale et sectorielle peut, pour certaines valeurs, avoir une influence. Cf. étude publiée hier. - ...

Alexandre Iatrides ...
  • Alfred Glaser
  • Bruno Cavalier
  • Delphine Brault
  • Emira Sagaama
  • François Maury
  • Georges Dieng
  • Johanna Jourdain
  • Laurence Hofmann
  • Martial Descoutures
  • Matthias Desmarais
  • Olfa Taamallah
  • Pierre Corby
  • Sven Edelfelt
  • Sylvain Goyon
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/25/2019

Equities’ disconnect from the "pessimism" of the bond markets is obvious. The simultaneous choice of cyclicals and protection themes (growth/quality) is disturbing. What should we do when our annual objectives are being met? Avoid succumbing to the cyclical temptation, buy quality by avoiding overpaying the protection criterion linked exclusively to a healthy balance sheet structure. We present the results of a screening combining balance sheet and ROCE trends, which highlights five s...

CARREFOUR SA with less fundamental stars is reduced to Neutral

CARREFOUR SA (FR), a company active in the Food Retailers & Wholesalers industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 3 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of the analysis date February 26, 2019, the closing price was EUR 17.75 and its expected value was estimated ...

Carrefour

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Carrefour

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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.

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

Coffee, Croissants & Credit/Carrefour, Ahold Delhaize, ASML, Nord Stream 2

Carrefour (CAFP) published its 4Q18 trading update last night after close of business. Sales incl VAT in 4Q18 of €22,638m were in line with consensus and were down 2.3% YoY on a reported basis, impacted by a 5% currency headwind, or down 0.8% when accounting for hyperinflation and the currency effect related to Argentina. Group LFL sales were up +1.9% in 4Q18, marking an acceleration compared to 9M18 growth of +1.1%. We believe these results to be quite robust given the difficult backdrop in France and also feel that the transformation plan is gaining momentum and should start to deliver tangi...

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

Coffee, Croissants & Credit/Unilever, Nestlé, Carrefour, Pernod Richard, Telia and ArcelorMittal

Unilever (UNANA) reported on 3Q18 sales, which we see as broadly neutral for spreads. Turnover came in at €12,529m with underlying sales growth (USG) of 3.8%. Sales were down 4.8% on a reported basis due to a 5.2% negative FX impact and a negative 3.3% impact from disposals (mainly the Spreads business). Price growth in Argentina was excluded from the growth figures provided today due to its hyperinflationary environment. (For full story, download report)

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

Coffee, Croissants & Credit/Casino, Carrefour, Danske Bank, Engie and Enel

Casino (COFP) claims that in recent days it was approached by Carrefour (CAFP) to discuss a potential merger. Carrefour, however, denies having made such an approach and says it is looking at legal options to stop the “innuendo”. Nevertheless, Casino's board unanimously rejected the proposal in a meeting held on Sunday. Together Casino and Carrefour would hold about a third of the French grocery market and would also have overlapping operations in Brazil. These would no doubt run into antitrust issues. A merger would probably be a positive for the much lower rated Casino bonds (Ba1 Stable / BB...

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

Coffee, Croissants & Credit/DSM, AkzoNobel, Eandis, EDF, Carrefour, Tesco

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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

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

Summary Marketline's Fnac Darty 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 Fnac Darty 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 Highlig...

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...

Etude de l'AG du 15/06/2017

Le conseil d'administration a confié au comité des nominations une mission relative à la succession de M. Plassat, 67 ans, dont le mandat vient à échéance en 2018. Il est proposé d'augmenter la limite d'âge statutaire de 70 ans à 75 ans pour le Président du conseil. A ce jour, aucun nom n'est officiel pour l'évolution de cette gouvernance, tant au poste de Directeur Général qu'au poste de Président du conseil. Proxinvest regrette une déviation du code AFEP-MEDEF non déclarée et donc non explicitée. En effet selon le code, un vote consultatif ex-post sur la rémunération des directeurs généraux...

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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