Carrefour’s Q1 trading performance (+3.4% yoy) was in line with our estimates. While LatAm once again led the pack, the French business clocked a flattish performance. The company continued to gain market share in the core regions and also confirmed FY22 FCF of at least €1bn. However, the lfl decline in French hypers and the poor showing in Belgium were unpleasant surprises. The new strategic plan (expected in fall 2022) is likely to be a key stock price trigger. Our positive recommendation is r ....
21 Apr 2022
Decent start to the year; pain-points remain unaddressed
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Decent start to the year; pain-points remain unaddressed
- Published:
21 Apr 2022 -
Author:
Nishant Choudhary -
Pages:
3
Carrefour’s Q1 trading performance (+3.4% yoy) was in line with our estimates. While LatAm once again led the pack, the French business clocked a flattish performance. The company continued to gain market share in the core regions and also confirmed FY22 FCF of at least €1bn. However, the lfl decline in French hypers and the poor showing in Belgium were unpleasant surprises. The new strategic plan (expected in fall 2022) is likely to be a key stock price trigger. Our positive recommendation is r ....