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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  Carrefour    CA   FR0000120172

CARREFOUR

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Barclays sees Carrefour-Casino merger as possible, pushing up Casino shares

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07/16/2019 | 07:21am EDT
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PARIS (Reuters) - Shares in French retailer Casino rose around 2% on Tuesday after Barclays said in a note that a tie-up with larger rival Carrefour could be a possibility "given the difficulties encountered by Casino's majority shareholder."

"Such a combination looks potentially interesting as the new entity would become leader in France and Brazil and would be able to benefit from significant synergies," wrote Barclays.

Barclays said it was difficult to ascribe a particular percentage likelihood to this merger happening, but it estimated potential savings at 0.9% of sales of the combined group, or total gross synergies of around 1 billion euros (£903.25 million).

Last year, Carrefour and Casino were locked in a dispute after Casino said it had rejected a tie-up approach from Carrefour, that Carrefour denied making.

Since then, Casino's parent Rallye has filed for protection from creditors.

"We also note that Carrefour CEO has publicly called for consolidation in the sector", Barclays added.

In June, Carrefour CEO Alexandre Bompard said the retail sector was bound to consolidate in the coming years, notably in France as competition intensifies. He added that his mission was to make sure his company emerged as a winner.

Bompard declined to take questions about the possibility of a merger with Casino, when asked about it at a business conference in Aix-en-Provence, southern France, earlier this month.

Barclays has an "equal weight" rating on Carrefour and an "underweight" rating on Casino.

(Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta)

Stocks mentioned in the article
ChangeLast1st jan.
BARCLAYS PLC -1.51% 138.48 Delayed Quote.-6.59%
CARREFOUR -0.67% 15.46 Real-time Quote.4.39%
CASINO GUICHARD-PERRACHON 9.22% 39.11 Real-time Quote.-1.46%
COMPANHIA BRASILEIRA DE DISTRIBUICAO 1.87% 88.75 End-of-day quote.5.96%
EURO / BRAZILIAN REAL (EUR/BRL) -0.27% 4.4981 Delayed Quote.0.04%
FNAC DARTY -1.20% 57.7 Real-time Quote.2.28%
FONCIÈRE EURIS 1.85% 11 Real-time Quote.-63.33%
RALLYE 18.79% 4.9 Real-time Quote.-54.22%
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Financials (EUR)
Sales 2019 73 585 M
EBIT 2019 2 048 M
Net income 2019 496 M
Debt 2019 3 023 M
Yield 2019 3,21%
P/E ratio 2019 21,2x
P/E ratio 2020 12,6x
EV / Sales2019 0,21x
EV / Sales2020 0,20x
Capitalization 12 334 M
Chart CARREFOUR
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Technical analysis trends CARREFOUR
Short TermMid-TermLong Term
TrendsBearishBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 19,31  €
Last Close Price 15,46  €
Spread / Highest target 74,6%
Spread / Average Target 24,9%
Spread / Lowest Target -18,4%
EPS Revisions
Managers
NameTitle
Alexandre Bompard Chairman & Chief Executive Officer
Pierre-Jean Jérome Sivignon Group Chief Financial Officer & Deputy CEO
Matthieu Malige Chief Financial Officer
Nicolas Bazire Non-Independent Director
Jean-Laurent Bonnafé Director
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