Carrefour : 2023 earnings affected by Poland, but high FCF. For 2024, RoI to grow, but FCF decline expected. Target price € 18 vs € 20 2023 earnings affected by Poland, but high FCF. For 2024, RoI to grow, but FCF decline expected. Target price € 18 vs €
>RoI a shade below forecasts, penalized by Poland, and despite a sharp margin increase in France - In a context of food inflation slowing, but still at a high level, and a slight fall in volumes and trading-down, the group reported RoI (EBIT) at € 2,264m (css € 2,283m/ODDO BHF € 2,300m). Two opposite phenomena are not being fully offset: i/ on the one hand, France with a margin at 2.6% (+40bp) of € 988m (css € 954m/ODDO BHF € 970m) will at least have benefit...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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