Carrefour’s Q3 trading performance was the best in the past twenty years. The Brazilian and Spanish operations should continue to drive the momentum and France is also expected gradually to gain further strength. While lockdown worries (in France) have dampened investor sentiment, we see Carrefour as well placed to end FY20 on a strong note, and also achieve the targets of the performance improvement plan. We maintain our positive stance on the stock’s valuation.
