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

Carrefour: 1 director bought

A director at Carrefour bought 735,000 shares at 14.086EUR 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 ...

Christian Guyot ...
  • Ludovic Martin

INVEST SECURITIES - CARREFOUR : La croissance rentable ; profil flou - NEUTRE, OC 14,5€ (vs 14€)

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

Coffee, Croissants & Credit/Carrefour and Philips

Consumers: Carrefour adds 172 convenience stores in Spain to its portfolio, Tesco preferred

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 €.

Carrefour: 1 director bought

A director at Carrefour bought 735,000 shares at 14.086EUR 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 ...

Christian Guyot ...
  • Ludovic Martin

INVEST SECURITIES - CARREFOUR : La croissance rentable ; profil flou - NEUTRE, OC 14,5€ (vs 14€)

Laurence Hofmann

Carrefour : H1 2020 results: 9% better than our expectations thanks to Brazil and Spain; France falls short, but “retail” showing progress

>Q2 2020 sales: 1.2% better than expected at 6.3% l-f-l - Sales of € 18.7bn incl. VAT in Q2 2020, -6.3% reported but +6.6% on organic basis vs 5.1%e. The consolidated l-f-l figures came in at +6.3% (vs 4.9%e), with France falling slightly short of expectations (l-f-l +0.7% vs +1.4%) but hypermarkets in line with the consensus at -3.6% l-f-l. Three countries stood out with exceptional performances during the COVID-19 crisis: Spain (+9.8% l-f-l vs +6%e) despite the weig...

Clement Genelot

CARREFOUR: Strong overall performance won't make forget the disappointment in France | BUY | EUR19 vs. EUR20 (+45%)

CARREFOUR - BUY | EUR19 vs. EUR20 (+45%) Strong overall performance won't make forget the disappointment in France France disappointed both on LfL and EBIT Covid is still blurring the reading of French hypers performances Higher cost-savings might not drop onto EBIT Covid is not jeopardizing Carrefour’s strategic repositioning

Laurence Hofmann

Carrefour : Résultats du S1 2020 : 9% au-dessus de nos attentes grâce au Brésil et à l’Espagne ; France en deçà, mais le « Retail » est en progrès

>Ventes du T2 2020: 1.2% au-dessus des attentes à 6.3% en LFL - CA de 18.7 Md€ TTC au T2 2020, -6.3% en déclaré mais +6.6% en organique vs 5.1%e. Les LFL consolidés ressortent à + 6.3% (vs 4.9%e) avec une France un peu en dessous des attentes (LFL +0.7% vs +1.4%) mais des hypermarchés conformes aux attentes du consensus à -3.6% en LFL. Trois pays se détachent avec des performances exceptionnelles durant la crise du COVID : l’Espagne (+9.8% en LFL vs +6%e) et cela en d...

Laurence Hofmann

Carrefour : Des semestriels compliqués à anticiper : hors bonus, la croissance de l’EBIT sera satisfaisante (+16.5%e en organique) – Stabilité escomptée après bonus

>Ventes du T2 2020e : sur fond de pandémie, +4.9%e en LFL consolidé - Carrefour publiera son T2 2020 et ses résultats semestriels, le mardi 28 juillet (post marché).Les ventes du T2 porteront la marque de la pandémie du COVID-19 et des périodes de confinement qui ont touché l’ensemble des géographies du groupe. Nous tablons sur un chiffre d’affaires TTC de 18.5 Md€, -7.1%e en déclaré incluant un effet change de -6.7%e et un impact essence de -5%e (baisse forte de...

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

Coffee, Croissants & Credit/Carrefour and Philips

Consumers: Carrefour adds 172 convenience stores in Spain to its portfolio, Tesco preferred

ING
Alyssa Gammoudy

Carrefour/Interim results: credit metrics improved

Yesterday after trading, Carrefour (CAFP) published interim results marked by the impact of Covid-19 and in particular the lock-down in April. Net sales came in at €34.265m with EBITDA at €1,886m. This points to a 5.5% margin, up 43bp. Recurring Operating Income (ROI) jumped an impressive 29.1% to €718m, driven by the strong retail performance. Carrefour confirmed the 2022 targets and slightly adjusted the targeted cost savings number upwards to €3bn from €2.8bn. E-commerce was very strong, growing by 70% over the first half year. Net financial debt was €935m lower at €5,218m at ...

