Carrefour : Q3 preview: indications on l-f-l France, expectations upgraded, no impact on topline or margins (transfer of Cora+Match on l-f-l on scope effect)
>We have removed the l-f-l effect for Cora+Match from l-f-l France (transfer to scope effect), which prompts us to upgrade our l-f-l for France. - We have revised our l-f-l estimate for France for Carrefour. This change only impacts our reported l-f-l forecast but does not change either overall revenues (communicating vessels effect between l-f-l and M&A effect), or our margin expectations.We had forecast -3.9%e and now see -2.9%e (company-compiled consensus at -...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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