Carrefour: Oddo provides earnings estimates
(CercleFinance.com) - Oddo expects H1 2019 EBIT to be flat as reported, and up 4.
6% in organic terms.
The broker believes that several factors will weigh on profitability in the first half (investments in price and digital, deconsolidation of China subsidiary).
Regarding France and Europe, Oddo expects respective -4.5% and -9.2% declines in the first half, although robust growth in Latam: +15.3% in organic terms (including +17.8% in Brazil).
H2 (60% of annual results) should show a recovery (+9.4%e organic growth in Ebit), Oddo says. The broker retains a scenario of 7.4% organic growth, with FY EBIT of 2,080 million euros.
Oddo confirms its Buy recommendation on the share, with a target price of 20 euros. It says that the stock seems to be trading at an attractive discount (-9% relative to the broker's 2019 EV/EBIT and P/E and -16% relative to its 2020e expectations).
Copyright (c) 2019 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.
6% in organic terms.
The broker believes that several factors will weigh on profitability in the first half (investments in price and digital, deconsolidation of China subsidiary).
Regarding France and Europe, Oddo expects respective -4.5% and -9.2% declines in the first half, although robust growth in Latam: +15.3% in organic terms (including +17.8% in Brazil).
H2 (60% of annual results) should show a recovery (+9.4%e organic growth in Ebit), Oddo says. The broker retains a scenario of 7.4% organic growth, with FY EBIT of 2,080 million euros.
Oddo confirms its Buy recommendation on the share, with a target price of 20 euros. It says that the stock seems to be trading at an attractive discount (-9% relative to the broker's 2019 EV/EBIT and P/E and -16% relative to its 2020e expectations).
Copyright (c) 2019 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.