Visibilité dégradée et révisions douloureuses - NEUTRE vs ACHAT - OC 22€ (vs 26€)
Comportant une sensibilité à la baisse aggravée par la modicité structurelle des marges, nous pensions que les résultats du 1er semestre permettraient d’escompter une amélioration du profil bénéficiaire au S2. Que nenni, puisqu’en l’occurrence, les tendances du S1 devraient être reconduites sur l’ensemble de l’exercice. Pire, la baisse des résultats opérationnels (2,1Mds€ suivant les guidances) devrait être amplifiée en net avec une dégradation de la couverture des charges financières et le jeu des minoritaires (IPO Brésil). Même avec une prévision d’EBIT supérieure aux guidances (2,17Mds€), notre révision de BPA est très sévère, dans une fourchette de -15 à -20% pour 2017 et 2018. Notre opinion est dégradée à Neutre avec un objectif révisé à due concurrence : 22€ vs 26€ (DCF).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 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.
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