Oddo BHF - Carrefour SA (CA) Carrefour : T3 : La France et l’Europe encore sous pression

Report

Oddo BHF

Geoffroy Michalet

Carrefour : T3 : La France et l’Europe encore sous pression

> CA T3 plutôt faible sur la France et l’Europe - Carrefour a publié hier soir ses ventes du T3 2024. Si la croissance LFL consolidée apparait en ligne avec les attentes, à 8.8% (vs ODDO BHF 8.7%e, css compilé par la société : 8.6% et 7.3% selon le css VA), la réalité par division est beaucoup plus mitigée et moins reluisante selon nous, avec une France et une Autre Europe sous les attentes. Les effets techniques ressortent à -0.2%, -1.2% et -11.4% pour le calendair...

24/10/2024 1 FR

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.

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FR0000120172 Euronext Paris France

Provider

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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Analysts

Geoffroy Michalet

Other Reports on these Companies

Bryan Garnier

Carrefour: disappointing Q3 LfL across the board

Q3 revenue proved disappointing, as in Q2, with all geographies contributing to the 50bp miss on LfL. Carrefour may have reiterated its FY EBIT (implying flat French EBIT, a further decline in RoEurope EBIT and a rebound in LatAm EBIT in H2) and FCF guidance, but we see no room for consensus upward

12h / 34m 12h / 34m 1 EN

Bryan Garnier

On the shelves now: Consumer weekly #44

In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage, from Luxury & Consumer goods to Retail & E-commerce and Food & Ingredients. This week we look at the latest Swiss watch exports data. Happy reading!

October 21, 2024 October 21, 2024 1 EN

Siltronic AG : Better-than-expected results and upgraded 2024 EBITDA guidance, notably due to a delay in customer qualification (hence lower depreciations)

>Q3 2024 results above expectations thanks to higher sales, better margins and lower depreciations - This morning, Siltronic reported its Q3 2024 results which were clearly above expectations. Revenues were € 357m, almost 5% above the consensus at € 341m, up 2.3% y-o-y and 1.7% q-o-q. This is due to an increase in wafer area sold, which was partially offset by opposing product mix effects. Gross profit was €69.2m i.e. a margin of 19.4% vs a consensus at € 49.7m or a m...

8m 8m 1 FR

Nicolas Thorez

Nicolas Thorez

Netgem : Reprise des actifs de Gamestream : impact limité au plan financier mais stratégiquement intéressant pour Netgem

>Reprise des actifs de Gamestream à la barre du tribunal de commerce - Dans un communiqué publié ce matin, Netgem annonce l’acquisition de la société Gamestream à la barre du tribunal de commerce (par voie de reprise d’actifs, le passif de Gamestream restant à la charge de la procédure collective). Gamestream est une société spécialisée dans le Cloud Gaming / streaming de jeux vidéo, et opère principalement dans les marchés émergents (Inde, Indonésie, Moyen-Orient). C...

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Christophe-Raphaël Ganet

Christophe-Raphaël Ganet

Clariane : Q3 2024 sales: growth in line – Guidance reiterated – No deterioration but no momentum either

>Q3 revenues: +4% and +5.9% organic - Q3 revenues totalled € 1,297m, up +4% (+5.9% like-for-like), i.e. € 3,933m at 9M (+5.4% and +6.3% like-for-like). The occupancy rate of retirement homes came in at 90.2% vs 88.3% a year ago. France posted an occupancy rate of 89.1% over the entire period, compared to 87.4% last year. Clariane has confirmed its guidance for 2024, i.e. revenue growth of +5% on an organic basis and EBITDA, pre-IFRS 16 and pro forma of divestmen...

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Carrefour : T3 : La France et l’Europe encore sous pression

Carrefour: disappointing Q3 LfL across the board

On the shelves now: Consumer weekly #44

Siltronic AG : Better-than-expected results and upgraded 2024 EBITDA guidance, notably due to a delay in customer qualification (hence lower depreciations)

Netgem : Reprise des actifs de Gamestream : impact limité au plan financier mais stratégiquement intéressant pour Netgem

Clariane : Q3 2024 sales: growth in line – Guidance reiterated – No deterioration but no momentum either

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