Carrefour: Jefferies maintains hold rating
(CercleFinance.com) - Broker Jefferies confirms its hold rating on the Carrefour share a few days after the food retail giant announced the sale of assets in China.
It also maintains a target price of 17 euros for the share.
The group has sold 80% of Carrefour China's capital to the local group Suning.com at an enterprise value of 1.4 billion euros. As a result, Jefferies estimates an EV/EBITDA multiple of over 20x for this subsidiary, which it considers as an "excellent result". In short, Carrefour has sold its subsidiary under excellent terms.
Analysts conclude that, based on this, any appreciation in the Carrefour share will depend on the group's operational progress in France.
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It also maintains a target price of 17 euros for the share.
The group has sold 80% of Carrefour China's capital to the local group Suning.com at an enterprise value of 1.4 billion euros. As a result, Jefferies estimates an EV/EBITDA multiple of over 20x for this subsidiary, which it considers as an "excellent result". In short, Carrefour has sold its subsidiary under excellent terms.
Analysts conclude that, based on this, any appreciation in the Carrefour share will depend on the group's operational progress in France.
Copyright (c) 2019 CercleFinance.com. All rights reserved.