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

Coffee, Croissants & Credit/Deutsche Bank, Barclays, Carrefour, Kering, OMV & Elia Group

Financials: Deutsche Bank 2Q20: strong Investment Bank performance helps to offset higher provisions. Barclays: another quarter with high provisions but a massive capital improvement

ING
Alyssa Gammoudy

Food Retail/Covid-19 impact on trends, Tesco preferred

The outbreak of Covid-19 has led to an unprecedented situation, which most likely no one could have predicted. Now that the dust has settled a little bit, we have taken a look at what actually happened in the Food Retail sector, and how this will impact the business going forward. As in our previous report “Is there a golden grail”, we also take a look at the recent economic data as this gives insight in what to expect in the near future with regards to consumer behaviour. Having said that, in general consumer behaviour, or behaviour in general, is not easily changed. It needs a lot of dis...

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

Coffee, Croissants & Credit/Bank liability structure, Carrefour & Tesco

Financials: Playing the liability structure: Cross seniority RV considerations in bank bonds

Emmanuel Matot

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 29/07/2020

...

Anthony Dick ...
  • Jean-Baptiste Rouphael
  • Laurence Hofmann
  • Michael Foundoukidis
  • Pierre Tegner
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/03/2020

Ecology and economic development are often depicted as opposing forces. The European Green Deal pulls off the feat of promoting the former to ensure the latter. Whilst its financing may have raised doubts, the prospect of the € 750bn recovery plan underpins its credibility. Better still, this plan, which proposes for the first time a pooling of debts, is revolutionary. Indeed, for the sectors and stocks concerned, it catalyses the cumulative effects of the additional activity that th...

Anthony Dick ...
  • Jean-Baptiste Rouphael
  • Laurence Hofmann
  • Michael Foundoukidis
  • Pierre Tegner
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 03/07/2020

On oppose souvent écologie et développement économique. Le pacte vert européen réussit le tour de force de promouvoir la première pour assurer le second. Si son financement a pu soulever des doutes, la perspective d’adoption du plan de recovery de 750 Md€ renforce sa crédibilité. Mieux, ce plan, qui propose pour la première fois une mutualisation des dettes, est révolutionnaire. En effet, il catalyse pour les secteurs et valeurs concernées, les effets cumulés du supplément d’activité ...

Alexandre Iatrides ...
  • Benoit Valleaux
  • Charles Lepetitpas
  • Emmanuel Matot
  • Jean Sassus
  • Jean Danjou
  • Laurence Hofmann
  • Martial Descoutures
  • Nicolas David
  • Olfa Taamallah
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/25/2020

...

Increased risk weighs on CARREFOUR SA, penalising its rating down to Neutral

The independent financial analyst theScreener just lowered the general evaluation of CARREFOUR SA (FR), active in the Food Retailers & Wholesalers industry. As regards its fundamental valuation, the title still shows 1 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as moderately risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Neutral. As of the analysis date May 8, 2020, the closing price was EUR 13.29 and its target price was estimated at EUR 12.24.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the we...

Expert Corporate Governance Service (ECGS)

Carrefour – AGM 29 May 2020

ITEM 9: The Board has abolished the old pension scheme (non-portable) and replaced it with a new portable scheme giving entitlement to a more generous total additional pension (30% of the reference compensation capped at 60 PASS ("plafond annuel de la sécurité sociale"- annual social security ceiling), compared with 25% previously). The supplementary pension levels of the French executives were very high due in particular to the risk of loss of rights in the event of departure to another company. The PACTE Act removed this risk by requiring that all non-portable defined benefit plans be frozen...

Jehanne Leroy

Carrefour - Assemblée Générale des actionnaires du 29 mai 2020

Rémunérations : Le conseil a supprimé l’ancien régime de retraite à prestations définies (non portable) et l’a remplacé par un nouveau régime portable donnant droit à une rente additionnelle totale plus généreuse (30% de la rémunération de référence plafonnée à 60 PASS, contre 25% précédemment). Les niveaux de retraite supplémentaire des dirigeants français donnaient droit à des rentes très élevées en raison notamment du risque de perte des droits en cas de départ dans une autre société. La Loi PACTE a supprimé ce risque en imposant que tout régime à prestations définies non portable soit gelé...

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...

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