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CARREFOUR

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European stocks end higher as Stellantis, luxury stocks jump

01/18/2021 | 12:13pm EDT
FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt

(Reuters) - European stocks rose on Monday as a jump in carmaker Stellantis and luxury stocks helped reverse early market losses due to worries about an economic recovery and losses in French grocer Carrefour.

The pan-European STOXX 600 index closed 0.2% higher after see-sawing through the session. Trading globally was subdued with U.S. markets closed for Martin Luther King Day.

The German DAX rose 0.4%, boosted by a 4.8% jump in Adidas, while UK's FTSE 100 slipped 0.2% and France's CAC 40 rose just 0.1%.

Luxury stocks including Richemont and LVMH were among the top boosts to the STOXX 600 after bullish brokerage calls.

European bourses took little cheer from data showing a better-than-expected quarterly rebound in China's economy as investors feared that tight coronavirus restrictions and potential challenges to vaccine supplies could dent European economic growth in the first quarter.

"Given how far stocks have come since the end of October some hesitancy about the next steps is understandable - much of the good news that may be imparted by earnings season has already been factored in," Chris Beauchamp, chief market analyst at IG, said in a note.

European earnings season will kick into high gear in the coming weeks, with analysts predicting a 26.3% drop in fourth-quarter profit for companies listed on the STOXX 600, as per Refinitiv I/B/E/S estimates.

Investors also kept an eye on political developments in Rome as Prime Minister Giuseppe Conte faces two days of parliamentary votes that will decide if his fragile coalition can cling to power.

Attention is especially focused on the 321-seat Senate, where Conte looks certain to fall short of an absolute majority.

However, Italian stocks outperformed as shares in Stellantis jumped 7.6% in their first day of trading on the completion of the $52 billion merger between Fiat Chrysler and PSA. Its shares rose 6.9% in Paris markets.

M&A also drove big swings in stocks.

Carrefour slid 6.9% after a possible takeover for 16.2 billion euro ($19.6 billion) by Canadian rival Alimentation Couche-Tard unravelled over the weekend.

The stock erased almost all its gains since the deal was announced last week, with the French government opposing the deal, citing food security concerns.

French waste and water management company Suez, which is fighting a takeover approach from arch-rival Veolia, rose 3.2% after it said it had received an alternative proposal from investment firms Ardian and Global Infrastructure Partners.

Shares in Veolia fell 1.8%.

Finland's Tikkurila surged 16.5% after Dutch paints and coatings maker Akzo Nobel entered the race to buy its rival with an offer 13% higher than a bid from U.S. rival PPG Industries.

(Reporting by Sruthi Shankar in Bengaluru; Editing by Arun Koyyur and Andrew Heavens)

By Sruthi Shankar


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ADIDAS AG 1.76% 317.8 Delayed Quote.6.68%
AKZO NOBEL N.V. 1.08% 102.7 Real-time Quote.16.89%
CAC 40 1.35% 6568.82 Real-time Quote.18.33%
CARREFOUR 1.14% 15.945 Real-time Quote.13.65%
COMPAGNIE FINANCIÈRE RICHEMONT SA 2.74% 116.1 Delayed Quote.44.98%
DAX 1.00% 15669.29 Delayed Quote.14.22%
FTSE 100 0.85% 7027.58 Delayed Quote.8.78%
INFINEON TECHNOLOGIES AG 1.44% 32.065 Delayed Quote.2.15%
LVMH MOËT HENNESSY LOUIS VUITTON SE 2.06% 674 Real-time Quote.31.92%
MSCI UNITED KINGDOM (STRD) 0.84% 1132.599 Real-time Quote.8.94%
PPG INDUSTRIES, INC. 1.51% 162.92 Delayed Quote.12.97%
S&P UNITED KINGDOM (PDS) 0.88% 1399.75 Delayed Quote.9.30%
STELLANTIS N.V. 0.99% 15.724 Real-time Quote.0.00%
STELLANTIS N.V. 1.04% 15.752 Delayed Quote.7.45%
STOXX EUROPE 600 1.09% 461.51 Delayed Quote.15.66%
SUEZ 0.10% 19.66 Real-time Quote.21.21%
TIKKURILA OYJ -0.15% 34 Delayed Quote.36.27%
VEOLIA ENVIRONNEMENT 0.42% 26.23 Real-time Quote.31.08%
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Financials
Sales 2021 71 661 M 84 331 M 84 331 M
Net income 2021 1 003 M 1 180 M 1 180 M
Net Debt 2021 7 062 M 8 311 M 8 311 M
P/E ratio 2021 13,1x
Yield 2021 3,37%
Capitalization 12 886 M 15 158 M 15 164 M
EV / Sales 2021 0,28x
EV / Sales 2022 0,26x
Nbr of Employees 278 511
Free-Float 75,0%
Chart CARREFOUR
Duration : Period :
Carrefour Technical Analysis Chart | MarketScreener
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Technical analysis trends CARREFOUR
Short TermMid-TermLong Term
TrendsBearishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 19
Last Close Price 15,95 €
Average target price 19,03 €
Spread / Average Target 19,3%
EPS Revisions
Managers and Directors
Alexandre Bompard Chairman & Chief Executive Officer
Matthieu Malige Chief Financial Officer
Miguel Ángel González Gisbert Global Chief Technology Officer
Charles Edelstenne Independent Director
Mathilde Lemoine Independent Director
Sector and Competitors
1st jan.Capi. (M$)
CARREFOUR13.65%16 370
SEVEN & I HOLDINGS CO., LTD.36.98%40 122
ALIMENTATION COUCHE-TARD INC.13.30%38 193
AVENUE SUPERMARTS LIMITED23.51%28 964
SM INVESTMENTS CORPORATION-7.91%24 699
COLES GROUP LIMITED-2.92%17 061