CARREFOUR BUY Top Picks | EUR22 Back at the crossroads between M&A speculation and standalone value creation
In this report, we take a second look at the credibility of a bid from Auchan post-war in Ukraine and post-French elections while also assessing Carrefour’s ability to create shareholder value in an inflationary period and through its upcoming strategic plan. Ultimately, we continue to perceive Carrefour as a safe-haven in the hell of inflation thanks to its high exposure to food, its massive cost-cutting efforts and the recovery of its Brazilian business. Even if M&A speculation is now less likely, it has already been wiped off the market valuation and can only be a free option while the upcoming new strategic plan can really be a catalyst.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.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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