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Carrefour (CAFP; NR/BBB) FV

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€Bmrk 8.1Y SLB IPT +170a vs. FV +130 (-40)

See earnings hereand fundamentals vs. peers below. Again to reiterate despite the French flag and headquarters this is a international co; last year 44% of profit came from France, 34% from Latin America and 27% from Europe ex. France. For those worried about France grocer sentiment - it actually did very well in the 1H; pricing -10% only drove headline sales -2%, while EBIT margin actually rose 13bps to 1.6%. Former has allowed it to make impressive market share gains in the country; from 19.3% to 20.7% (Kantar). It has taken on 23 (generally seen as loss-making) Casino stores (as have peers ITM and Auchan) - not the largest addition of recent though.

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€Bmrk 8.1Y SLB IPT +170a vs. FV +130 (-40)

See earnings hereand fundamentals vs. peers below. Again to reiterate despite the French flag and headquarters this is a international co; last year 44% of profit came from France, 34% from Latin America and 27% from Europe ex. France. For those worried about France grocer sentiment - it actually did very well in the 1H; pricing -10% only drove headline sales -2%, while EBIT margin actually rose 13bps to 1.6%. Former has allowed it to make impressive market share gains in the country; from 19.3% to 20.7% (Kantar). It has taken on 23 (generally seen as loss-making) Casino stores (as have peers ITM and Auchan) - not the largest addition of recent though.

Keep reading...Show less