-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI PodcastsFixed IncomeFI Markets AnalysisCentral Bank PreviewsFI PiFixed Income Technical AnalysisUS$ Credit Supply PipelineGilt Week AheadGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance CalendarsEZ/UK Bond Auction CalendarEZ/UK T-bill Auction CalendarUS Treasury Auction CalendarPolitical RiskMNI Political Risk AnalysisMNI Political Risk - US Daily BriefMNI Political Risk - The week AheadElection Previews -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
-
Credit
Credit
Real time insight of credit markets
-
Data
-
Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
Global MacroDM Central Bank PreviewsDM Central Bank ReviewsEM Central Bank PreviewsEM Central Bank ReviewsBalance Sheet AnalysisData AnalysisEurozone DataUK DataUS DataAPAC DataInflation InsightEmployment InsightGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance Calendars EZ/UK Bond Auction Calendar EZ/UK T-bill Auction Calendar US Treasury Auction Calendar Global Macro Weekly -
About Us
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessCarrefour (CAFP; NR/BBB) 1H (to June) Results
Carrefour is showing the benefits of geographical diversification as LATAM carries its bottom line (again). For read-through to Auchan; it doesn't look great on prices still falling and volumes down (though not huge falls). It's done well to still drag its margin up in France. Europe ex. France margin trends are concerning. Slight misses across the board (sales +12% vs. c+10%, EBIT margin 1.8% vs. c2.1%) - expect equity px action accordingly. We will wait for Auchan tomorrow to comment on RV but even here we see WOWAU28s as marginally better value (even after a impressive run in). CAFP does have diversification that only ADNA has in the comp space - latter is perennially tight curve.
- 1H sales at €45b (+12% LFL) with similar +11% growth in Q2. Over 1H; France (45% of group sales) fell -2%, Europe ex. France (28%) -1.5% and LATAM (28%) +46% driven by high inflation in Argentina (+233%).
- EBITDA was €1.9b (+3.4%) at a 4.3% margin (+20bps) while Adj. EBIT was €743 (+6.2%) at a 1.8% margin (+12bps).
- Bulk of EBIT increase has come from LATAM's +37% jump and is contributing 56% to group bottom line on its superior 3.7% margin. France is running a 1.6% EBIT margin (+13bps) while Europe ex. France halved to a 0.7% margin.
- On Europe's abysmal margin reasons are varied from weather to intense competitive pressure and integration costs on acquired Cora stores.
- In France impressive it has offset the -2% headline fall with a margin increase (even if slight). It said headline fall was due to slowdown in inflation paired with slightly negative volumes. It says its market share is stabilising but that was after "aggressive pricing". Read-through to Auchan we are searching for here, hard to see much positive given margins its tying to its own programs.
- Net financial debt (i.e. ex. the €4.8 in lease liabilities) was €5.4b up €0.4b over the year mainly on hefty equity pay-outs (€636m in dividends, €915m in buybacks over rolling year). FCF this half was -€1.7b and unch yoy (1H seasonality).
- 3Q results come on the 23rd of October, guidance looks thin outside its 2026 targets.
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.