Carrefour : Preview S1 2022 : inflation pas impactantee sur les volumes, mais déjà un peu sur le mix. Vers une résilience de la marge. OC 21.0 € vs 23.5 €
>T2 2022e : +3.9 %e LFL / S1 2022e : ROI 815 M€, marge stable à 2.1% - Carrefour publiera ses résultats S1 le mercredi 27/07.Nous tablons sur un CA T2 en hausse de 12.4%e dont +3.9%e LFL. La légère amélioration du LFL (T1 LFL +3.4%) serait selon nous liée à l’accélération de l’inflation qui n’affecte pas encore fondamentalement les volumes, mais plutôt légèrement le mix (début de trading down). La croissance LFL devrait toutefois être en légère décélération vs 20...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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