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Carrefour : L’inflexion est en cours, nous maintenons notre opinion positive sur le titre

>Résultats 2018 : corrects en dépit de la France - Comme guidé lors de la publication des ventes du T4 2018, l’EBIT courant 2018 s’est inscrit à 1 938 M€ (avant IAS 29), -3.4% en déclaré et -2.6% en organique, avec une marge consolidé stable à 2.55%. Post IAS 29, EBIT courant de 1 905 M€ (-5% en déclaré).Comme escompté, la performance opérationnelle au Latam (800 M€ en EBIT, +11.9% en déclaré et +33.8% en organique, marge +125 pb à 5.71%) a joué un rôle prépondé...
Underlying
Carrefour SA

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.

Provider
Oddo BHF
Oddo BHF

​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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