Carrefour Steps Up Own-Brand Efforts Through Strategic Partnership With Tesco; Net Positive for Both
On the morning of July 2, 2018, Carrefour and Tesco announced their intention to enter into a strategic purchasing alliance on own-brand products and goods not for resale, governed by a three-year operational framework (renewed after three years). We maintain our no-moat ratings and our respective GBX 230 and EUR 17.9 fair value estimates for Tesco and Carrefour, with the latter trading at a 28% discount at the time of writing. We view this imminent partnership as a net positive for both constit...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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