CARREFOUR: Pleasant surprise on both Q4 sales and 2018 EBIT target | BUY | EUR21 vs. EUR20,5
CARREFOUR - BUY | EUR21 vs. EUR20,5 (+29%)Pleasant surprise on both Q4 sales and 2018 EBIT target
Surprising resilience of France performance despite Yellow Vests
LatAm continues to well recover
Slight deception in RoEurope and Asia
2018 EBIT now seen reaching c.EUR1.93bn
Buy confirmed, FV raised from EUR20.5 to EUR21
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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