Company Valuation: Carrefour

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 12,343 12,040 11,582 9,105 10,050 11,629 - -
Change - -2.46% -3.81% -21.39% 10.38% 15.71% - -
Enterprise Value (EV) 1 19,538 20,911 19,681 18,428 19,463 20,050 19,525 18,869
Change - 7.03% -5.88% -6.37% 5.62% 3.02% -2.62% -3.36%
P/E 11.8x 8.69x 7.13x 13.6x 30.5x 11.6x 9.76x 9.35x
PBR 1.22x 1.04x 0.99x 0.82x 0.92x 1.04x 0.99x 0.94x
PEG - 0.3x 0.2x -0.2x -0.6x 0x 0.5x 2.15x
Capitalization / Revenue 0.17x 0.15x 0.14x 0.11x 0.12x 0.14x 0.14x 0.14x
EV / Revenue 0.27x 0.26x 0.24x 0.22x 0.24x 0.24x 0.23x 0.22x
EV / EBITDA 4.29x 4.53x 4.32x 3.97x 4.32x 4.43x 4.13x 3.8x
EV / EBIT 8.6x 8.8x 8.69x 8.33x 9.02x 8.64x 7.87x 7.23x
EV / FCF 9.73x 8.95x 12.1x 12.6x 8.03x 11.3x 16.8x 17.1x
FCF Yield 10.3% 11.2% 8.24% 7.91% 12.5% 8.86% 5.96% 5.85%
Dividend per Share 2 0.52 0.56 0.87 0.92 0.97 1.05 1.071 1.108
Rate of return 3.23% 3.58% 5.25% 6.7% 6.82% 6.39% 6.52% 6.74%
EPS 2 1.362 1.8 2.324 1.013 0.4671 1.414 1.683 1.757
Distribution rate 38.2% 31.1% 37.4% 90.9% 208% 74.2% 63.6% 63%
Net sales 1 72,958 81,385 83,270 85,445 82,102 82,020 83,545 85,689
EBITDA 1 4,550 4,613 4,559 4,637 4,506 4,526 4,732 4,968
EBIT 1 2,272 2,377 2,264 2,213 2,158 2,322 2,480 2,612
Net income 1 1,072 1,348 1,659 723 319 1,022 1,187 1,218
Net Debt 1 7,195 8,871 8,099 9,323 9,413 8,421 7,896 7,240
Reference price 2 16.10 15.64 16.56 13.73 14.23 16.44 16.44 16.44
Nbr of stocks (in thousands) 766,438 769,845 699,183 663,135 706,234 707,563 - -
Announcement Date 2/16/22 2/14/23 2/20/24 2/19/25 2/17/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
19.76x0.87x5.84x6.37% 36.8B
16.59x0.59x6.72x2.93% 27.31B
68.73x3.04x39.85x-.--% 25.49B
28.02x1.15x14.7x0.44% 22.08B
26.41x0.83x8.79x3.64% 22B
11.62x0.24x4.43x6.39% 13.34B
16.37x0.39x5.61x3.75% 12.73B
21.1x0.81x8.87x2.7% 10.57B
19.04x0.93x9.18x4.26% 10.05B
Average 25.29x 0.98x 11.56x 3.39% 20.04B
Weighted average by Cap. 27.22x 1.08x 12.47x 3.37%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

-40%: Exceptional extension
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