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 sold

A director at Carrefour sold 1,502,343 shares at 12.190EUR and the significance rating of the trade was 67/100. 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...

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 ...

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...

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 sold

A director at Carrefour sold 1,502,343 shares at 12.190EUR and the significance rating of the trade was 67/100. 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...

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...

Laurence Hofmann

Carrefour : First-half earnings tricky to forecast: excluding bonuses, EBIT growth should be satisfactory (+16.5%e organic) – expected to be stable after bonuses

>Q2 2020e sales: +4.9%e l-f-l consolidated against the backdrop of the pandemic - Carrefour will report its Q2 2020 and H1 2020 results on Tuesday 28 July (after the market).Q2 sales will bear the imprint of the COVID-19 pandemic and the lockdowns that affected all of the regions where the group is active. We expect sales at constant currencies of € 18.5bn, -7.1%e on a reported basis including a currency effect of -6.7%e and a fuel impact of -5%e (strong fall in ...

Clement Genelot

CARREFOUR: Limited room for disappointment in Q2 | BUY | EUR20(+40%)

CARREFOUR - BUY | EUR20(+40%) Limited room for disappointment in Q2 No bad surprise in France for Q2 with a flat LfL Spain and Brazil to report reassuring LfL trends H1 margins to be still up, driven by cost-cutting Buy reiterated with unchanged FV of EUR20

Laurence Hofmann

Carrefour : Carrefour appears to be in a position to deliver a satisfactory financial performance in a difficult context, which is not reflected in its discount

>The French hypermarkets back in positive territory - Hard hit during the lockdown period (sales -8.5%e according to Neilsen, of which -11.4%e for those of over 7,500m2, corresponding to Carrefour’s network), the hypermarkets in France have returned to growth since 11 May (+4.3% est. for the past five weeks, of which +1% est. for the biggest hypermarkets). Based on Neilsen’s data, which reveals market growth of 5.5% for Q2 2020, we estimate that food sales at Carrefo...

Laurence Hofmann

Carrefour : Carrefour semble en mesure de délivrer une performance économique satisfaisante dans un contexte compliqué, ce que ne traduit pas sa décote

>Les hypermarchés français repassent en positifs - Très affectés durant le confinement (ventes -8.5%e d’après Nielsen, dont -11.4%e pour ceux >7 500m2, correspondant au parc de Carrefour), les hypermarchés français ont renoué avec une légère croissance depuis le 11 mai (+4.3%e sur les 5 dernières semaines, dont +1%e pour les grands hypers). En nous basant sur les données Nielsen, qui font ressortir une croissance du marché de 5.5% sur le T2 2020, nous estimons que le...

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

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

Coffee, Croissants & Credit/Deutsche Bank, Barclays, Nordea, Carrefour, Vattenfall, Red Electrica & Iberdrola

Financials: Deutsche Bank 1Q20: The ECB guidance keeps provisions in check, capital metrics suffer from a substantial increase in RWA. Barclays reports strong revenues, but the sinking capital ratio results in a tight MDA headroom. Nordea reports solid earnings with few Covid-19 effects yet

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

Coffee, Croissants & Credit/CSPP & PEPP, LeasePlan, Carrefour, Enagas

Strategy: Modest CSPP buying, although likely PEPP active in corporates

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

Coffee, Croissants & Credit/Supply, European banks, ABN AMRO, Pernod Ricard, Heineken, Carrefour, Hero, oil & gas

Strategy: Solid demand on new supply as issuers pay up

ING
Alyssa Gammoudy

Carrefour/FY19 results: positive trend supports credit metrics

This morning Carrefour[de] reported an encouraging set of results and we believe a positive credit rating action is likely. Net sales came in at €72,397m with gross margin at 22.3%, slightly lower YoY due to price investments. Recurring operating income (ROI) came in at €2,088m, which we believe is in line with company guidance. Adjusted net income came in at €905m, an increase of 13%. The strong results are driven by Latin America and the improvement in France, despite the below par margins in the latter. Carrefour's net debt decreased by almost €1bn and we see the credit metrics improving. B...

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

...

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 – COMMENTAIRES DETAILLES 25/06/2020

...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Jean Sassus
  • Laurence Hofmann
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Olfa Taamallah
  • Samantha Jeary
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/29/2020

With the support of our economists, we have drawn up growth profiles for four types of recovery: v, V, U and L/W. We note that: 1/ the market has eliminated the weakest scenarios (U and L) to focus on the most dynamic ones (v, V). Only the v profile results in 2021e earnings that are higher than in 2019 (Stoxx 600 at 406 points in December 2020). Without going as far as a v scenario, the market is easily playing a V-recovery. This is consistent with a drop of 3% in global growth in 2...

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 week...

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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