Carrefour : Towards a difficult Q3…disappearance of the exceptional elements of Q2, but the environment remains tough. Neutral maintained, TP € 15 vs € 16
>No respite, investing in prices will hit the top line...and margins, in our view - The group should begin Q3 with the full effect of the price cuts that began at the end of last year, ramping-up in Q1 before continuing and intensifying in Q2 in France, as in Europe. Henceforth, with volumes in France still slightly negative (c.-0.5%), and average prices down (c.-1%), even though Carrefour presents a slightly negative, or even stable, volume trend depending on the per...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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