Carrefour : H1 2022 preview: inflation not impacting volumes, but already affecting the mix slightly. Set for margin resilience. Target price € 21.0 vs € 23.5
>Q2 2022e: +3.9 %e l-f-l / H1 2022e: ROI € 815m, margin stable at 2.1% - Carrefour is due to report its H1 results on Wednesday 27 July.We forecast Q2 sales up +12.4%e with +3.9%e l-f-l. The slight improvement l-f-l (Q1 l-f-l +3.4%) is likely, we think, to be driven by acceleration in inflation which has yet to fundamentally affect volumes, but more the mix slightly (start of downtrading). Growth l-f-l is however set to show a slight deceleration vs 2019 (Q2 2022...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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