Carrefour: Oddo confirms rating ahead of Q3 sales numbers
(CercleFinance.com) - Carrefour will announce its Q3 2019 sales figures after trading on Tuesday 22 October.
Ahead of this publication, Oddo confirms its Buy rating on the share (target price of 20 euros, based on a DCF valuation approach), as it says that it is convinced that the Transformation plan is on the right track (even though there are still few tangible results) and that Carrefour's board will be able to manage a possible acquisition in the interest of its shareholders.
Oddo expects consolidated sales of 20.1 billion euros, up 0.3% as reported. Organic and LFL growth, which are respectively +1.8% and +1.9%, should see a significant sequential slowdown compared to Q2 (+3.2% organic growth and +3.4% LFL growth), the broker says.
Oddo expects Carrefour to report a LFL decline in France of -0.4% in Q3, including an expected -2% for hypermarkets, with an expected 1.2% for supermarkets and convenience stores.
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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.
Ahead of this publication, Oddo confirms its Buy rating on the share (target price of 20 euros, based on a DCF valuation approach), as it says that it is convinced that the Transformation plan is on the right track (even though there are still few tangible results) and that Carrefour's board will be able to manage a possible acquisition in the interest of its shareholders.
Oddo expects consolidated sales of 20.1 billion euros, up 0.3% as reported. Organic and LFL growth, which are respectively +1.8% and +1.9%, should see a significant sequential slowdown compared to Q2 (+3.2% organic growth and +3.4% LFL growth), the broker says.
Oddo expects Carrefour to report a LFL decline in France of -0.4% in Q3, including an expected -2% for hypermarkets, with an expected 1.2% for supermarkets and convenience stores.
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.