Colruyt Group N.V. : Unlikely that worst is over; TP cut to € 32; Neutral reiterated
>Significant to strong decrease in EBIT and net profit guided for 2021/22 - In December 2021, Colruyt’s management said that it expected the market environment to remain challenging, which could lead to a significant-to-strong drop in Colruyt’s EBIT and net profit in 2021/22. Since then, Belgian food inflation has increased from 1.2% in December to 6.6% in May, while Ahold Delhaize’s Q1 2022 update (of 11 May 2022) confirmed that competition is intensifying in Belgiu...Etablissements FR Colruyt is engaged in wholesale, food service, distribution of fuels, production of electricity and digital printing. Co. has three operating segments: retail, which relates to stores under Co.'s own management which directly sell to retail customers and bulk consumers; wholesale and foodservice, which supplies to wholesalers, commercial customers and affiliated independent merchants; and other activities, which operates gas stations, engaged in printing and document management and provides alternative energy.
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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