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

CARREFOUR: Mixed Q2 sales ahead but margins are heading in the right direction | BUY | EUR20(+16%)

CARREFOUR - BUY | EUR20(+16%) Mixed Q2 sales ahead but margins are heading in the right direction Q2 growth to be hampered by France and RoEurope While LatAm and Taïwan should be well oriented Coming closer to margin stabilisation in H1 in France Buy reiterated as we are still betting on cost-cutting

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

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. - ...

Laurence Hofmann

Carrefour : Disposal of Carrefour China: strategically positive withdrawal in our view even though the disposal price is lower than our forecasts

>Sale of Carrefour China to Suning.com - Carrefour is disposing of an 80% stake in its Chinese subsidiary's capital to the Suning.com group at a 100% EV of € 1.4bn, i.e. 38% of sales (factoring in equity of € 774m and operating debt of € 400m linked to the shopping cards). Carrefour is to receive € 620m in cash and will enjoy a € 400m improvement in WCR. The group has a put option (two years and three years) for selling its remaining 20% (in four years’ time, Suning w...

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. - ...

Clement Genelot

CARREFOUR: Mixed Q2 sales ahead but margins are heading in the right direction | BUY | EUR20(+16%)

CARREFOUR - BUY | EUR20(+16%) Mixed Q2 sales ahead but margins are heading in the right direction Q2 growth to be hampered by France and RoEurope While LatAm and Taïwan should be well oriented Coming closer to margin stabilisation in H1 in France Buy reiterated as we are still betting on cost-cutting

Laurence Hofmann

Carrefour : Disposal of Carrefour China: strategically positive withdrawal in our view even though the disposal price is lower than our forecasts

>Sale of Carrefour China to Suning.com - Carrefour is disposing of an 80% stake in its Chinese subsidiary's capital to the Suning.com group at a 100% EV of € 1.4bn, i.e. 38% of sales (factoring in equity of € 774m and operating debt of € 400m linked to the shopping cards). Carrefour is to receive € 620m in cash and will enjoy a € 400m improvement in WCR. The group has a put option (two years and three years) for selling its remaining 20% (in four years’ time, Suning w...

Clement Genelot

CARREFOUR: The long-awaited exit from China is materializing | BUY | EUR20(+16%)

CARREFOUR - BUY | EUR20(+16%) The long-awaited exit from China is materializing Carrefour to sell an 80% stake in its Chinese unit Keeping a minority stake remains crucial A relevant deal from a financial standpoint Carrefour is strengthening its balance sheet

Laurence Hofmann

Carrefour : Cession de Carrefour China : un désengagement stratégiquement positif en dépit d’un prix de sortie inférieur à nos attentes

>Vente de Carrefour China à Suning.com - Carrefour cède 80% du capital de sa filiale chinoise au groupe Suning.com pour une VE à 100% de 1.4 Md€, soit 38% des ventes (intégrant des fonds propres pour 774 M€ et une dette opérationnelle de 400 M€ liée aux shopping cards). Carrefour va recevoir 620 M€ en cash et bénéficiera d’une amélioration de BFR de 400 M€. Le groupe dispose d’une option de vente (2 ans et 3 ans) pour vendre ses 20% restants (sachant qu’en n+4, Sunin...

Cecile De Coincy ...
  • Jean-Baptiste Rouphael
  • Valentin Pernet

Carrefour : 14th Sustainability Forum – overview of our meetings

We recently held our 14th Sustainability Forum, a unique platform for SRI investors to meet with companies to discuss CSR themes and to assess their strategies in light of prevailing trends and long-term challenges. Among the key recurring themes this year were the formulation of an overarching “raison d’être”, defining carbon targets in line with the 2°C trajectory (SBT - science based targets), the circular economy and talent retention. - - >A “raison d’être” approach: a...

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

...

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 – COMMENTAIRES DETAILLES 15/05/2019

...

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. - ...

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/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)

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...

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