La déchéance de Carrefour n'est pas une fatalité - ACHAT - OC 26€ (vs 27,5€)
CARREFOUR va publier (31/08) des résultats en forte baisse en France au 1er semestre… Un point c’est tout, car le marché semble se focaliser sur ce périmètre exclusif avec un prisme encore plus étroit, sur les seuls hypers dont la contribution baisserait à un niveau tel qu’elle en deviendrait minimale, autour de 0,5% (IS) en EBIT. Ce qui ne signifie pas que ce facteur de sensibilité des résultats ne continue pas à peser à l’avenir, si d’aventure Carrefour musclait radicalement sa stratégie tarifaire. Dans l’immédiat, les incertitudes causées par cette éventualité pèsent et les forces de rappel ont disparu. Alors que le contexte sectoriel est miné, notre opinion à l’Achat vaut principalement par l’évaluation objective d’un fonds de commerce qui est loin de se déprécier au même rythme que les cours de bourse.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.
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