Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on CARREFOUR SA. We currently have 8 research reports from 2 professional analysts.
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Research reports on
French big-box and Asia still Carrefour’s challenges
19 Jan 17
Q4 lfl growth in French sales slowed compared to the prior quarter. Hypermarkets continued to underperform. In organic growth, Carrefour did better than its competitor Casino on its home turf over the last quarter. For the international operations, Carrefour’s sales progressed by 4.5% lfl (flat with Q3) despite a 4.2% contraction in Asia. Total sales, including VAT, came in at €85,700m, of which 47% was derived from its home market.
Digital transformation is too small, too late at Carrefour
23 Nov 16
Carrefour main positive in 2017 is Capex decrease to EUR 2.4 Bln (from EUR 2.6 Bln in 2016) as remodeling of hyper/supermarkets is now 2/3 done France Q3 2016 Sales rose +1.2% L-f-L to compare with +3.2% for Carrefour total Sales - Prices in France remain under pressure with Intermarche pushing hard on competitors
More convincing on its home turf
19 Oct 16
Q3 16 sales including VAT came in at €21,781m, leading the total sales from the beginning of the year to €62.33bn. Q3 revenues progressed by 3.2% on a lfl basis driven by accelerated growth on its home turf (1.2%) and resilient business in Brazil (12.4%). In France, the supermarkets and convenience stores are the main growth drivers. In China, struggling operations witnessed a continuous fall in sales of 7.8% on a lfl basis. Carrefour faces also a difficult time in Poland where sales were slightly down.
Q2 deepens Carrefour’s decline
29 Jul 16
Carrefour announced disappointing H1 sales, decreasing by 3.8% at the current rate of exchange with a second negative consecutive quarter (-4.1% yoy in sales in Q2 including VAT). H1 recurring EBIT amounted to €596m, i.e. an operating margin of about 1.6% vs. 1.9% a year before due to higher restructuring costs in several countries. The net result came in at €195m, well below the H1 15 level. Carrefour’s share price plunged 4.03% in the morning.
European countries stand out
15 Apr 16
Carrefour released Q1 16 sales including VAT, of €20,053m vs. €21,005m in 2015. On a lfl basis, revenues excluding petrol and calendar effect were up by 3.1% driven by international operations while the local market was almost stable (convenience stores witnessed the most significant increase of 1.1%). Currencies and petrol prices had unfavourable impacts of 6.9% and 1.2% respectively. The calendar effect was +0.6%. All European countries displayed positive sales momentum. In LatAm, lfl sales were up by 13.5% (but the currency effect was about -34%), boosted by continued growth in all formats in Brazil (+9.9% lfl) and rising sales in Argentina (+23.6% lfl). However, the picture is rather negative in Asia since China sales declined by 8.4%, which swallowed up the positive trend in Taiwan.
Asia resilient at the expense of margins
11 Mar 16
Carrefour reported net sales had improved by 3.0% organically to €76.9bn, driven by growth in Europe and the emerging economies (increased respectively by 2.7% and 7.7% at constant exchange rates). Recurring operating income witnessed an increase of 2.4% yoy to €2,447m (i.e. the margin was 3.1%, flat compared to 2014). Carrefour recorded €257m as non-recurring operating income linked to reorganisational costs in various countries. The continued low interest rates in Europe, partly offset by higher interest rates abroad, led to mitigated financial expenses. Thus, net income came in at a low level compared to 2014, at €980m. Carrefour proposed a dividend (in cash or in shares) at €0.70 per share. FY 2015 net debt slightly decreases compared to 2014, at €4,546m. This decreasing trend is in line with our expectations.
Roughly in line with our expectations
23 Feb 17
JM announced FY 16 net result of €593m, of which €232m related to the Moterrorio disposal as exceptional items. The EBITDA margin increased to 5.9%, boosted by the good resilience of Biedronka’s profitability. The cash flow situation improved, leading to a negative net debt. Thanks to stronger cash flow generation, the company proposed a €0.60 dividend per share (flat compared to last year, including the distribution of free reserves of €0.375 per share).
15 Jan 15
Booker has announced a Q3 IMS with trading in line with our expectations. LFL sales growth increased 2.5%, with tobacco sales up 2.4% (a significant improvement on the last quarter) with non-tobacco sales increasing 2.6%. The turnaround of Makro continues and non-tobacco sales declined by 6.5% as Booker exit’s unprofitable lines, whilst 9 Makro stores have converted into a new, improved format. The outlook for profits and net cash for the year remains in line with management’s expectations. Following today update we leave our 2015 forecasts unchanged. We retain our Hold recommendation and 150p target price.
N+1 Singer - Conviviality - Delivering against strategy
30 Jan 17
Interims are robust and broadly in line with our expectations. The 4.4% LFL sales growth and positive KPI’s on customer wins and higher spend per outlet demonstrate that the strategy is working. H2 has started very well with good momentum across all 3 divisions as the new MD’s begin to have a positive impact. With PBT 2/3rd H2-biased we make no major forecast changes but see the risk on the upside. The shares are up 21% YTD but given the positive overall tenor and valuation read-across from the Booker/Tesco deal (24.5x P/E), CVR remains inexpensive on a cal’17 P/E of 11.2x with a 5% DPS yield and a 3 year EPS CAGR of 24%. We stay at Buy with a 290p TP.
Have investors checked out too early?
26 Feb 16
While some of the share price decline from 8p in December can be attributed to dilution from the placing announced that month and general market risk aversion, the current market cap of c.£8m appears not to recognise the progress in establishing a global brand, a range of unique accommodation formats and an ever expanding event programme, moving towards profitability and with exciting prospects.