Carrefour : Vers un T3 encore difficile…les éléments exceptionnels du T2 disparaissent, mais l’environnement reste difficile. Neutre maintenu, OC 15 € vs 16 €
>Pas de répit, investir en prix coûtera en topline… et nous pensons aussi en marge - Le groupe devra aborder le troisième trimestre avec l’effet plein de baisses de prix commencées en fin d’année dernière, montées en puissance au T1 et poursuivies et intensifiées au T2 en France, ainsi qu’en Europe. Dès lors, alors que les volumes du marché français sont encore légèrement négatifs (c. -0.5%), et que les prix moyens sont en baisse (c. -1%), Carrefour affiche une dynami...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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