Carrefour: share price up, analyst in support
Last night, the French retailer reported a rise in sales (incl. VAT) of 8.2% on a reported basis, of which 11.2% in LFL terms, to 45.4 billion euros.
Sales in France showed a slight sequential deceleration to 7.3% in LFL terms (6.4%e), slightly above expectations.
Brazil, on the other hand, which had been the focus of questions, reported a 3.2% decline in LFL terms, with a margin of 251 million euros (270 million euros / CSS 244 million euros).
Following this publication, we are adjusting our ROI from 2,350 ME to 2,430 ME (France effect only)", says the analyst, who is raising his target price in view of an attractive valuation, lower than historical levels and peers, as well as good execution, particularly in France.
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