Carrefour : Excellent Q3, comforting 2022, but 2023 adjusted. Target price € 19 vs € 20
>LFL growth of 11.3% beat forecasts - Carrefour released Q3 2022 sales yesterday evening. Sales including tax came to € 23.7bn, up 19% on a reported basis and 11.3% LFL, beating our forecasts (7.4%e) and the Visible Alpha consensus (8.9%) and ahead of growth reported in Q2 (7.3%) and Q1 (3.4%). Technical effects stood at -0.1%, -0.1% and 2.9% respectively for the calendar, fuel and FX (driven by a very positive BRL effect).The good news in Q3: volumes are...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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