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Carrefour

Carrefour is Europe's largest food retailer by revenues, mainly focused on Western Europe and with leading positions in mature markets such as France, Spain, Italy and Belgium. The group also has long-standing leading positions in emerging markets, including Asia and Latin America, where it mainly operates hypermarkets. Brazil is Carrefour's biggest country market after France. A high proportion of total revenues still comes from Carrefour's home market, where the group has a large and potentially problematic hypermarkets portfolio (247 as of Dec 2017). Galfa (the Moulin family) owned 12.9% of Carrefour's share capital and 15.9% of its voting rights at 31 Dec 2017, Groupe Arnault (the Arnault family) owned 8.8% (8.2% of the votes), and Stanhore International Trading (the Diniz family) owned 7.8% (10.1% of the votes). There isn't any shareholder agreement between the three owners. (24 Sep 2018)

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IG European Consumer: 2019 Outlook Opinion Changes

Sector Outlook: 11 Dec 2018, 9:03 PM ET - We set out more on our six opinion changes in European food & beverage/HPC and retail for 2019, plus the initiation of Molson Coors, and give specific bond recommendations in order to execute them. 
Focused

IG European Consumer 2019: Known Unknowns

Sector Outlook: 06 Dec 2018, 10:03 PM ET - We have updated our frameworks for assessing RV in our high grade/crossover European food & bev/HPC and retail names for 2019, the 500th anniversary of the death of Leonardo da Vinci. We also initiate coverage on Molson Coors.
Focused

Carrefour: New Euro Bond

IG Note: 26 Nov 2018, 6:04 AM ET - Carrefour (CAFP: Baa1/BBB+/BBB+) is in the euro market for the second time this year with another €500 mn bond.  

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.
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Carrefour: 3Q18-Smaller Budget Risks Happier Home

Worth Watching: 17 Oct 2018, 3:38 PM ET - Carrefour (CAFP: Baa1/BBB+/BBB+), where we hold an Underperform opinion relative to our European retail IG/fallen angel coverage, announced sales for the three months ended 30 Sep 2018 after market close today (17 Oct 2018). We wouldn't expect ..
Focused

Carrefour and Casino: Families at War?

Worth Watching: 26 Sep 2018, 9:52 PM ET - Carrefour and Casino observers might wonder whether they should be positioning for a probability of some sort of transaction between the two companies (long HY Casino, short IG Carrefour) despite the tone of their respective pre-opening press r ..
Focused

Casino and Carrefour: Not a Meeting of Minds

Worth Watching: 24 Sep 2018, 5:48 AM ET - Casino and Carrefour : Casino (Ba1/BB/WD) announced this morning that its board had met on 23 Sep and had unanimously decided to reject an approach by Carrefour (Baa1/BBB+/BBB+). Separately, Carrefour denied having solicited Casino and reaffirm ..

Auchan 1H18: Weak After a Chinese Takeaway

Earnings Note: 31 Aug 2018, 12:22 PM ET - Auchan reported 1H18 results that indicated deepening EBIT losses ex its 36% economic interest in China’s Sun Art Retail.  

July 2018 Europe Company Recommendation Changes

Euro Recommendation Changes: 31 Jul 2018, 9:41 PM ET - Our monthly report provides executive summaries for the ten companies recommendation changes made on European companies during the month of July.
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Carrefour: 1H18 - Tougher Start than it Looks

Worth Watching: 26 Jul 2018, 3:17 PM ET - Carrefour : the company's summary 1H18 results were mildly negative for the bonds on a very busy earnings day, the last Thursday in July (26 Jul). The Carrefour 2022 plan is well under way, per management, but retail is a tough business; the co ..

IG/Fallen Angel UK Retail: Second Half

Sector Outlook: 23 Jul 2018, 10:48 PM ET - Wm Morrison is our pick and Marks & Spencer our pan for 2H18 amongst the IG/Fallen Angel UK retailers. 
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French Grocers: Competition Ref Blows the Whistle

Worth Watching: 16 Jul 2018, 10:49 AM ET - French Grocers , Auchan, Carrefour and Casino, will have noted that France's Competition Authority (CA) will be starting an inquiry into all three of their announced purchasing alliances - Carrefour with Système U, the Casino/Auchan/Schiever and ..
Focused

IG/Fallen Angels European Retail: Second Half

Sector Outlook: 12 Jul 2018, 9:48 PM ET - We have downgraded our opinion on Carrefour to Underperform and initiated on Richemont with an Outperform as a result of our IG/Fallen Angels European Retail 2H18 outlook. 

John Lewis Partnership: Bashing M&S

IG Note: 27 Jun 2018, 9:24 PM ET - John Lewis expects lower profits this year but the next phase of its strategy should worry M&S.      

Euro HY Conference 2018: Relative Value Panel

Transcript: 27 Jun 2018, 9:21 PM ET - What is the biggest threat to European HY credit: Italy, Brexit, EM, commodities, tech or Donald Trump? 
Focused

French Grocers: Property Off B/S Financing

Worth Watching: 24 Jun 2018, 10:33 PM ET - French Grocers have taken different approaches to financing their property book. The role of property in retail is worth watching. In the light of Casino's proposed sale and leaseback of part of its store portfolio, we thought it worth revisitin ..

Euro HY Conference 2018: HY Retail Transcript

Transcript: 19 Jun 2018, 10:53 PM ET - In this article, we transcribe our HY Retail presentation for CreditSights' 2018 Euro High Yield Conference in which took a closer look at some of the drivers of valuation in the space.
Focused

Carrefour: New Euro Bond

IG Note: 05 Jun 2018, 5:42 AM ET - Carrefour (Baa1/BBB+/BBB+) is in the euro market this morning for the first time since April 2016. 

UK Retail Strategy: Brexit + Beast From The East

Strategy Analysis: 10 May 2018, 5:50 AM ET - An increase in the cost of imported goods triggered by the Brexit vote, the squeeze on consumer wages and the ‘Beast from the East’ have combined to dent the fortunes of UK retail.
Focused

Carrefour: Système Change

Worth Watching: 25 Apr 2018, 4:21 AM ET - Carrefour (CAFP: Baa1/BBB+/BBB+), where we hold a Market perform opinion relative to our IG/fallen angel European retail coverage, announced that it was in exclusive discussions with Système U, the French cooperative grocer, about an alliance o ..

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