Financials Carrefour

Equities

CA

FR0000120172

Food Retail & Distribution

Market Closed - Euronext Paris Other stock markets 09:05:16 26/04/2024 pm IST			5-day change	1st Jan Change
15.92 ^EUR	+1.43%		+1.02%	-3.89%

26/04	CARREFOUR : Q1: Brazilian rebound looks sustainable but the French performance was unimpressive
24/04	Carrefour CFO says confident 2024 will be a strong year for Brazil business	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	11,927	11,339	12,343	12,040	11,582	11,004	-	-
Enterprise Value (EV) ¹	14,542	18,644	19,538	20,911	19,681	19,975	19,487	19,534
P/E ratio	10.5 x	17.6 x	11.8 x	8.69 x	7.13 x	9.86 x	7.86 x	6.92 x
Yield	3.08%	3.42%	3.23%	3.58%	5.25%	5.85%	5.89%	6.51%
Capitalization / Revenue	0.15 x	0.16 x	0.17 x	0.15 x	0.14 x	0.13 x	0.12 x	0.12 x
EV / Revenue	0.18 x	0.26 x	0.27 x	0.26 x	0.24 x	0.23 x	0.22 x	0.21 x
EV / EBITDA	3.29 x	4.18 x	4.29 x	4.53 x	4.32 x	4.09 x	3.71 x	3.49 x
EV / FCF	9.55 x	8.39 x	9.73 x	8.95 x	12.1 x	15.1 x	11.5 x	10.9 x
FCF Yield	10.5%	11.9%	10.3%	11.2%	8.24%	6.64%	8.71%	9.19%
Price to Book	1.21 x	1.16 x	1.22 x	1.04 x	0.99 x	0.97 x	0.85 x	0.83 x
Nbr of stocks (in thousands)	7,97,808	8,08,166	7,66,438	7,69,845	6,99,183	6,91,181	-	-
Reference price ²	14.95	14.03	16.10	15.64	16.56	15.92	15.92	15.92
Announcement Date	27/02/20	18/02/21	16/02/22	14/02/23	20/02/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	80,672	70,719	72,958	81,385	83,270	85,920	89,451	91,988
EBITDA ¹	4,417	4,465	4,550	4,613	4,559	4,883	5,246	5,596
EBIT ¹	2,088	2,173	2,272	2,377	2,264	2,524	2,807	3,038
Operating Margin	2.59%	3.07%	3.11%	2.92%	2.72%	2.94%	3.14%	3.3%
Earnings before Tax (EBT) ¹	722	1,351	1,632	1,973	1,339	1,856	2,136	2,348
Net income ¹	1,129	641	1,072	1,348	1,659	1,093	1,326	1,453
Net margin	1.4%	0.91%	1.47%	1.66%	1.99%	1.27%	1.48%	1.58%
EPS ²	1.426	0.7953	1.362	1.800	2.324	1.615	2.025	2.301
Free Cash Flow ¹	1,522	2,223	2,008	2,337	1,622	1,326	1,698	1,796
FCF margin	1.89%	3.14%	2.75%	2.87%	1.95%	1.54%	1.9%	1.95%
FCF Conversion (EBITDA)	34.46%	49.79%	44.13%	50.66%	35.58%	27.15%	32.36%	32.09%
FCF Conversion (Net income)	134.81%	346.8%	187.31%	173.37%	97.77%	121.28%	128.05%	123.64%
Dividend per Share ²	0.4600	0.4800	0.5200	0.5600	0.8700	0.9311	0.9379	1.037
Announcement Date	27/02/20	18/02/21	16/02/22	14/02/23	20/02/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q3	2021 S2	2022 Q2	2022 S1	2022 Q3	2022 S2	2023 S1	2023 S2	2024 Q1	2024 S1	2024 S2
Net sales ¹	41,824	38,155	32,564	34,462	20,468	-	23,158	43,420	23,729	42,331	40,302	42,968	22,230	42,746	45,357
EBITDA	2,647	-	-	-	-	-	747.5	-	-	-	-	-	-	-	-
EBIT	1,464	718	-	740	-	1,532	-	-	-	1,563	700	1,564	-	-	-
Operating Margin	3.5%	1.88%	-	2.15%	-	-	-	-	-	3.69%	1.74%	3.64%	-	-	-
Earnings before Tax (EBT)	-	308	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	-	-23	-	-	-	-	-	-	-	-	-	-	-	-	-
Net margin	-	-0.06%	-	-	-	-	-	-	-	-	-	-	-	-	-
EPS	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	27/02/20	28/07/20	18/02/21	28/07/21	20/10/21	16/02/22	27/07/22	27/07/22	26/10/22	14/02/23	26/07/23	20/02/24	24/04/24	-	-

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	2,615	7,305	7,195	8,871	8,099	8,971	8,483	8,530
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.592 x	1.636 x	1.581 x	1.923 x	1.776 x	1.837 x	1.617 x	1.524 x
Free Cash Flow ¹	1,522	2,223	2,008	2,337	1,622	1,326	1,698	1,796
ROE (net income / shareholders' equity)	9.01%	10.2%	11.4%	12.1%	11.5%	11.1%	12%	13.5%
ROA (Net income/ Total Assets)	2.3%	1.29%	2.25%	2.59%	2.94%	2.4%	2.5%	2.65%
Assets ¹	49,090	49,526	47,630	52,109	56,365	45,530	53,131	54,828
Book Value Per Share ²	12.30	12.10	13.20	15.00	16.70	16.50	18.80	19.20
Cash Flow per Share ²	4.100	4.210	4.840	5.650	6.510	4.970	4.800	5.260
Capex ¹	1,725	1,241	1,653	1,882	1,850	1,928	1,921	1,950
Capex / Sales	2.14%	1.75%	2.27%	2.31%	2.22%	2.24%	2.15%	2.12%
Announcement Date	27/02/20	18/02/21	16/02/22	14/02/23	20/02/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Carrefour

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

15.92 EUR

Average target price

18.81 EUR

Spread / Average Target

+18.13%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Supermarkets & Convenience Stores

	1st Jan change	Capi.
CARREFOUR	-3.89%	11.75B
FOMENTO ECONÓMICO MEXICANO, S.A.B. DE C.V.	-7.21%	38.45B
AVENUE SUPERMARTS LIMITED	+11.52%	35.53B
SEVEN & I HOLDINGS CO., LTD.	+9.36%	33.86B
SM INVESTMENTS CORPORATION	+9.52%	20.2B
COLES GROUP LIMITED	+1.92%	14.29B
JERÓNIMO MARTINS, SGPS, S.A.	-17.40%	12.77B
ICA GRUPPEN	-.--%	11.82B
CASEY'S GENERAL STORES, INC.	+16.48%	11.85B
DINO POLSKA S.A.	-16.41%	9.33B

Supermarkets & Convenience Stores