Carrefour: Oddo confirms rating before interim results
(CercleFinance.com) - Oddo today confirms its “Neutral” rating on the Carrefour stock and has trimmed its target price to 15 euros (vs.
19 euros previously) before the group unveils its interim results.
The broker says that the consensus seems high - both for 2018 (EBIT of 1,905 million euros), and particularly 2019 (2,198 million euros). It respectively expects -4% and -6% below these levels on 2018 and 2019.
The stock's 13% discount relative to its European peers on our estimates for 2019 is, in our opinion, justifiable, considering the lack of visibility on operating results in 2018 and 2019".
Oddo analysts expect a 15% decline in H1 EBIT to 530 million euros (-9.4% in organic terms). They say that then now expect consolidated 2018 EBIT of 1,840 million euros (-8.3% as reported and -2.8% in organic terms), including -19% for EBIT in France (560 million euros (e), with a 36bp fall in its margin to 1.56% (e).
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
19 euros previously) before the group unveils its interim results.
The broker says that the consensus seems high - both for 2018 (EBIT of 1,905 million euros), and particularly 2019 (2,198 million euros). It respectively expects -4% and -6% below these levels on 2018 and 2019.
The stock's 13% discount relative to its European peers on our estimates for 2019 is, in our opinion, justifiable, considering the lack of visibility on operating results in 2018 and 2019".
Oddo analysts expect a 15% decline in H1 EBIT to 530 million euros (-9.4% in organic terms). They say that then now expect consolidated 2018 EBIT of 1,840 million euros (-8.3% as reported and -2.8% in organic terms), including -19% for EBIT in France (560 million euros (e), with a 36bp fall in its margin to 1.56% (e).
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.