Report
Peter Farren

En mal de catalyseurs pour recréer du momentum - ACHAT - OC 26€ (vs 28€)

Résilientes pendant la plus grande partie de 2016, les prévisions annuelles de résultats ont fini par s’étioler au T4 à cause principalement des hypermarchés en France, confrontés à la nécessité d’investir à nouveau en prix avec des retours naturellement différés. Pas sûr que ce qui pourrait constituer une opportunité sera rémunérée cash tant le marché est compliqué et concurrentiel. Ailleurs, le groupe a réalisé des performances probantes, tant en Europe où l’ensemble des clignotants est au vert, qu’en Amérique latine où la pépite Atacadao au Brésil a constitué un actif anti crise pas excellence. Nous restons à l’Achat par l’attractivité du value mais la sortie du purgatoire n’est pas acquise.
Underlying
Carrefour SA

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.

Provider
Invest Securities
Invest Securities

Since 2006, Invest Securities has become one of the leading players in investment services for funds and managers, to whom we offer a global and personalised service. Our track record differentiates us and proves our leadership in numerous promising sectors like property and growth companies.

Consisting of 13 different profiles (pharmacist, engineer, financier, etc), the DNA of our financial analysis office is value added and sector expertise. Through daily monitoring and detailed analyses of companies and sectors, we seek to provide a differentiating vision of our 120 stocks followed. Our ideas are circulated every day to nearly 1,000 professionals.

Analysts
Peter Farren

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